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China Ouhua now expects land title transfer in six months

TheEdge Mon, Nov 05, 2018 04:43pm - 1 year ago

KUALA LUMPUR (Nov 5): China Ouhua Winery Holdings Ltd, which has made several announcements on when it expects to receive the transfer of land title ownership from a local authority in China after buying a 40-acre plot there, now says the transfer should be done in six months.

"The board of directors of China Ouhua wishes to update that the land title ownership has yet to be transferred to Yantai Fazenda Ouhua Winery Co Ltd (Yantai Ouhua)," China Ouhua told Bursa Malaysia in a filing today.

China Ouhua said as the land is a state-owned property, the group is "still [waiting] for the examination procedure and the approval on the land by the State-owned Assets Supervision and Administration Commission, and the decision of the District Mayor Administration Meeting".

"China Ouhua will proactively follow up with the relevant government authorities of the People's Republic of China to ensure the land title ownership is transferred to Yantai Ouhua.

"Barring any unforeseen circumstances, the board is of the view that the whole process should be able to [be completed] within six months from the date of this announcement," it added.

On Dec 18, 2013, the group announced that its subsidiary, Yantai Fazenda Ouhua Winery Co Ltd, had proposed to acquire from Huangwu Subdistrict Office a piece of land located at Yantai city — that Yantai Fazenda had been renting since 1997, plus all buildings and ancillaries on it, for about 132 million yuan.

As recent as April this year, the group said it had been informed by the Land Commission office in Yantai City that the company's application for the land title ownership transfer was in the process of getting final approval, and that it should be completed within the following month.

"Chinese New Year Spring festival long holidays in China had caused delays for the Yantai Land Commission Office in processing all existing applications including the company's applications," China Ouhua had said then.

At 2.30pm, China Ouhua's shares were half a sen or 14.29% higher at four sen, bringing it a market capitalisation of RM23.38 million.

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