TRIMODE

0.350

(%)

PROPOSED DISPOSAL OF A PIECE OF LEASEHOLD INDUSTRIAL LAND ("LAND") BY NV FREIGHTS (M) SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TRI-MODE SYSTEM (M) BERHAD, TO GROWCHEM SDN BHD ("PROPOSED DISPOSAL")

TRI-MODE SYSTEM (M) BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-19032021-00002
Subject PROPOSED DISPOSAL OF A PIECE OF LEASEHOLD INDUSTRIAL LAND ("LAND") BY NV FREIGHTS (M) SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TRI-MODE SYSTEM (M) BERHAD, TO GROWCHEM SDN BHD ("PROPOSED DISPOSAL")
Description 
PROPOSED DISPOSAL OF A PIECE OF LEASEHOLD INDUSTRIAL LAND ("LAND")
BY NV FREIGHTS (M) SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TRI-MODE SYSTEM (M)
BERHAD, TO GROWCHEM SDN BHD ("PROPOSED DISPOSAL") - ADDITIONAL INFORMATION
Query Letter Contents

We refer to your Company’s announcement dated 18 March 2021, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The market value of the Land, the name of the independent registered valuer, and the date and method of valuation.
2) The breakdown of the RM5,621,250 disposal proceeds to be utilised for business expansion and working capital purposes.
3) The approval(s) required from relevant government authorities and the estimated time frame for submission of the application to such authorities.

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 stated otherwise, definitions used in this announcement shall carry the same meaning as defined in the Company’s announcement dated 18 March 2021 in relation to the Proposed Disposal)


We wish to provide the following additional information:


1) The market value of the Land, the name of the independent registered valuer, and the date and method of valuation.

 

There was no formal valuation carried out. However, the basis of the market value is based on recent transacted market value of industry land within the vicinity of the Land ranging approximately RM32-RM75 per square feet.


For information purposes, the Disposal Consideration of RM5.98 million of the Land is equivalent to approximately RM75 per square feet.


2) The breakdown of the RM5,621,250 disposal proceeds to be utilised for business expansion and working capital purposes.


The breakdown for business expansion and working capital is as follows:

Description

Estimated Amount
(RM)

Construction cost for new warehouse to be constructed in the HQ and Distribution Hub

3,000,000

Warehouse facilities (such as racking system and pallets)

1,000,000

Working capital such as fuel purchase, loan instalment and administrative expenses.

1,621,250

Total

5,621,250

 

3) The approval(s) required from relevant government authorities and the estimated time frame for submission of the application to such authorities.

 

NVFSB is required to obtain approval from Klang Land and District Office for the said Consent and the application is expected to be submitted within 30 days from the date of SPA (i.e. by 17 April 2021).


This announcement is dated 22 March 2021.
 


Announcement Info

Company Name TRI-MODE SYSTEM (M) BERHAD
Stock Name TRIMODE
Date Announced 22 Mar 2021
Category General Announcement for PLC
Reference Number GA1-22032021-00079


View original announcement