KUALA LUMPUR: Kumpulan Jetson Bhd’s 51 per cent-owned subsidiary, Magical Era (M) Sdn Bhd, has accepted a letter of intent (LOI) from Encore Merger Sdn Bhd for the proposed purchase of 30 industrial lots in Alor Gajah, Melaka.
In a filing with Bursa Malaysia, the company said the LOI was accepted on Nov 5 and involves lots located at Mukim Taboh Naning, with a total land area of 68,757 square metres valued at RM22.2 million.
The purchase price includes infrastructure works such as site clearing, earthworks, road construction, sewerage and utility supply.
Upon signing of the sale and purchase agreement (SPA), Encore Merger will pay a 10 per cent non-refundable deposit or RM2.22 million.
The balance will be settled progressively in line with the completion schedule of the infrastructure works to be undertaken by Magical Era.
Encore Merger will conduct feasibility and due diligence investigations until Nov 15, while the LOI will automatically lapse if the SPA is not executed by Nov 30.
Jetson said the project will not have any material effect on its issued capital or shareholders’ interests, adding that the LOI is not legally binding.
Encore Merger, incorporated in 2010, is involved in construction, as well as the sale of construction materials and hardware.
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