The Board of Directors of Tek Seng wishes to announce that Wangsaga Industries Sdn. Bhd. (“WISB”), a wholly-owned subsidiary of Tek Seng and Tek Seng Properties & Development Sdn. Bhd.(“TPSB”) had on  14 January 2021  entered into a Conditional Sale and Purchase Agreement (“SPA”) with Limsa Ekuiti Sdn. Bhd.(“LESB”), to acquire a parcel of industrial land formed by nine (9) adjoining lots (“Land”) and warehouse and structure erected thereon measuring approximately 853,863 square feet, held under Geran Mukim 996, 997, 998, 988, 989, 991, 992, 993 and 994, Lot Nos. 324, 640, 642, 1504, 1505, 1664, 1667, 1669 and 1702, all within Mukim 14, Daerah Seberang Perai Tengah, Negeri Pulau Pinang (“Property”) for a total cash consideration of RM46,962,465.00 (“Purchase Consideration”). 

The Purchase Consideration was based on 853,863 square feet (79,343 m2) at RM55.00 per square foot and the apportionment of the Purchase Consideration was determined as follows:

Upon the Completion Date or Extended Completion Date, as the case may be, WISB and TPSB will amalgamate the Land and subdivide according to the above apportionment. The purchase of 54.9% undivided share of the Land by WISB is in line with the Group’s long term strategy to expand and grow its manufacturing business.

This announcement supersedes the earlier announcement dated 14 January 2021. Please refer the attached announcement for further details.

This announcement is dated 19 January 2021.