The Board of Directors of Aurelius Technologies Berhad announced that the company had on 13 January 2023 signed the acceptance of the letter of offer from Northern Technocity Sdn Bhd (NTCSB or the Vendor) for the purchase of a vacant industrial land measuring approximately 301,874 sq. ft., located within Kulim High-Tech Park (KHTP) held under HS(D) 83925, PT 5930 Seksyen 39, Bandar Kulim, District of Kulim, Kedah, for a total cash consideration of MYR 13,584,330.00. The Purchase Price was computed based on the Land Area of 301,874 sq. ft. at the price of MYR 45.00 per sq. ft. which was arrived at on a willing-buyer willing-seller basis free from all encumbrances after taking into consideration of the Proposed Land being a freehold land, its strategic location within KHTP, access to electricity provided by NUR Power and the proximity to the Current Plant. The Board also took into consideration that the Proposed Land is a freehold industrial land located in KHTP as compared with the current industrial lands for sales within KHTP including the latest KHTP Phase 4 being sold on a basis of a lease. The Purchase Price was fixed by the Vendor. The Vendor has confirmed it has over the past 12 months, prior to the announcement date, entered into agreements to sell similar industrial lands adjacent to the Proposed Land to third parties for the same price of MYR 45.00 per sq. ft. Payment Of Purchase Price: MYR 271,686.60 equivalent to 2.0% of the Purchase Price shall be paid as a non- refundable earnest deposit to the Vendor upon signing of acceptance of the LO whereby the Earnest Deposit which shall form part payment towards the account of the Purchase Price upon the signing of the SPA. MYR 1,086,746.40 equivalent to 8.0% of the Purchase Price shall be paid to the Vendor upon signing of the SPA. The remaining 90.0% of the Purchase Price shall be paid to the Vendor upon the Vendor successfully completing the land platform works on the Proposed Land, constructing the basic infrastructure for the Proposed Land, and obtain the written
approval and/or confirmation from relevant authority that the Purchaser's business activities fall within the type of the industries permissible within the development of KHTP.
Aurelius Technologies Berhad Announces Acquisition of Industrial Land from Northern Technocity Sdn Bhd
January 13, 2023 at 08:24 am EST
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