TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS

Company Name FARM FRESH BERHAD
Stock Name FFB
Date Announced 05 Jul 2022
Category General Announcement for PLC
Reference Number GA1-04072022-00074

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
FARM FRESH BERHAD ("FFB" OR "THE COMPANY")
- PROPOSED ACQUISITION OF A PLOT OF FREEHOLD INDUSTRIAL LAND LOCATED AT [email protected] PHASE 2, NEGERI SEMBILAN, MALAYSIA FOR A TOTAL CASH CONSIDERATION OF RM18,241,366.05 ("PROPOSED ACQUISITION")

Further to the Company’s announcement on 30 June 2022, we would like to make further announcement on the following in relation to the Proposed Acquisition:- 

 

(a)  There was no valuation done on the plot of freehold industrial land currently held under Geran 270929, Lot 61314 (formerly identified as HS(D) 237929, PT1145), Bandar Baru Enstek, Daerah Seremban, Negeri Sembilan, Malaysia (“Land”);

 

(b)  The Purchase Price of the Land translates to a per square foot (psf) price of RM52 psf, which is the same with the transacted price in October 2011 by THPED in [email protected] Phase 2, Bandar Enstek. Additionally, the combination of the suitable land size, ideal location within an established industrial park and lowest price based on the Company’s comparison to the other industrial lands available in the Bandar Enstek area has led to the conclusion that the Purchase Price is fair, and the Proposed Acquisition is in the best interest of the Company.

 

This announcement is dated 5 July 2022.






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