Reference is made to the Company’s announcement dated 31 May 2018 in relation to land acquisition of a portion of the Land by the Department of Director General of Lands and Mines Federation of Penang by 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.

(Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as those given to them in the initial announcement made on 31 May 2018.)

City Meridian Development Sdn Bhd (“CMDSB”), a wholly-owned subsidiary of The Company wishes to announce that as notified by TGSB on 12 July 2018, a sum of RM10,702,275.21 has been remitted to CMDSB, being the additional compensation received by TGSB from JKPTG.  

This announcement is dated 12 July 2018.