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Mesiniaga Berhad ("MESINIAGA") hereby announces that pursuant to the Prospectus dated 30 September 1999 and subsequent approval from the Securities Commission on revision to the utilisation of proceeds and extension of time vide a letter dated 17 February 2000, MESINIAGA has on 10th March 2000 entered into a Sale and Purchase Agreement ("SPA") with Cherating Properties Sdn. Bhd for the purchase of a piece of freehold land in Georgetown, Penang for a total cash consideration of RM3,600,000 based on a willing-buyer willing-seller basis.
The purchase consideration is to be financed from the proceeds of the Offer and Public Issue.
The Acquisition is not a related party transaction. None of the directors and substantial shareholders and persons connected with directors or substantial shareholders of MESINIAGA have any direct or indirect interest in the acquisition.