Aeon Co said it had entered into a Sale and Purchase Agreement with Liziz Standaco Sdn. Bhd. in respect of the acquisition of a piece of land in Kota Bharu, Negeri Kelantan measuring approximately 8.691 hectares at a purchase consideration of RM165 Million.
Under the agreement, the vendor has to obtain the State Authority approval to sell and transfer the land to AEON and if applicable obtain the State Authority approval and from the Economic Planning Unit of the Prime Minister’s Department.
Aeon plans to satisfy the proposed acquisition through its internally generated funds. The group said the rationale behind the purchase was in line with its corporate strategy of focusing on and developing its future retail business.
