EUPE Corporation Berhad (“EUPE”) had at its Extraordinary General Meeting held on 26 July 2018 obtained a general mandate from its shareholders to sell developed or development properties and land/or land-based properties by its wholly-owned subsidiary, Esteem Glory Sdn Bhd (“EGSB”) to Padang Serai Birdnest Sdn Bhd (“PSBSB”), a related party, as part of the RRPTs, details as set out in the Circular to Shareholders dated 11 July 2018 (“Circular”).

EGSB has on 26 February 2019 entered into a Sale and Purchase Agreement (“Agreement”) with PSBSB for the purpose of disposing of 3 units of double storey terrace shophouse bearing addresses No. 77, 79 and 80, Lorong 4/2, Taman Ria, 09400 Padang Serai, Kedah (collectively known as “Properties”) to PSBSB for a total sale consideration of RM825,000 (i.e. RM275,000 each) in accordance to the terms and conditions as stipulated in the Agreement.

Pursuant to Paragraph 10.09(2)(e) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of EUPE wishes to announce that the actual value of the above RRPT has exceeded the estimated value as disclosed in the Circular by 10%, as detailed below:-

The variation between the Actual Value and the Estimated Value of RM75,000 is attributed to the higher Actual Value i.e. the sale consideration is based on the market value of the Properties as reported in the valuation report dated 23 October 2018 issued by an Independent Valuer.  

This announcement is dated 26 February 2019.