PETALING JAYA: Atlan Holdings Bhd
, which has been ordered to compulsorily acquire its lands in Bukit Kayu Hitam, Kedah, will be accepting the award compensation of RM69.9mil under protest.
Last month, the company said its indirectly owned units, Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd had received notices for the compulsory land acquisitions for a new road alignment to connect the Bukit Kayu Hitam ICQS Complex in Kedah to the CIQ Sadao facility in Thailand.
The lands were acquired by Malaysia's Home Affairs Ministry and are administered by the Department of Director General of Lands and Mines, Kedah.
In a filing with the local bourse yesterday, Atlan said the land acquisition enquiry process was conducted on Nov 6 and that the Land Administrator had made an oral compensation award of approximately RM69.9mil.
“The company is not satisfied with the award and, based on legal advice, the company will only accept the award under protest and will file an objection by way of a land reference to the High Court in accordance with S.37 and s.38(1) of the Land Acquisition Act 1960 of Malaysia.”
Atlan said it is unable to quantify the financial impact of the compulsory acquisition until the conclusion of the land reference in the High Court.
“The company will make further announcements as and when there are material updates or developments in relation to the foregoing.”
Atlan is principally involved in duty-free retailing, manufacturing of automotive parts, property investment and hospitality and lifestyle.
