1. INTRODUCTION

The Board of Directors (“Board”) of AME Elite Consortium Berhad (“AME Elite”) wishes to announce the following:

(i)   AME Elite, had on 18 August 2022, via its wholly owned subsidiary, Northern Industrial Park Sdn Bhd (formerly known as Alambina Gemilang Sdn Bhd) (“Northern Industrial Park”) entered into a Shareholders’ Agreement (“SA”) with Majestic Builders Sdn Bhd (“Majestic Builders”) to acquire and develop the Lands (as defined herein) via Suling Hill Development Sdn Bhd (“Suling Hill Development” or “Purchaser”) as the joint venture company (“Proposed Joint Venture”); and

(ii)   Suling Hill Development had on 18 August 2022 entered into a conditional Sale and Purchase Agreement (“SPA”) with Waz Lian Holdings Sdn Bhd (“Waz Lian Holdings” or “Vendors”) for the proposed acquisition and development of sixteen (16) pieces of freehold vacant land in Mukim 19, District of Seberang Perai Tengah, State of Penang, measuring approximately 175.98 acres (“Lands”) for a total consideration of Ringgit Malaysia One Hundred Thirty Million (RM130,000,000.00)(“Total Consideration”)(“Proposed Acquisition”), payable in the manner stipulated under paragraph 5.4 of this Announcement,

(Collectively, the “Proposals”). 

Please refer to the attachment for further details.

This announcement is dated 18 August 2022.