PETALING JAYA: Matrix Concepts Holdings Bhd
has moved to sell two parcels of vacant land in the MVV Techvalley development to Bidara Pesona Sdn Bhd (BPSB) for a combined RM24.6mil, in a deal classified as a related-party transaction.
Its 85%-owned subsidiary, N9 Matrix Development Sdn Bhd, signed separate sale and purchase agreements on December 9 for Lot H30 and Lot H29 in the Mukim of Labu, Seremban, measuring 3.92 acres and 4.39 acres, respectively.
The lands, currently designated for agriculture, form part of N9 Matrix’s ongoing industrial development project.
Under the agreements, 5% of the purchase price was paid upon signing, with another 5% due within six months. The remaining 90% will be settled progressively based on construction milestones.
The transaction is conditional on N9 Matrix securing the conversion of the land to industrial status and obtaining individual titles by December 31, 2025. If this fails, all payments must be refunded within 21 days.
The company said the sale was conducted on an arm’s length basis and on “standard terms and pricing applicable to the general public,” adding that it falls within the normal course of business. Matrix Concepts noted that the deal will not materially affect its earnings, gearing, or net assets for the current financial year.
