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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS LION INDUSTRIES CORPORATION BERHAD ("LICB" OR "COMPANY") Proposed acquisition of 80 acres of leasehold agriculture land located at Daerah Sepang, Selangor for a cash consideration of RM23 million ("Proposed Acquisition")

LION INDUSTRIES CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
LION INDUSTRIES CORPORATION BERHAD ("LICB" OR "COMPANY")

Proposed acquisition of 80 acres of leasehold agriculture land located at Daerah Sepang, Selangor for a cash consideration of RM23 million ("Proposed Acquisition")

Reference is made to the Company’s announcements dated 6 January 2022 (“First Announcement”), 10 January 2022, 10 March 2022 and 16 February 2023, in relation to the Proposed Acquisition. Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the First Announcement.

 

The Board of Directors of LICB wishes to announce that LLB Bina had on 8 August 2023 entered into a Deed of Mutual Termination with Premier Land wherein both parties mutually agreed to terminate the SPA in relation to the Proposed Acquisition (“Termination”) due to the prolonged delay in fulfilling the Conditions Subsequent. 

 

Pursuant to the Deed of Mutual Termination, Premier Land shall repay the Purchase Consideration to LLB Bina and following thereto, the SPA will be terminated with immediate effect and neither party shall have any right or claim against the other in relation to the SPA.


The Termination is not expected to have a material impact on the earnings and EPS of the LICB Group for the financial year ending 31 December 2023 and the net assets and gearing of the LICB Group based on the audited consolidated statement of financial position of LICB as at 31 December 2022. There is no gain or loss arising from the Termination.

 

The Termination is not subject to any authority’s approval and does not require the approval of the shareholders of LICB.

 

The Board after having considered all aspects of the Termination, is of the opinion that the Termination is in the best interest of the Company.

 

This announcement is dated 8 August 2023.

 






Announcement Info

Company Name LION INDUSTRIES CORPORATION BERHAD
Stock Name LIONIND
Date Announced 08 Aug 2023
Category General Announcement for PLC
Reference Number GA1-08082023-00034



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