| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description |
SIME DARBY PROPERTY BERHAD ("SD PROPERTY" OR "COMPANY") PROPOSED ACQUISITION OF THREE (3) PARCELS OF FREEHOLD LAND WITH A TOTAL NET LAND AREA MEASURING APPROXIMATELY 948.826 ACRES LOCATED IN MUKIM KAPAR, DISTRICT OF KLANG, SELANGOR ("KAPAR LAND") BY SIME DARBY PROPERTY (BUKIT TUNKU) SDN BHD ("SDPBT"), A WHOLLY-OWNED SUBSIDIARY OF SD PROPERTY, FROM SIME DARBY PLANTATION BERHAD ("SD PLANTATION") FOR A PURCHASE PRICE OF RM618.0 MILLION ("PROPOSED ACQUISITION") |
In conjunction with the demerger of Sime Darby Berhad to create three (3) separate and independent listed entities with distinct businesses in 2017, SD Property had on 25 August 2017 entered into nine (9) call option agreements (“COAs”) with SD Plantation where SD Property was granted call options by SD Plantation to purchase the legal and beneficial ownership of and titles to parcels of land listed therein then-owned by SD Plantation at any time during the option period, being five (5) years from the date of listing of SD Property on 30 November 2017 with an option to extend for another three (3) years subject to the parties' mutual agreement.
On behalf of the Board of Directors of SD Property, Maybank Investment Bank Berhad wishes to announce that SD Property has on 29 August 2022 issued a notice to exercise the call option under the relevant COA for the acquisition of the Kapar Land (also known as Sungai Kapar Estate) (“Kapar Land Option Agreement”) by SDPBT at a purchase price of RM618,000,000, which is equivalent to the market value of the Kapar Land based on the valuation conducted by Jones Lang Wootton, the independent valuer jointly appointed by SD Property and SD Plantation based on agricultural status with development potential.
A summary of the salient features of the Kapar Land is as follows:
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Title details and land areas |
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Tenure |
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Freehold |
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Category of land use |
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Nil |
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Restriction in interest |
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No restriction in interest |
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Encumbrances |
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Nil |
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Existing use |
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Agricultural |
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A detailed announcement on the Proposed Acquisition in accordance with Chapter 10 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad will be made upon execution of the sale and purchase agreement between SDPBT and SD Plantation with the approval of the shareholders of the Company to be sought at an extraordinary general meeting of the Company to be convened on a date to be announced later.
This announcement is dated 29 August 2022.
| Company Name | SIME DARBY PROPERTY BERHAD |
| Stock Name | SIMEPROP |
| Date Announced | 29 Aug 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-25082022-00018 |