Scientex Berhad Proposes Acquisitions by Scientex Quatari Sdn Bhd and Scientex Sdn Bhd of 3 Pieces of Freehold Agricultural Land
April 05, 2021 at 09:27 am EDT
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The Board of Directors of Scientex announced that Scientex Quatari Sdn Bhd and Scientex (Skudai) Sdn Bhd, both the wholly-owned subsidiaries of the company, had on April 5, 2021 entered into 2 sale and purchase agreements in relation to the Proposed Acquisitions with the following vendors: A sale and purchase agreement entered into between SQSB as the purchaser and Sunrich Conquest Sdn Bhd, as the vendor, for the acquisition of all that piece of freehold agricultural land held under Geran 57798 Lot 4358, Mukim 12, District of Seberang Perai Utara, State of Pulau Pinang, measuring in area of approximately 82.84 hectares for a purchase consideration of RM147,126,078.00 only; and A sale and purchase agreement entered into between SSSB as the purchaser and Titanium Greenview Sdn Bhd as the vendor, for the acquisition of 2 pieces of freehold agricultural land held under Geran 19398 Lot 249 and Geran Mukim 288 Lot 248, both situated in Mukim 12, District of Seberang Perai Utara, State of Pulau Pinang, having aggregate area of approximately 560,492.0823 square meters for a total purchase consideration of MYR 99,545,490.00 only, collectively referred to as the "Subject Lands". The SPA 1 and SPA 2 shall be collectively referred to as the hereinafter and the total purchase considerations of the Subject Lands is MYR 246,671,568.00 only.
Scientex Berhad is a manufacturer in flexible plastic packaging and a developer of affordable homes in Malaysia. The Company's segments include Packaging and Property development. The Packaging segment is engaged in the business of manufacturing, selling, and marketing of various flexible plastic packaging products, which can be categorized into industrial and consumer-based packaging products. The Property development segment is engaged in the business of constructing and developing affordable housing in Peninsular Malaysia. Its industrial packaging product range includes stretch film, PP strapping band, stretch & shrink hood, shrink film, agricultural film and PE flex tanks tubing. Its consumer packaging product range includes PE lamination base film, metallized film, general film, printed film (roll form), barrier film, BOPP film, CPP film and Wicket Bags. Its property arm has township development projects in Pasir Gudang, Kulai, Skudai, Senai, Ayer Keroh and Pulai, among others.