Lagenda Properties has made the announcement that the Taraf Nusantara Sdn Bhd, a wholly-owned subsidiary of Blossom Eastland Sdn Bhd, which is in turn wholly owned by the Company had on 9 August 2022 entered into a conditional sale and purchase agreement (SPA) with Ladang Awana Sdn Bhd in relation to the proposed acquisition of the 42 block titles of development / agricultural land measuring approximately 422 acres, all located within Mukim Durian Sebatang, Daerah Hilir Perak, Perak Darul Ridzuan by Taraf Nusantara from the Ladang Awana for a total cash consideration of RM92.4 million, as per the terms and conditions as set out in the SPA.
The Proposed Acquisition is deemed to be a related party transaction pursuant to Paragraph 10.08 of the Main Market Listing Requirements of Bursa Securities in view of the interests of the Directors and major Shareholders of the Company as set out in Section 9 of this Announcement.
Meanwhile, Mercury Securities has been appointed as the Independent Adviser by the Board of Directors of the Company to provide the non-interested Directors and non-interested shareholders of the Company ( or the shareholders).
