KAWAN

1.800

-0.03 (-1.6%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS KAWAN FOOD BERHAD ("KAWAN" OR THE "COMPANY") -ACQUISITION OF FIVE (5) PARCELS OF VACANT LEASEHOLD INDUSTRIAL LAND BY KAWAN FOOD MANUFACTURING SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF KAWAN

KAWAN FOOD BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
KAWAN FOOD BERHAD ("KAWAN" OR THE "COMPANY")
-ACQUISITION OF FIVE (5) PARCELS OF VACANT LEASEHOLD INDUSTRIAL LAND BY KAWAN FOOD MANUFACTURING SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF KAWAN

The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcement in relation to the Acquisition of Five (5) parcels of vacant leasehold industrial land by Kawan Food Manufacturing Sdn Bhd (“KFMSB”), a wholly-owned subsidiary of Kawan (“Proposed Acquisition”).

 

We refer to the earlier announcement dated 21 April 2022, Kawan wishes to furnish additional information in respect to the Purchase Consideration:-

 

The Purchase Consideration for the RGP Land of Ringgit Malaysia Fifty Million Four Hundred Fifty Eight Thousand Two Hundred Thirty Four and Sen Two (RM50,458,234.02) had been negotiated between RGP and KFMSB and arrived at after taking into consideration the market value of the Land and market insight information provided by an independent professional property agent on the properties prices increase in recent years at Klang Valley area.  The Purchase Consideration was arrived at based on a “willing buyer willing seller” basis after taking into consideration the latest transaction price of similar type of properties within the vicinity.

 

The Company also taking the information from a valuation report on the RGP Land prepared by an independent professional valuer namely, CCO & Associates (“CCO” or the “Valuer”). The salient features of the valuation report by CCO are as summarized below:

 

Valuer Appointed by Date of valuation Market value(RM) Price per sq.ft. Method of valuation
CCO RGP 21 June 2017 26,500,000.00 149.44 Comparison approach

 

The land aquisition is a good potential for capital appreciation and the purchase is in line with the Company's business plan and expansion. 

 

This announcement is dated 26 April 2022.






Announcement Info

Company Name KAWAN FOOD BERHAD
Stock Name KAWAN
Date Announced 26 Apr 2022
Category General Announcement for PLC
Reference Number GA1-26042022-00054