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General Announcement Reference No AD-030228-62B8D |
| Company Name | : | ASIATIC DEVELOPMENT BERHAD |
| Stock Name | : | ASIATIC |
| Date Announced | : | 03/03/2003 |
| Type | : | Announcement |
| Subject | : | ASIATIC
DEVELOPMENT BERHAD ("ASIATIC" OR THE "COMPANY") PROPOSED ACQUISITION BY ASIATIC LAND DEVELOPMENT SDN BHD ("ALDSB"), A SUBSIDIARY OF ASIATIC, OF THE REMAINING 30% EQUITY INTEREST IN ASIATIC INDAHPURA DEVELOPMENT SDN BHD ("AIDSB") FROM AMBANG BUDI SDN BHD ("ABSB") FOR A PURCHASE CONSIDERATION OF RM77,319,000 ("PROPOSED SHARE ACQUISITION"); AND PROPOSED DISPOSAL BY AIDSB OF APPROXIMATELY 953 ACRES OF LAND LOCATED AT MUKIM SENAI-KULAI, DAERAH JOHOR BAHRU, JOHOR DARUL TAKZIM TO ABSB FOR A SALE CONSIDERATION OF RM82,707,000 ("PROPOSED LAND DISPOSAL") (COLLECTIVELY KNOWN AS THE "PROPOSALS") |
Contents :
Further to the announcement dated 11 October 2002 in connection to the
Proposals, the Board of Directors of Asiatic Development Berhad is hereby
pleased to announce that the Proposals have been completed on 1 March 2003.
TAN SRI MOHD AMIN BIN OSMAN
Chairman
Asiatic Development Berhad