PETALING JAYA: Astral Asia Bhd
received an interim deposit of RM2.34mil (representing 1% of the indicative purchase price of RM233.57mil) from HNG Capital Sdn Bhd for its solar farm and green energy development in Pahang.
In a statement, the company said the update followed the previously announced memorandum of understanding (MoU) with HNG Capital, regarding the proposed sale of plantation land located at Kuantan Hi-Tech Park, Pahang.
“With the receipt of the interim deposit, HNG Capital will now proceed into the exclusivity period to conduct comprehensive technical, legal, and financial due diligence on the subject lands in accordance with the terms of the MoU,” the statement read.
“Astral Asia remains committed to maintaining high standards of corporate transparency and governance as the proposed transaction progresses.”
The proposed sale encompasses three distinct parcels of land in Kuantan, Pahang, collectively known as the KUHTP Land, Astral Asia said.
Measuring approximately 2,433 acres in total, the property accounts for roughly 25% of the group’s aggregate land portfolio.
In Astral Asia’x statement last week, the company’s managing director Lim Guan Shiun said the proposed land sale at Kuantan Hi-Tech Park represented a strategic opportunity for the company to unlock the underlying value of its real estate portfolio.
“Monetising approximately 2,433 acres, representing 24.5% of our total landbank, at an indicative consideration of RM233.57mil allows us to redeploy capital into future land acquisitions to strengthen our landbank and support long-term growth.
