The Board of Directors (“Board”) of Mah Sing wishes to announce that on 30 November 2021, Myvilla Development Sdn Bhd (“Myvilla” or “the Purchaser”), a wholly-owned subsidiary of Mah Sing had entered into conditional sale and purchase agreement (“SPA”) with Nation Holdings Sdn Bhd (“Vendor”) for the proposed acquisition of a parcel of vacant land in Mukim Batu, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur measuring approximately 8.09 acres (“the Land”) for a purchase consideration of RM95,000,000 (“Purchase Consideration”). The Land is purchased with the benefit of approved development order (“DO”) and 50% of the relevant development charges, deposit and contribution of Improvement Service Fund (Roads & Drains) pursuant to the DO paid by the Vendor (“DO Charges Paid”).  The Land, with converted category of land use “Bangunan” is also acquired with a favourable deferred payment terms of 12 months.

Please refer to the attachment for further details of the Proposed Acquisition. 

This announcement is dated 30 November 2021.