Reference is made to the Company's announcement dated 1 April 2026 in relation to the Proposed Acquisitions. Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the earlier announcement.
The Board of Directors of the Company wishes to provide the following additional information pertaining to the Proposed Acquisitions as requested by Bursa Securities: -
1. To clarify that the lands and detached factories are still under development, including details of the commencement date and expected completion date.
The 2 pieces of land form part of the Setia Versa 2 project, which is currently in reinforced framework development stage of the Said Property. Development has already commenced since 24 November 2025, with the practical completion period targeted within 36 months, i.e., by March 2029.
2. To further elaborate on Section 3, particularly regarding the following points:
- The market value of the properties in the vicinity of the lands that available for sale.
- No valuation has been carried out on the lands as the property is newly purchased from an established Vendor at prevailing commercial price.
The Company has reviewed recent market transaction data available for industrial properties in the vicinity of Gelang Patah, Johor extracted from the Brickz report, which indicates that comparable industrial properties in the surrounding area is generally offered at prices ranging from RM189psf to RM292psf. The purchase consideration was assessed against this market range and is considered commercially reasonable taking into account the location, accessibility and development characteristics of the Said Property.
Pursuant to Rule 10.04(1)(b)(i) of the AMLR of Bursa Securities, no formal valuation has been conducted for the Said Property. However, the Company obtained an indicative value from KGV International Property Consultants (Johor) Sdn. Bhd. which estimates the indicative value of the Said Property (subject to title being free from legal encumbrances and with benefit of vacant possession) at RM9,500,000, each. The indicative value provides additional market support that the purchase consideration is within a reasonable range.
The Total Purchase Price reflects a strategic value that is justified by its prime industrial zone with good connectivity to major highways, port facilities, border crossings and airport infrastructure, which is expected to support the Company's long-term operational and investment objectives. Accordingly, the Board considered the purchase price to be fair, reasonable and justifiable in view of the strategic location and long-term benefits.
This announcement is dated 2 April 2026.