OTHERS PURCHASE OF PROPERTIES BY WHOLLY-OWNED SUBSIDIARY COMPANY, BRIPANEL INDUSTRIES SDN. BHD.


DOMINANT ENTERPRISE BERHAD

Type                     Announcement
Subject                OTHERS
Description    

PURCHASE OF PROPERTIES BY WHOLLY-OWNED SUBSIDIARY COMPANY, BRIPANEL INDUSTRIES SDN. BHD.

Reference is made to the Announcement of Dominant Enterprise Berhad (DOMINAN) on 12 December 2018 in relation to the purchase of properties by wholly-owned subsidiary of DOMINAN, Bripanel Industries Sdn Bhd (BRIPANEL), the Board is pleased to annouce on additional information on the said purchase.

Details on the properties comprising three (3) plots of leasehold vacant lands located within the Muar Furniture Park held under Master Title known as H.S.(D) 38459, PTD 13399, H.S.(D) 38460, PTD 13400, GERAN 50191, LOT 8531, all in Mukim Jalan Bakri, District of Muar, Johor Darul Ta’zim:

Basis and justification to derive on purchase consideration: The State Government of Johor has entrusted JOHOR CORPORATION (the Vendor) to develop this industrial park known as "Muar Furniture Park", in the district of Muar, Johor. This development is to facilitate the growth of furniture industry by centralizing the furniture related industry into this area and it is open only to the members of MUAR FURNITURE ASSOCIATION (MFA). BRIPANEL, being a member of MFA operating in furniture related industry, has then purchased the Plot to relocate our factory to Muar Furniture Park at an Agreed Rate (non-negotiable) of RM16 per sq.ft., with infrastructure included;
   
                          Tenor of properties: Sixty (60) years for the three (3) lands;
                          The properties are free from encumbrance;
                          Net book value: Not applicable; and
                          Proposed usage: To construct factory and warehouse for Group's own use

 
This annoucement is dated 18 December 2018.