TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS GADANG HOLDINGS BERHAD ("GADANG" OR THE "COMPANY") PROPOSED ACQUISITION OF 21.08 ACRES OF FREEHOLD LAND IDENTIFIED AS PLOT R3-1 IN KWASA DAMANSARA ("SUBJECT LAND") BY ELEGANCE SONATA SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF GADANG, FROM KWASA DEVELOPMENT (3) SDN BHD FOR A PURCHASE PRICE OF RM114,780,600 ("PROPOSED ACQUISITION")
| GADANG HOLDINGS BHD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | GADANG HOLDINGS BERHAD ("GADANG" OR THE "COMPANY") PROPOSED ACQUISITION OF 21.08 ACRES OF FREEHOLD LAND IDENTIFIED AS PLOT R3-1 IN KWASA DAMANSARA ("SUBJECT LAND") BY ELEGANCE SONATA SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF GADANG, FROM KWASA DEVELOPMENT (3) SDN BHD FOR A PURCHASE PRICE OF RM114,780,600 ("PROPOSED ACQUISITION") |
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Reference is made to the announcements dated 28 November 2023 and 1 April 2024. Unless otherwise stated, defined terms used in this announcement shall have the same meanings as those used in the aforementioned announcements.
The Board of Directors wishes to announce that on 22 April 2024, EPU rejected the Proposed Acquisition because it did not meet the 30% Bumiputera equity ownership requirement.
The Purchaser will be submitting an appeal to EPU to waive the Bumiputera equity requirement.
Further developments on the appeal to EPU on the Proposed Acquisition, will be announced to Bursa Malaysia Securities Berhad in due course.
This announcement is dated 23 April 2024.
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Announcement Info
| Company Name | GADANG HOLDINGS BHD |
| Stock Name | GADANG |
| Date Announced | 23 Apr 2024 |
| Category | General Announcement for PLC |
| Reference Number | GA1-23042024-00058 |