agreement for PT BCAP to dispose the Sale Land to KIKI and KIPI for a total disposal

consideration of Rp2,428.86 billion (equivalent to approximately RM731.09 million(1)) to be

satisfied entirely by cash (“CSPA”) (“Proposed Disposal”).

Note:

(1) Based on an exchange rate of Rp1.00: RM0.000301 extracted from Bank Negara

Malaysia as at 13 May 2022.

On 29 June 2022, our shareholders approved the Proposed Disposal.

On 8 August 2022, the disposal of 7,817.36 hectares of certificated land was completed.

On 18 January 2023, the disposal of 574.56 hectares of uncertified land was completed.

As at the LPD, the completion of the disposal of approximately 5,397.54 hectares of land is

pending the fulfilment of the conditions precedent as set out in the CSPA, by the extended

long stop date of 4 July 2024.

From above we clearly see

1) On 8 August 2022, the disposal of 7,817.36 hectares of certificated land was completed.

This is first completion of land sold (7,817.36 acres)

2)On 18 January 2023, the disposal of 574.56 hectares of uncertified land was completed.

This is the second completion of land sold (Note: Only 574.56 acres and quite small)

There is an apparent misunderstanding that the Entire Lands were sold and completed which is regretfully not true

No. The actual status is there is yet much lands in the process of sale completion

So please see carefully next

As at the LPD, the completion of the disposal of approximately 5,397.54 hectares of land is

​

pending the fulfilment of the conditions precedent as set out in the CSPA, by the extended

long stop date of 4 July 2024.

CALVIN COMMENTS: SO 5,397.54 HECTARES (Or 13,337 ACRES) YET TO BE SOLD

What is the actual current status of Balance SUM?

The answer is this:

The buyers still awaiting the fulfillment of all conditions for land of 5,397.54 hectares to be finalized before making the final payment of Rm273 Millions which is the Balance Sum of purchase

This means that TSH BOD (Board of Directors have not yet received the Full Balance Payment yet

Now Buyer asking for extension for payment is perfectly legal and proper and right as Paper work yet to be completed

See Example of Pm Corp

PM CORP was supposed to sell its Shah Alam Lands for Rm41 Millions

But Buyers requested to time extension as well 

Please refer Bursa announcement by Pm Corp

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS PAN MALAYSIA CORPORATION BERHAD ("PMC" OR "COMPANY") PROPOSED DISPOSAL BY NETWORK FOODS INDUSTRIES SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF PMC, OF THE LEASEHOLD LAND HELD UNDER H.S.(D) 324738, PT[-], MUKIM DAMANSARA, DAERAH PETALING, NEGERI SELANGOR MEASURING APPROXIMATELY 24,295.208 SQUARE METERS AND THE BUILDINGS ERECTED THEREON TOGETHER WITH THE FIXTURES AND FITTINGS TO AMAZING BLITZ SDN BHD FOR A TOTAL DISPOSAL CONSIDERATION OF RM41,000,000.

PAN MALAYSIA CORPORATION BERHAD ("PMC" OR "COMPANY")
PROPOSED DISPOSAL BY NETWORK FOODS INDUSTRIES SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF PMC, OF THE LEASEHOLD LAND HELD UNDER H.S.(D) 324738, PT[-], MUKIM DAMANSARA, DAERAH PETALING, NEGERI SELANGOR MEASURING APPROXIMATELY 24,295.208 SQUARE METERS AND THE BUILDINGS ERECTED THEREON TOGETHER WITH THE FIXTURES AND FITTINGS TO AMAZING BLITZ SDN BHD FOR A TOTAL DISPOSAL CONSIDERATION OF RM41,000,000.

PAN MALAYSIA CORPORATION BERHAD ("PMC" OR "COMPANY")
PROPOSED DISPOSAL BY NETWORK FOODS INDUSTRIES SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF PMC, OF THE LEASEHOLD LAND HELD UNDER H.S.(D) 324738, PT[-], MUKIM DAMANSARA, DAERAH PETALING, NEGERI SELANGOR MEASURING APPROXIMATELY 24,295.208 SQUARE METERS AND THE BUILDINGS ERECTED THEREON TOGETHER WITH THE FIXTURES AND FITTINGS TO AMAZING BLITZ SDN BHD FOR A TOTAL DISPOSAL CONSIDERATION OF RM41,000,000