We refer to the announcement released by the Company on 27 May 2021 on the Proposed Acquisitions, the Board of Directors of the Company wishes to inform that FMGLM is in the midst of appointing an independent registered valuer to carry out the valuation on the Land. The Company will make the necessary announcement once the valuation is completed.

The Purchase Consideration of RM22,198,425 (i.e. RM72 per square foot for Land 1 and RM70 per square foot for Land 2) was derived after taking into consideration the prices offered for sale for vacant leasehold industrial lands located within the same vicinity, ranging from RM70 to RM88 per square foot. The offer price is also very much dependent on the site, status and condition of the lands.

In addition, based on the sales transactions records which were extracted from the data as compiled by the Jabatan Penilaian Dan Perkhidmatan Harta (JPPH) of the Ministry of Finance, the transaction of comparable leasehold industrial lands in Northport Port Klang surrounding areas in years 2019 and 2018 were transacted at RM80 and RM65 per square foot respectively.

This announcement is dated 11 June 2021.