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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS GE-SHEN CORPORATION BERHAD ("GE-SHEN" OR "THE COMPANY") - ACQUISITION OF PROPERTY BY SENJA EMAS SDN. BHD., AN INDIRECT SUBSIDIARY HELD VIA POLYPLAS SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

GE-SHEN CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
GE-SHEN CORPORATION BERHAD ("GE-SHEN" OR "THE COMPANY") - ACQUISITION OF PROPERTY BY SENJA EMAS SDN. BHD., AN INDIRECT SUBSIDIARY HELD VIA POLYPLAS SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
The Board of Directors of Ge-Shen (“Board”) wishes to announce that Senja Emas Sdn. Bhd. [202001036559 (1392880-T)] ("Senja Emas”), an indirect subsidiary held via Polyplas Sdn. Bhd., a wholly-owned subsidiary of Ge-Shen has entered into a sale and purchase agreement with Big Five Capital Sdn. Bhd. [201301011316 (1041154-A)] (“Vendor”) of No. 11A, 1st Floor, Jalan Sungai Bakap, Pusat Perniagaan Seri Aman, 14200, Sungai Bakap, Pulau Pinang dated 20 January 2021 ("SPA”), for the proposed acquisition of all that piece of land and hereditament known as Lot No. 7722 held under Pajakan Negeri 10438, Mukim 14, Seberang Perai Tengah together with factory erected thereon bearing temporary address Lot 7722, Lorong IKS, Bukit Minyak 2, 14000 Simpang Ampat, Pulau Pinang (“Property”) ("Acquisition of Property”) for an aggregate consideration of RM6,500,000/- (“Purchase Price”). The Purchase Price was arrived at a “willing-buyer-willing-seller” basis and after taking into consideration the current market value of the Property.

Senja Emas became a subsidiary of Polyplas Sdn. Bhd. which is a wholly-owned subsidiary of Ge-Shen, with effect from 25 March 2022. Senja Emas and the Vendor are principally involved in investment holding company.

The Board wishes to announce that the conditions precedent pursuant to the SPA have been fulfilled on 15 June 2022 and Senja Emas has completed the Acquisition of Property upon the terms and conditions as stipulated in the SPA.

This announcement is dated 16 June 2022.



Please refer attachment below.



Announcement Info

Company Name GE-SHEN CORPORATION BERHAD
Stock Name GESHEN
Date Announced 16 Jun 2022
Category General Announcement for PLC
Reference Number GA1-08062022-00032




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