| General Announcement Reference No CU-011211-60479 |
| Submitting Merchant Bank | : | |
| Company Name | : | ASIATIC DEVELOPMENT BERHAD |
| Stock Name | : | ASIATIC |
| Stock code | : | 2991 |
| Date Announced | : | 12-12-2001 |
| Type | : | Announcement |
| Subject | : | PROPOSED ACQUISITION OF ALL THAT PARCEL OF AGRICULTURAL LAND HELD UNDER TITLE NO CL095330724 MEASURING APPROXIMATELY 8,830 HECTARES SITUATED AT SUNGAI TONGOD, DISTRICT OF KINABATANGAN, SANDAKAN, SABAH (THE "TONGOD LAND") BY TANJUNG BAHAGIA SDN BHD, A WHOLLY OWNED SUBSIDIARY OF ASIATIC DEVELOPMENT BERHAD, FROM HAP SENG CONSOLIDATED BERHAD (THE "PROPOSED ACQUISITION"). |
Contents :
Tanjung Bahagia Sdn Bhd, a wholly owned subsidiary of Asiatic Development Berhad ("ADB"), has on 20 June 2001 entered into a conditional sale and purchase agreement (the "SPA") to acquire the Tongod Land from Hap Seng Consolidated Berhad ("HSCB") at a purchase consideration of Ringgit Malaysia Fifty Six Million Seven Hundred and Thirty Thousand Three Hundred and Sixty Two (RM56,730,362.00) plus reimbursement of plantation expenses incurred by HSCB.
Further to the announcements dated 20 June 2001, 4 July 2001 and 22 August 2001 in connection with the Proposed Acquisition, the Board of Directors of ADB wishes to announce that the SPA has become unconditional on 11 December 2001. The completion of the Proposed Acquisition is now pending the finalisation of the reimbursement expenses and the transfer of the Tongod Land.
TAN SRI MOHD AMIN BIN OSMAN
Chairman
Asiatic Development Berhad