City Meridian Development Sdn. Bhd. (“CMDSB”), a wholly-owned subsidiary of the Company, is the registered owner of all that piece of leasehold land held under PN 4022, Lot No. 12174, Mukim 12, Daerah Barat Daya, Pulau Pinang (“Land”). The lease tenure of the Land is 99 years with the lease expiring on 2 April 2095.

Titijaya Group Sdn. Bhd. (“TGSB”), the former vendor of the Land, had on 28 February 2018 notified CMDSB that TGSB had remitted the sum of RM8,146,666.66 (inclusive of interest) to CMDSB, being value awarded by Jabatan Ketua Pengarah Tanah dan Galian Persekutuan Pulau Pinang, for the land acquisition of a portion of the Land by the Department of Director General of Lands and Mines Federation of Penang (Jabatan Ketua Pengarah Tanah dan Galian Persekutuan Pulau Pinang) (“JKPTG”) pursuant to Section 16 of the Land Acquisition Act 1960, for purpose of the development of flyover across the intersection of Batu Maung and P222/P10 Daerah Barat Daya.

Details of the affected Land and the value awarded are as follows:-

  This announcement is dated 31 May 2018.