1. Introduction

The Board of Directors of the Company (“Board”) wishes to announce that Sinaran Urusjuta Sdn. Bhd. (“SUSB”), a wholly-owned subsidiary of the Company, which is principally involved in the business of real estate activities, has been granted Alienation Land Approval by Pejabat Pengarah Tanah dan Galian Wilayah Persekutuan (“Land Office”) pursuant to a letter dated 17 June 2021 to develop a piece of leasehold land held under Hakmilik Pejabat Pendaftaran, Lot 154, Jalan Yap Kwan Seng, Seksyen 44, Bandar Kuala Lumpur measuring approximately 7,613 square meters (1.88 acres) in area (“Land”) upon the payment of land premium of RM109,648,355.00 only (“Land Premium”) (hereinafter referred to “Alienation Land Approval”). The Land shall be used for mixed development (20% residential and 80% commercial).

The Land Premium has been paid by the Company on behalf of SUSB on 7 September 2023.

The Land is strategically located in Kuala Lumpur’s dynamic, high-rise City Centre with upscale office buildings, fashion malls, luxury hotels, and various amenities and with expansive views from the futuristic Petronas Twin Towers. The Land is also synergistically located near to its existing 1.4 acre land in Jalan Yap Kwan Seng. 

2. Information on the Land

3. Source of Funding

The Alienation Land Approval is funded via a combination of internally generated funds and external borrowings.

4. Interests of Directors, Major Shareholders and/or Persons connected to them

None of the Directors and/or major shareholders of Fiamma and/or persons connected with them have any interest, direct or indirect, in the Alienation Land Approval.

5. Directors’ Statement

The Board, having considered all aspects of the Alienation Land Approval, is of the opinion that the Alienation Land Approval is in the best interests of the Group.

This announcement is dated 7 September 2023.