BCorp Enters Into SPA For Yokohama Land At Reduced Amount Of RM407 Million

Berjaya Corporation has updated on its land acquisition in Yokohama, Japan which it first announced in 2022. As of today 1 April, the group via subsidiary Berjaya Yokohama Hospitality Asset TMK was to acquire 8 parcels of freehold land
measuring in aggregate of about 20,997.15 square metres (5.18 Acres) located in Minato Mirai, Nishi District, Yokohama, Japan from the City of Yokohama for a total cash consideration of about JPY12.657 billion (or about RM408.82 million) however this has now been revised.

The parties have now entered into an SPA with the Vendor in relation to the Proposed Acquisition where the salient terms include for the reduction of the total amount and offset against the superficies occupied by the bridge foundation of the Minato Mirai Bridge by an amount of about JPY47.09 million (or about RM1.52 million) as the compensation payable to BY-TMK. The final consideration for the Proposed Acquisition after the said adjustment is about JPY12.61 billion (or about
RM407.30 million)

Upon which BY-TMK shall own and develop the Land for complex with facilities comprising Four Seasons Hotel & Hotel residences, exhibition/attraction and shop tenants; and for the land to be acquired on an “as is where is basis” free from all claims, charges, liens and other encumbrances.

BCorp said the SPA and the Lease Agreement will not have any effect on the issued share capital and substantial shareholders’ shareholdings.

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