MENTIGA

0.625

(%)

PROPOSED DISPOSAL OF A PIECE OF AGRICULTURAL LAND FOR A TOTAL CASH CONSIDERATION OF RM18,560,000

MENTIGA CORPORATION BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-23082021-00002
Subject PROPOSED DISPOSAL OF A PIECE OF AGRICULTURAL LAND FOR A TOTAL CASH CONSIDERATION OF RM18,560,000
Description
PROPOSED DISPOSAL OF A PIECE OF AGRICULTURAL LAND FOR A TOTAL CASH CONSIDERATION OF RM18,560,000
Query Letter Contents

We refer to your Company’s announcement dated 20 August 2021, in respect of the aforesaid matter.

 

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

 

1) It is noted that the market value appraised by Valuer was via a valuation report dated 12 August 2020, i.e. more than 1 year ago. To provide the Board’s view on whether the there are any material changes to its market value since then.

 

2) To provide further breakdown and elaboration for the utilization of proceeds for working capital.

 

3) It is noted that the Land is currently encumbered to a financial institution, but the utilization of proceeds does not include the repayment of bank borrowings. To provide details on the upliftment of the said encumbrance prior to the completion of the Proposed Disposal.

 

4) To provide footnote to comment on the change of revaluation reserves and total bank borrowings pursuant to the Proposed Disposal.

 

5) To provide the conditions precedent stipulated in the SPA, if any.

 

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)

Please refer to the attachment for the details of announcement.

 

This announcement is dated 24 August 2021.



Please refer attachment below.

Attachments

Reply to Query.pdf
116.0 kB



Announcement Info

Company Name MENTIGA CORPORATION BERHAD
Stock Name MENTIGA
Date Announced 24 Aug 2021
Category General Announcement for PLC
Reference Number GA1-24082021-00033