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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS MENTIGA CORPORATION BERHAD ("MCB" OR "THE COMPANY") - REVOCATION FOR THE PROPOSED DISPOSAL OF A PIECE OF AGRICULTURAL LAND IN MUKIM ULU LEPAR, DAERAH KUANTAN, NEGERI PAHANG FOR A TOTAL CASH CONSIDERATION OF RM18,560,000 ("THE PROPOSED DISPOSAL")

MENTIGA CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
MENTIGA CORPORATION BERHAD ("MCB" OR "THE COMPANY")
- REVOCATION FOR THE PROPOSED DISPOSAL OF A PIECE OF AGRICULTURAL LAND IN MUKIM ULU LEPAR, DAERAH KUANTAN, NEGERI PAHANG FOR A TOTAL CASH CONSIDERATION OF RM18,560,000 ("THE PROPOSED DISPOSAL")

The terms used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the announcement dated 20 August 2021 in relation to the Proposed Disposal.

 

The Board of Directors of Mentiga Corporation Berhad (“MCB” or “the Company”) wishes to announce that as at the date of this announcement, the Company is unable to obtain approval from the Estate Land Board pursuant to Section 214A National Land Code 1965 for the transfer of the Land to Dimensi Mutiara Sdn. Bhd. (“DMSB”).

 

After due review and discussion with DMSB, both parties have mutually agree to terminate the SPA. The Company would refund RM1,856,000.00 to DMSB, being the Earnest Deposit and Balance Deposit.

 

The Company and DMSB to enter into a Deed of Revocation to stipulate the terms and conditions of the said mutual termination.

 

The revocation of the SPA will not have impact on the earnings of MCB Group for the financial year ended 31 December 2023.

 

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

 

This announcement is dated 22 February 2024.






Announcement Info

Company Name MENTIGA CORPORATION BERHAD
Stock Name MENTIGA
Date Announced 22 Feb 2024
Category General Announcement for PLC
Reference Number GA1-14122023-00057



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