MUIIND

0.095

(%)

PROPOSED DISPOSAL BY MJ PROPERTIES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF METROJAYA BERHAD, WHICH IN TURN IS AN INDIRECT 98.21%-OWNED SUBSIDIARY OF MUIB, OF A FREEHOLD RETAIL SPACE KNOWN AS LOT 3A-B, G-M01, BASEMENT AND GROUND FLOOR OF KOMPLEKS BUKIT JAMBUL, JALAN RUMBIA, BAYAN LEPAS, 11900 PENANG FOR A DISPOSAL PRICE OF RM25,500,000 (PROPOSED DISPOSAL)

MALAYAN UNITED INDUSTRIES BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-02072020-00001
Subject PROPOSED DISPOSAL BY MJ PROPERTIES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF METROJAYA BERHAD, WHICH IN TURN IS AN INDIRECT 98.21%-OWNED SUBSIDIARY OF MUIB, OF A FREEHOLD RETAIL SPACE KNOWN AS LOT 3A-B, G-M01, BASEMENT AND GROUND FLOOR OF KOMPLEKS BUKIT JAMBUL, JALAN RUMBIA, BAYAN LEPAS, 11900 PENANG FOR A DISPOSAL PRICE OF RM25,500,000 (PROPOSED DISPOSAL)
Description
MALAYAN UNITED INDUSTRIES BERHAD ("MUIB" OR "THE COMPANY")
PROPOSED DISPOSAL BY MJ PROPERTIES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF METROJAYA BERHAD, WHICH IN TURN IS AN INDIRECT 98.21%-OWNED SUBSIDIARY OF MUIB, OF A FREEHOLD RETAIL SPACE KNOWN AS LOT 3A-B, G-M01, BASEMENT AND GROUND FLOOR OF KOMPLEKS BUKIT JAMBUL, JALAN RUMBIA, BAYAN LEPAS, 11900 PENANG FOR A DISPOSAL PRICE OF RM25,500,000
Query Letter Contents

We refer to your Company’s announcement dated 30 June 2020 in respect of the aforesaid matter.
 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

  1. The basis for the RM3,000,000 discount in the Disposal Consideration.
  2. The date of the original cost of investment in the Property.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

 

Yours faithfully

 

LISTING

REGULATION

 

Cc : Market Surveillance Dept., Securities Commission (via fax)

Unless otherwise stated, the definitions used in this announcement shall carry the same meanings as defined in the announcement dated 30 June 2020 (“Announcement”).

 

Further to our Announcement, MUIB wishes to provide additional information in relation to the Proposed Disposal as follows:-

  1. The Board of MJ Properties Sdn Bhd agreed to the discounted price compared to the market value so as to conclude negotiations as soon as possible in view of the current economic uncertainties and as a gesture of goodwill to the Purchaser which has been a tenant of the Property since 2010.
  2. The date of the original cost of investment in the Property is 5 January 1996, being the date of the sale and purchase agreement when MJ Properties Sdn Bhd acquired the Property.

This announcement is dated 3 July 2020.





Announcement Info

Company Name MALAYAN UNITED INDUSTRIES BERHAD
Stock Name MUIIND
Date Announced 03 Jul 2020
Category General Announcement for PLC
Reference Number GA1-03072020-00009