PETALING JAYA: Power Root Bhd
had inked a sale and purchase agreement (SPA) with Ree Fong Agriculture Sdn Bhd for the acquisition of five lots of freehold agricultural land in Kulai, Johor, for a cash consideration of RM19.99mil.
In a filing with Bursa Malaysia, it said the purchase consideration for the acquisition of the 3,483,524 sq ft land was determined via a willing-buyer and willing-seller basis, after taking into consideration the prevailing market value of the land within the vicinity and location.
Estimated to be completed within three months from the SPA date, Power Root said RM1.99mil or 10% will serve as the deposit and part payment of the agreement, while the remaining 90% or RM17.99mil will be paid within the three months period.
