Update on the Proposed Sale of Land by Rex Plastics (Malaysia) Sdn. Bhd
30 December 2016, 12:00:00 am
On 31 March 2015, the Board of Directors of Hong Leong Asia Ltd. (the "Company", and its subsidiaries) announced that its indirect whollyowned subsidiary, Rex Plastics (Malaysia) Sdn. Bhd., had entered into a a sale and purchase agreement (the "Agreement") with Aspen Vision Synergy Sdn. Bhd. (the "Purchaser"), an unrelated third party, for the sale of a piece of land in Negeri Selangor Darul Ehsan, Malaysia (more particularly described in the announcement on 31 March 2015) (the "Land") subject to the terms and conditions of the Agreement (the "Disposal").
The Agreement stipulated that completion of the Disposal was subject to and conditional upon, inter alia, the written approval, from the relevant authority in Malaysia, for the conversion of the category of the Land use from "Perusahaan" to "Bangunan" and the express condition of the Land from "Perusahaan" to "Komersial" (the "Conversion Approval") being obtained by the Purchaser. As the Conversion Approval could not be obtained by 31 December 2016, the time mutually agreed by the parties for this purpose, both parties have agreed to allow the Agreement to lapse on 31 December 2016.
By Order of the Board
HONG LEONG ASIA LTD.
Ng Siew Ping, Jaslin
Yeo Swee Gim, Joanne
30 December 2016