GIP Development Sdn. Bhd. entered into an agreement to acquire one piece of vacant industrial land held under Pajakan Negeri No. 21371, Lot 8910, Negeri Pahang from Eden Inc. Berhad for MYR 22.7 million.

GIP Development Sdn. Bhd. entered into an agreement to acquire one piece of vacant industrial land held under Pajakan Negeri No.

21371, Lot 8910, Negeri Pahang from Eden Inc. Berhad (KLSE:EDEN) for MYR 22.7 million on June 25, 2015. As part of consideration, GIP Development will pay MYR 2.3 million to Eden solicitors upon execution of the agreement as deposit and part payment of the consideration price. The balance purchase price of MYR 20.3 million shall be paid to GIP Development Sdn Bhd within 90 days from the date of fulfillment of all the conditions precedent or failing which, the completion period shall be automatically be extended for another 30 days, subject to the condition that the Eden Inc. GIP Development shall pay to Eden interest on the balance purchase price or any part thereof outstanding and remaining unpaid at the rate of 8% per annum for the remaining 30 days.

The transaction is subject to approval of Board of Directors of Eden Inc. Berhad, approval from state authority and any other necessary approvals by the relevant authorities. The sale of the property will ultimately boost the group cash flow. The proceeds arising from the disposal shall be utilized for the Eden Group's working capital purposes and reduce its borrowing.

The disposal will not have any effects on the share capital and the shareholdings of the substantial shareholders of Eden.