The Board of Directors of OSKPH ("Board") wishes to announce that OSK Properties Sdn. Bhd. ("OSKP") (Company No. 258559-V), a wholly-owned subsidiary of the Company had on 28 August 2014 entered into a Master En-Bloc Purchase Agreement ("Agreement") with PR1MA Corporation Malaysia ("PR1MA" or "Purchaser") for the disposal of all that portion of freehold land forming part of the Bandar Puteri Jaya ("BPJ") township located in Daerah Kuala Muda, Bandar Sungai Petani, Negeri Kedah Darul Aman and measuring approxiately 108 acres in gross area ("Land") for a total cash consideration of RM 56,000,000.00 ("Disposal Consideration"), subject to the terms and conditions as contained in the Agreement (hereinafter referred to as "Proposed Disposal").
Ancillary to the Proposed Disposal and subject to the Agreement, PR1MA shall appoint OSKP as its turnkey contractor to construct and complete the construction of 1,395 units of residential houses on the Land in accordance with the design, quality, requirement, specification and standard prescribed by PR1MA ("PR1MA Homes") together with all the necessary amenities, utilities, facilities and infrastructure on the Land (hereinafter referred to as "Project").
Please refer to the attachments for the full text of the announcement.
This announcement is dated 28 August 2014.