TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS IRE-TEX CORPORATION BERHAD ("Ire-Tex" or "the Company") - PROPOSED DISPOSAL OF ALL THAT PIECE OF LEASEHOLD LAND (EXPIRING ON 2 JULY 2067) HELD UNDER H.S.(D) 445650 PTD 194752, MUKIM PLENTONG, DAERAH JOHOR BAHRU, NEGERI JOHOR DARUL TAKZIM MEASURING APPROXIMATELY 1.012 HECTARES TOGETHER WITH THE BUILDING(S) ERECTED THEREON BY IRE-TEX (JOHOR) SDN BHD (A 70%-OWNED SUBSIDIARY OF IRE-TEX), FOR A CASH CONSIDERATION OF RM8,800,000

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
IRE-TEX CORPORATION BERHAD ("Ire-Tex" or "the Company")    - PROPOSED DISPOSAL OF ALL THAT PIECE OF LEASEHOLD LAND (EXPIRING ON 2 JULY 2067) HELD UNDER H.S.(D) 445650 PTD 194752, MUKIM PLENTONG, DAERAH JOHOR BAHRU, NEGERI JOHOR DARUL TAKZIM MEASURING APPROXIMATELY 1.012 HECTARES TOGETHER WITH THE BUILDING(S) ERECTED THEREON BY IRE-TEX (JOHOR) SDN BHD (A 70%-OWNED SUBSIDIARY OF IRE-TEX), FOR A CASH CONSIDERATION OF RM8,800,000

Further to the Company’s announcement made on 19 August 2016 and 23 August 2016, the Board of Directors of Ire-Tex wishes to announce that the Disposal of all that piece of leasehold land held under H.S.(D) 445650 PTD 194752, Mukim Plentong, Daerah Johor Bahru, Negeri Johor Darul Takzim measuring approximately 1.012 hectares with the lease period expiring on 2 July 2067 together with the building(s) erected thereon (“the Property” or “the Land”) for a cash consideration of RM8,800,000.00 to The W Clay Industries Sdn. Bhd. (Company No. 299980-X)  ("the Purchaser") as per Sale and Purchase Agreement ("SPA"). Pursuant to the SPA, the Completion Date was on 7 June 2018 i.e. the date on which the full payment of the Purchase Price is paid by the Purchaser. 

The Condition Precedent Period was mutually extended by the Parties on 27 February 2018 for a period of 2 weeks from 28 February 2018. The State Authority consent to transfer was obtained by the Company on 12 March 2018 and pursuant to the SPA, the balance purchase price was to be paid by the Purchaser within 3 months from  the date on which the state authority consent to transfer is obtained i.e. on or before 11 June 2018. The full purchase price was paid by the Purchaser on 7 June 2018.

The sale proceeds of RM8,800,000.00 from the Disposal of the Land and Property have been utilised in the following manners:-

Sale Proceeds Utilisation 

Amount (RM)

Repayment of bank borrowings (on 07.06.2018) 7,550,106.00
Payment of Real Property Gain Tax (on 18.04.2018)    264,000.00
Payment of Legal Fees in relation to the transaction (on 24.05.2018)   784,298.11
Working Capital - Payment to Supplier and Employees Remuneration (on 20.03.2018)   201,595.89
Total 8,800,000.00

 






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 13 Jun 2018
Category General Announcement for PLC
Reference Number GA1-08062018-00019