Announcements

Date : 02 March 2011

PURCHASE OF A PIECE OF FREEHOLD LAND (“PROPERTY”) FORMING PART OF THE MASTER TITLE HELD UNDER HS(D) 264385, PT 26536, MUKIM BUKIT RAJA, DAERAH PETALING, NEGERI SELANGOR MEASURING APPROXIMATELY 65,340 SQUARE FEET WITHIN SETIA CITY AT PRECINCT 1 OF SETIA ALAM (“ACQUISITION”)

CENTURY LOGISTICS HOLDINGS BERHAD

TypeReply to query
Reply to Bursa Malaysia's Query Letter - Reference IDRZ-110301-56496
SubjectPURCHASE OF A PIECE OF FREEHOLD LAND (“PROPERTY”) FORMING PART OF THE MASTER TITLE HELD UNDER HS(D) 264385, PT 26536, MUKIM BUKIT RAJA, DAERAH PETALING, NEGERI SELANGOR MEASURING APPROXIMATELY 65,340 SQUARE FEET WITHIN SETIA CITY AT PRECINCT 1 OF SETIA ALAM (“ACQUISITION”)
DescriptionPURCHASE OF A PIECE OF FREEHOLD LAND (“PROPERTY”) FORMING PART OF THE MASTER TITLE HELD UNDER HS(D) 264385, PT 26536, MUKIM BUKIT RAJA, DAERAH PETALING, NEGERI SELANGOR MEASURING APPROXIMATELY 65,340 SQUARE FEET WITHIN SETIA CITY AT PRECINCT 1 OF SETIA ALAM (“ACQUISITION”)
Query Letter ContentsWe refer to your Company's announcement dated 25 February 2011 in respect of
the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-
1. the basis of arriving at the purchase consideration of RM8,820,900 or
RM135.00 per square feet;
2. the justification for the purchase consideration of RM8,820,900 or RM135.00
per square feet;
3. to state the net book value ("NBV") of the Property;
4. to provide the breakdown of the source of funding;
5. to state whether any valuation has been carried out on the Property, details
of the valuation and the time and place where such documents may be inspected;
6. to include the following additional details on the development :-
a) number of storey and built-up areas;
b) total development cost;
c) expected commencement and completion date;
d) sources of funds to finance the development;
e) whether relevant approval(s) for the development have been obtained and
date(s) obtained; and
f) the expected amount of lettable space.


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/RZ

copy to:- General Manager & Head, Market Surveillance, Securities Commission
(via fax)
Contents:

The Board of Directors of Century wishes to announce the following additional information pertaining to the above-captioned Acquisition, in reply to the letter from Bursa Malaysia Securities Berhad dated 1 March 2011:
  1. The purchase consideration of RM8,820,900 or RM135 p.s.f was arrived at on a willing-buyer willing-seller basis after negotiation with Bandar Setia Alam Sdn. Bhd. ("Vendor").
  2. The purchase consideration of RM8,820,900 or RM135 p.s.f. is justifiable after considering the value of surrounding land within Setia Alam, and in particular, the fact that the Property was purchased directly from a reputable property developer.
  3. The net book value of the Property was not made known to the Company. Moreover, the Property forms part of a master title within a commercial development known as Setia City at Precinct 1 of Setia Alam.
  4. The Property is expected to be funded by bank borrowings of up to 80% and the balance via internally generated cash.
  5. The Property was purchased directly from the Vendor being the developer of Setia Alam and no valuation was carried out.
  6. The Sale and Purchase Agreement for the Acquisition was only signed on 25 February 2011. As such, the Acquisition is at a very early stage and any development plan at this juncture would be very preliminary. The Company has not embarked on any detailed development plan for the Property.


This announcement is dated 2 March 2011.


Query Letter Contents:

We refer to your Company's announcement dated 25 February 2011 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
  1. the basis of arriving at the purchase consideration of RM8,820,900 or RM135.00 per square feet;
  2. the justification for the purchase consideration of RM8,820,900 or RM135.00 per square feet;
  3. to state the net book value ("NBV") of the Property;
  4. to provide the breakdown of the source of funding;
  5. to state whether any valuation has been carried out on the Property, details of the valuation and the time and place where such documents may be inspected;
  6. to include the following additional details on the development:-

a) number of storey and built-up areas;
b) total development cost;
c) expected commencement and completion date;
d) sources of funds to finance the development;
e) whether relevant approval(s) for the development have been obtained and date(s) obtained; and
f) the expected amount of lettable space.

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/RZ


Announcement Info

Company NameCENTURY LOGISTICS HOLDINGS BERHAD  
Stock Name CENTURY    
Date Announced2 Mar 2011  
CategoryGeneral Announcement
Reference NoCS-110302-AE343

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