kurnia setia把位于ladang bukit goh的全部园地，"转移"给独资子公司。
1500acres的土地利用方式 ：
245acres作为产业发展
177acres政府办公大楼
1078acres(=436ha)则继续保持种植
子公司受权在土地转移前，进入ladang bukit goh活动，其中包括1078acres的ffb collection and selling.
Date Announced : 21/07/2008
Type : Announcement
Subject : SALE AND PURCHASE AGREEMENT BETWEEN KURNIA SETIA BERHAD AND ITS WHOLLY-OWNED SUBSIDIARY KURNIA SETIA DEVELOPMENT SDN. BHD.
Contents : Kurnia Setia Berhad (KSB/the Vendor/the Company) wishes to announce that on 21July 2008 had entered into three (3) Sale and Purchase Agreements (the Agreement) with its wholly-owned subsidiary Kurnia Setia Development Sdn. Bhd. (KSD/the Purchaser) as follows :
(i) Sale and Puchase Agreement of 1,078 acres of land in Bukit Goh, Kuantan, Pahang.
(ii) Sale and Purchase Agreement of 245 acres of land in Bukit Goh, Kuantan, Pahang.
(iii) Sale and Purchase Agreement of 177 acres of land in Bukit Goh, Kuantan, Pahang.
KSB is desirous to sell a piece of plantation land measuring 1,500 acres (the whole land) owned by KSB known as Ladang Bukit Goh to KSD, for the intention to develop the land into a mixed development project to be known as Kota Sri Ahmad Shah. KSD is a company involved in construction and property development.
It was hereby agreed by the Board of Directors of KSB that the sale of the whole land of 1,500 acres is in the best interest of the Company. Since then, KSB had surrendered the titles of the said land i.e HS (D) 70 PT 2070 for 500 acres and HS (D) 301 PT 3971 for 1,000 acres, both in Mukim Kuala Kuantan, District of Kuantan, Pahang to the State Authority for the purpose of conversion, subdivision and issuance of qualified titles. The tenure for the leasehold of HS (D) 70 PT 2070 is for 99 years and will expire on 3 February 2069 and the tenure for the leasehold of HS (D) 301 PT 3971 is for 99 years and will expire on 16 October 2071.
The said 1,500 acres of land will be subdivided into three lots of land measuring approximately of 245 acres, 1,078 acres and 177 acres. As such the first Phase 1A of 245 acres will be further subdivided into 1,274 individual lots for the proposed mixed housing project of Kota Sri Ahmad Shah, the 177 acres of land is earmarked for the proposed development of the new State Government Administrative Centre and the remaining 1,078 acres of land will be re alienated with the existing agriculture category of use.
Salient Terms and Conditions
The State Authority shall re alienate the 245 acres of land to KSD in the form of the issuance of 1,274 individual titles of subdivided lots with commercial and/or residential category of land use as approved by the "Majlis Perbandaran Kuantan".
The remaining portion of 1,255 acres of land shall be subdivided into 1,078 acres and 177 acres of land which will be realienated by the State Authority to KSB. The sale and purchase of 1,078 acres of land is conditional upon KSB obtaining the approval from the Foreign Investment Committee (FIC). Both KSB/KSD undertakes to comply with any terms or conditions imposed by the FIC.
Method of Payment and Completion Date
The consideration for the 1,078 acres shall be the sum of RM22,020,937.07, for the 177 acres of land shall be the sum of RM3,615,682.62 and for the Phase 1A of 245 acres in the form of 1,274 lots shall be the sum of RM5,004,758.42. The value of the whole land is based on the net book value of the assets. Payment shall be made by way of share swap and shares will be issued to the Vendor as follows :
(i) for 1,078 acres of land, shall be within 3 months from the date of FIC approval
(ii) for 177 acres and 245 acres of land, within 3 months from the date of the Agreement
KSD shall issue a total of 30,641,378 shares of RM1.00 per share to KSB. As such, the issued and paid-up capital of KSD will increase from existing 4,750,000 shares of RM1.00 per share to 35,391,378 shares of RM1.00 per share.
Notwithstanding the foregoing provision, the Vendor hereby agrees to allow the Purchaser to enter into the 1,500 acres of land prior to the Completion Period for the purpose of carrying out any preliminary works on the whole land for the purpose of the said Project. The Purchaser hereby agrees that the Vendor shall have the absolute right to all incomes derived from collection and selling of oil palm fresh fruit bunches on the said 1,078 acres and 177 acres of land until 31 December 2008.
The date that the Consideration Shares issued to KSB shall be referred to as the 'Completion Date'.
Approval of State Authority and FIC
As at the date of this Agreement, the individual qualified titles in respect of the 1,078 acres and 177 acres of land and the individual qualified sub-divided titles in respect of the 1,274 lots have not been issued by the State Authority. The application process is on-going and expected to be completed by end of this year.
In the event the FIC approval on the 1,078 acres of land is not obtained or approved within 3 months from the date of the Agreement, the parties hereby agrees that an extension period or any other extended period shall be mutually agreed upon by the parties.
© 2008, Bursa Malaysia Berhad. All Rights Reserved.
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