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AEON CO. (M) BHD. ("AEON" OR "COMPANY") - Acquisition of Land
| AEON CO. (M) BHD |
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | NM-121231-54300 |
| Subject | AEON CO. (M) BHD. ("AEON" OR "COMPANY") - Acquisition of Land |
| Description | AEON CO. (M) BHD. ("AEON" OR "COMPANY") - Acquisition of Land |
| Query Letter Contents | We refer to your announcement dated 28 December 2012 in respect of the aforesaid matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:- 1) To state the expiry date of the lease of the Sale Property. 2) To provide brief details and quantify the value of the Sale Property ascribed by VPC Alliance (KL) Sdn Bhd on 13 May 2008. 3) To provide justification for the purchase consideration. 4) To incorporate the termination and/or refund clause of the Agreement. 5) To state the effect on Earnings per Share, Net Assets per Share and gearing of the Company for financial year ending 31 December 2013. 6) To elaborate on the prospect of the Sale Property in realising the Company's expansion plan. 7) To include information required under item (4), Part C, Appendix 10A of Chapter 10 of the Main Market Listing Requirements. 8) To also include the Valuation Report by VPC Alliance (KL) Sdn Bhd as document for inspection. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof. Yours faithfully SUZALINA HARUN Head, Issuers Listing Division Regulation WCY/NM copy to:- General Manager & Head, Market Surveillance, Securities Commission (via fax) |
Further to the Company’s announcement made on 28th December 2012 in relation to the Acquisition of Land, the Company furnished herewith the following additional information for the public release: 1) The expiry date of the lease of the Sale Property is 26th October 2103. 2) Based on the valuation report by VPC Alliance (KL) Sdn Bhd (“Company Valuer”) on 13th May 2008, the market value of the Sale Property is located near the junction of Persiaran Sukan and Persiaran Akuatik, within Section 13, Shah Alam, Selangor Darul Ehsan, with vacant possession and free from encumbrances was RM100 per square feet. The land use of the Sale Property as indicated in the land title is Commercial. 3) The total purchase consideration of RM90,010,052.00 was arrived at between the parties on a ‘willing-buyer willing-seller” basis, after taking into consideration the development of the potential of the Sale Property, the range of market values for similar lands in the vicinity and valuation carried out by Company Valuer on 13th May 2008 as mentioned in item (2) above. The valuation of the Land was carried out by using the comparison method. 4) The brief details of the termination clause and/or refund clause of the Agreement are as follows:- Clause 16. NON-COMPLETION BY VENDOR 16.1 In the event the Vendor fails to complete the sale of the Sale Property pursuant to this Agreement, the Purchaser shall be entitled at its option to elect for specific performance of the sale and purchase hereunder of the Sale Property and to all other relief flowing therefrom or by notice in writing (hereinafter referred to as “the Election Notice”) served on the Vendor to elect to terminate this Agreement and accept a sum being equivalent to the Deposit as agreed liquidated damages (hereinafter referred to as “the Liquidated Damages”) from the Vendor who shall on or before the expiry of fourteen (14) days from the date of the Election Notice pay the Liquidated Damages to the Purchaser and cause all monies paid by the Purchaser to be refunded by the Vendor in accordance to Clause 2.2 of this Agreement and the amount of costs incurred by the Purchaser in obtaining the Planning Approvals/Development Order in accordance to Clause 2.3 of the Agreement (if applicable) and the Vendor shall further pay to the Purchaser interest on the Liquidated Damages and the aforesaid monies calculated at the rate of eight per centum (8%) per annum from the date of the expiry of the Election Notice until the date of actual payment and refund. Clause 17. NON-COMPLETION BY PURCHASER
5) The acquisition is not expected to have any material impact on the earnings per share, net assets per share and gearing of the Company for the financial year ending 31 December 2013. 6) The acquisition provides such an opportunity for the Company to acquire land and expand its presence in the growing area of Shah Alam. 7) The Company intends to construct and operates a shopping centre and a departmental store cum supermarket in accordance with all the terms and conditions as stipulated in the Agreement on the Sale Property. At this juncture, the exact details pertaining to the shopping centre, total development cost, expected commencement and completion date has yet to be finalized and no profits is expected to be derived as the Sale Property was purchased for the use of the Company. The Board of Directors is confident that the acquisition will be well received. 8) A copy of the Valuation Report by VPC Alliance (KL) Sdn Bhd is available for inspection at the registered address of the Company at 3rd Floor, AEON Taman Maluri Shopping Centre, Jalan Jejaka, Taman Maluri, Cheras, 55100 Kuala Lumpur during normal office hours from Monday to Friday (except public holidays) for a period of three (3) months from the date of the announcement made by the Company on 28th December 2012. This announcement is dated 3 January 2013. | |
Announcement Info
| Company Name | AEON CO. (M) BHD |
| Stock Name | AEON |
| Date Announced | 3 Jan 2013 |
| Category | General Announcement |
| Reference No | CC-130103-54A14 |