TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS FAJARBARU BUILDER GROUP BERHAD ("FBG" OR THE "COMPANY") PROPOSED JOINT DEVELOPMENT PROJECT BETWEEN FBG AND THE PENANG DEVELOPMENT CORPORATION KNOWN AS MEDICITY IN BATU KAWAN, PENANG THROUGH A PURCHASE AND DEVELOPMENT ARRANGEMENT ENTAILING THE PROPOSED ACQUISITION BY FBG LAND SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF FBG, OF A PARCEL OF LAND MEASURING APPROXIMATELY 51.172 ACRES LOCATED IN BANDAR CASSIA, BATU KAWAN, PENANG FOR A PURCHASE CONSIDERATION OF RM111,452,616

FAJARBARU BUILDER GROUP BHD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
FAJARBARU BUILDER GROUP BERHAD ("FBG" OR THE "COMPANY")

PROPOSED JOINT DEVELOPMENT PROJECT BETWEEN FBG AND THE PENANG DEVELOPMENT CORPORATION KNOWN AS MEDICITY IN BATU KAWAN, PENANG THROUGH A PURCHASE AND DEVELOPMENT ARRANGEMENT ENTAILING THE PROPOSED ACQUISITION BY FBG LAND SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF FBG, OF A PARCEL OF LAND MEASURING APPROXIMATELY 51.172 ACRES LOCATED IN BANDAR CASSIA, BATU KAWAN, PENANG FOR A PURCHASE CONSIDERATION OF RM111,452,616

On behalf of the Board of Directors of FBG ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that FBG and FBG Land Sdn Bhd (formerly known as Fajarbaru Land (M) Sdn Bhd) ("FBL" or the "Purchaser"), a wholly-owned subsidiary of FBG, had on 20 January 2025, entered into a master purchase and development agreement ("PDA") with The Penang Development Corporation ("PDC" or the "Vendor") for the proposed joint development project between FBG and PDC known as MediCity in Batu Kawan, Penang entailing the proposed acquisition by FBL of a parcel of land measuring approximately 51.172 acres located in Bandar Cassia, Mukim 13, Batu Kawan, Seberang Perai Selatan, Penang ("Parcel 1 Land") for a purchase consideration of RM111,452,616.00 (Ringgit Malaysia One Hundred Eleven Million Four Hundred Fifty Two Thousand Six Hundred Sixteen Only) ("Purchase Consideration"), to be satisfied entirely in cash ("Proposed Acquisition").

Please refer to the attachment for further details on the Proposed Acquisition.

This announcement is dated 20 January 2025. 






Announcement Info

Company Name FAJARBARU BUILDER GROUP BHD
Stock Name FAJAR
Date Announced 20 Jan 2025
Category General Announcement for PLC
Reference Number GA1-20012025-00068


Please refer attachment below.

  1. FBG - Master PDA (MediCity).pdf