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COUNTRY VIEW BERHAD ("CVB" OR "COMPANY") PROPOSED ACQUISITION BY COUNTRY VIEW RESOURCES SDN. BHD. (523855-A), A WHOLLY OWNED SUBSIDIARY OF COUNTRY VIEW BERHAD, OF TWO (2) PARCELS OF FREEHOLD AGRICULTURAL LAND MEASURING 290.3196 ACRES AND IDENTIFIED AS: (A) PLOT E-2, comprising WHOLE OF HS(D) 317248 PTD 116775, PART OF HS(D) 317247 PTD 116774 AND PART OF HS(D) 317251 PTD 116778; AND (B) PLOT E-4, FORMING PART OF HS(D) 317216 PTD 116768, ALL IN THE MUKIM OF PULAI, DAERAH JOHOR BAHRU, NEGERI JOHOR ('THE PROPERTY') FROM BANDAR NUSAJAYA DEVELOPMENT SDN. BHD. (252945-M) (formerly known as Prolink Development Sdn. Bhd.) FOR A TOTAL CASH PURCHASE PRICE OF RM85,994,989. ("PROPOSED ACQUISITION")

COUNTRY VIEW BERHAD

Type

Announcement
SubjectCOUNTRY VIEW BERHAD ("CVB" OR "COMPANY")

PROPOSED ACQUISITION BY COUNTRY VIEW RESOURCES SDN. BHD. (523855-A), A WHOLLY OWNED SUBSIDIARY OF COUNTRY VIEW BERHAD, OF TWO (2) PARCELS OF FREEHOLD AGRICULTURAL LAND MEASURING 290.3196 ACRES AND IDENTIFIED AS:

(A) PLOT E-2, comprising WHOLE OF HS(D) 317248 PTD 116775, PART OF HS(D) 317247 PTD 116774 AND PART OF HS(D) 317251 PTD 116778; AND

(B) PLOT E-4, FORMING PART OF HS(D) 317216 PTD 116768,

ALL IN THE MUKIM OF PULAI, DAERAH JOHOR BAHRU, NEGERI JOHOR ('THE PROPERTY') FROM BANDAR NUSAJAYA DEVELOPMENT SDN. BHD. (252945-M) (formerly known as Prolink Development Sdn. Bhd.) FOR A TOTAL CASH PURCHASE PRICE OF RM85,994,989. ("PROPOSED ACQUISITION")

Contents :

We refer to the announcements dated 9 June 2005 and 26 July 2005 made by AmMerchant Bank Berhad (a member of AmInvestment Group), on behalf of CVB, on the Proposed Acquisition.


CVB's Board of Directors is pleased to announce that the State Authority of Negeri Johor Darul Ta'zim had via its letters dated 19 September 2005 addressed to Nusajaya Greens Sdn. Bhd., the owner of the Property, approved the transfer of the Property subject to the following conditions:

(i) The imposition of fines of RM1,100 in relation to HS(D) 317248 PTD 116775, RM2,000 in relation to HS(D) 317251 PTD 116778, RM2,650 in relation to HS(D) 317216 PTD 116768 and RM8,800 in relation to HS(D) 317247 PTD 116774, all in the Mukim of Pulai, District of Johor Bahru, Negeri Johor;

(ii) The approval for transfer of the Property is valid for 6 months from 19 September 2005;

(iii) At the expiry of 6 months but not exceeding 1 year from the date of the approval, the approval can be renewed by submitting the original of the approval letter together with a payment of RM50;

(iv) No extension is allowed after the expiry of a period of 1 year; and

(v) The approval is only for restriction-in-interest on the title of the Property.

The registration of transfer is still subject to the applicable Laws and Regulations.

The Proposed Acquisition is now subject to the approval of the shareholders in a general meeting of CVB and any such other relevant authorities, if required. By a letter dated 6 July 2005, BNDSB has submitted an application for the Estate Land Board approval pursuant to Section 214A of the National Land Code, 1965, the approval of which is still pending.



Announcement Info

Company NameCOUNTRY VIEW BERHAD  
Stock Name CVIEW    
Date Announced22 Sept 2005  
CategoryGeneral Announcement
Reference NoCV-050922-54195


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