Company wishes to inform that Signature Cabinet Sdn Bhd, a wholly- owned subsidiary of SIGN, following the receipt of a notice pursuant to the Land Acquisition Act, 1960 and Selangor State Government Gazette No. 2801, attended a land inquiry whereupon the Land Administrator made an award totaling RM78,163,157.99 to compulsorily acquire all that piece of land measuring approximately 13,506 square metres held under H.S. (D) 241038, PT 9927, Pekan Baru Sungai Buloh, District of Petaling, State of Selangor (“the Subject Land”) for the purpose of construction of a highway known as Damansara-Shah Alam Elevated Expressway (“DASH”).
SIGNATURE INTERNATIONAL BERHAD ("SIGN" OR "THE COMPANY") - COMPULSORY ACQUISITION OF LAND MEASURING APPROXIMATELY 13,506 SQUARE METRES HELD UNDER H.S. (D) 241038, PT 9927 OF PEKAN BARU SUNGAI BULOH, DISTRICT OF PETALING, STATE OF SELANGOR - CLARIFICATION Further to the announcement made by the Company on 23 February 2016, the Board of Directors of the Company wishes to clarify that SIGN occupied 2 lots of land contiguous to each other held under (i) H.S. (D) 241037, PT 9926 with postal address of Lot 24, Jalan Teknologi, Taman Sains Selangor 1, Kota Damansara PJU 5, 47810 Petaling Jaya, Selangor (hereinafter referred to as “Lot 24”); and (ii) H.S. (D) 241038, PT 9927 bearing postal address of Lot 2, Jalan Teknologi 3/7, Taman Sains Selangor 1, Kota Damansara PJU 5, 47810 Petaling Jaya, Selangor (hereinafter referred to as “Lot 2”).
The main operation is located at Lot 24 which houses the head office of SIGN Group, its kitchen cabinet production plant and its flagship showroom whilst Lot 2, the subject land, is the adjoining lot with warehouse facilities and caters for glass and aluminium fabrication work.
In view that the compulsory land acquisition is on Lot 2, the main operation on Lot 24 remains unaffected. The DASH construction work is targeted to be commenced around last quarter 2016. The Management of the Company have contingencies plans in place such as relocation of the warehouse to mitigate the adverse impact on the business, financial conditions and operation of the Group.
The Company will make further announcement on the above in due course.
KUALA LUMPUR (March 2): Kitchen and wardrobe designer and retailer Signature International Bhd (SIB) has accepted an award of RM79.95 million from the Selangor government for its land that is being acquired to build a highway.
In a filing with Bursa Malaysia today, SIB said it has received a notification from the state government for the compulsory acquisition of the land, measuring 1.35ha in Sungai Buloh, Petaling district, for construction of the Damansara-Shah Alam Elevated Expressway (DASH).
On Feb 23, SIB informed the local exchange that the land administrator had offered its wholly-owned unit Signature Cabinet Sdn Bhd (SCSB), an award of RM78.16 million for the land.
According to SIB, SCSB’s warehouse facilities, catering to glass and aluminium fabrication work, would be affected by the acquisition, which is targeted to commence in the final quarter of 2016.
“The management has contingencies plans in place, such as relocation of the warehouse to mitigate the adverse impact on the business, financial conditions and operation of the group,” it said in an announcement on Feb 24.
SIB’s share price fell two sen or 1.12% today to close at RM1.77, for a market capitalisation of RM210.5 million.
Internal news, projects to handover and the figure to be in this financial year roughly $178mil + Retail, Aluminium, Obi, interior... should be up estimated 25% compare last year... and gain from disposal of fixed assets (Land) $60mil ++...
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soros228
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Posted by soros228 > 2016-02-18 11:23 | Report Abuse
Keong, can explain further ah.
I don't understand.