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.
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 |