Lay Hong to sell Ijok property for RM27m

PETALING JAYA: Lay Hong Bhd (LHB) has entered into a memorandum of understanding (MoU) with Jernih Kejora Sdn Bhd (JKSB) for the proposed disposal of a 34 acre property in Ijok, Selangor for RM27.6 million.
Lay Hong told the stock exchange that it will be providing Jernih Kejora with a Limited Power of Attorney for building plan submission and other land matters before the completion of a sale and purchase agreement (SPA) between the two parties.
“The SPA shall be executed by LHB and JKSB within four months from the fulfillment of all the conditions precedent or such extended period as may be agreed between the parties and all other terms and conditions of the SPA being finalised. Upon execution the SPA, LHB agreed to JKSB entering a private caveat on the title of the property,” said Lay Hong.
Upon signing of SPA, LHB shall receive a sum of RM1 million and six months after the approval of the building plan, its owner shall receive a final sum of RM26.6 million.
In the event of delays in payment of the final sum by JKSB, a six months extension will be allowed for the balance payment to be made to Lay Hong, subject to a 7% bank interest rate per annum on the remaining sum due.
Lay Hong fell 0.68% to close at 73.5sen with 8.40 million shares done.