PETALING JAYA: Sungei Bagan Rubber Co
(Malaya) Bhd has clarified that the transfer of agricultural land in Semenyih, Selangor, which was initially part of its acquisition deal with Kuchai Development Bhd, has been entirely excluded from the agreement signed on Dec 29, 2023.
Consequently, the acquisition price and the number of consideration shares to be issued by Sungei Bagan for the acquisition of Kuchai Development have been adjusted to exclude the RM7.68mil valuation of the agricultural land.
“As such, the disposal price has been revised from RM275.47mil to RM267.78mil and the number of consideration shares to be issued has been reduced from 27.52 million to 26.75 million,” the company said in a filing with Bursa Malaysia. — Bernama
On Dec 29, 2023, Kuchai Development announced that it has entered into a conditional master sale and purchase agreement with Sungei Bagan Rubber, where the latter is to acquire the former for a disposal consideration of RM275.47mil. - Bernama
