News

On behalf of the Board of Directors of Knusford ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOB Kay Hian") wishes to announce that Knusford Resources Sdn Bhd, a wholly-owned subsidiary of the Company, had on 22 July 2022 entered into a conditional sale and purchase agreement with Success Straits Sdn Bhd, a wholly-owned subsidiary of Iskandar Waterfront City Berhad ("IWCB"), for the proposed acquisition of a parcel of freehold vacant land held under Geran Hakmilik No. 90571, Lot No. 726, Mukim of Pulai, District of Johor Bahru, State of Johor ("Subject Property") for a purchase consideration of RM53,240,000.00 ("Purchase Consideration") ("Proposed Acquisition").

In conjunction with the Proposed Acquisition, the Company had on even date entered into a conditional settlement agreement with IWCB to settle a settlement sum by way of set-off against the Purchase Consideration for the Proposed Acquisition ("Proposed Settlement").

The Proposed Acquisition and Proposed Settlement are collectively referred to as the "Proposed Acquisition and Settlement".

Further details on the Proposed Acquisition and Settlement are set out in the attachment enclosed.

This announcement is dated 22 July 2022.