MCHB's Unit To Dispose Of 15.64ha Land In Negeri Sembilan For RM90.91 Mln

KUALA LUMPUR, Feb 12 (Bernama) -- Matrix Concepts Holdings Bhd's (MCHB) 85 per cent-owned subsidiary, N9 Matrix Development Sdn Bhd, has entered into a sale and purchase agreement (SPA) to dispose of 15.64 hectares of land for RM90.91 million to Kuntum Kemuning Sdn Bhd (KKSB) in Labu, Negeri Sembilan.

KKSB is a private limited company principally engaged in property investments.

In a Bursa Malaysia filing today, MCHB said that the property consists of nine individual plots of vacant agricultural land, forming part of the upcoming industrial development project, known as MVV Techvalley.

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“The SPA is conditional upon N9 Matrix having obtained, at its own costs and expenses, to convert the category of the property from agricultural land to industrial land with the issuance of individual Qualified Title with the category of the land use stated to be ‘industrial’ on or before Dec 31, 2025, or such other extended period to be mutually agreed by the parties hereto.

“N9 Matrix shall, at its own cost and expense, obtain approval from the appropriate authorities for the surrender and alienation of the master title, with the land category to be designated as industrial and/or any other relevant category deemed fit or expedient,” said MCHB.

It added that the transaction is expected to be completed within 12 months from the date of the SPA.

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-- BERNAMA