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General Announcement Reference No AD-020517-123AF |
| Company Name | : | ASIATIC DEVELOPMENT BERHAD |
| Stock Name | : | ASIATIC |
| Date Announced | : | 17/05/2002 |
| 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 :
As previously announced, 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 to acquire the Tongod Land from Hap Seng
Consolidated Berhad ("HSCB") at a purchase consideration of RM56,730,362.00 plus
reimbursement of plantation expenses incurred by HSCB.
Further to the announcements dated 20 June 2001, 4 July 2001, 22 August 2001 and
11 December 2001 respectively in connection with the Proposed Acquisition, the
Board of Directors of ADB is hereby pleased to announce that the Proposed
Acquisition was completed on 9 May 2002.
TAN SRI MOHD AMIN BIN OSMAN
Chairman
Asiatic Development Berhad