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KUALA LUMPUR: Kulim (Malaysia) Bhd has accepted the offer from Johor Corp (JCorp) for the lease of two parcels of land measuring a total of 20,296 sq ft in Johor Bahru for a lease consideration of RM5 million on March 9, the former announced on Bursa Malaysia on the same day.
The two parcels of land comprise Parcel A, which measures 16,121 sq ft, and Parcel B, which measures 4,175 sq ft. A pedestrian mall is planned on Parcel A while Parcel B will be the site for ingress and egress facilities for Menara Ansar.
According to the announcement, the tenure length is 73 years expiring on Aug 4, 2082, with a renewal option for up to another 90 years, subject to further terms to be agreed upon. The lease shall be renewed at up to 30-year intervals.
The sum of RM5 million is payable upon acceptance of the offer, said Kulim.
JCorp is deemed interested in the proposed lease arrangement as it is a major shareholder of Kulim, with direct and indirect interests at 52.01% as of Dec 31, 2009.
Meanwhile, Kulim directors Tan Sri Datuk Muhammad Ali Hashim, Ahamad Mohamad, Datin Paduka Siti Sa'adiah Sh Bakir, Jamaludin Md Ali, Kamaruzzaman Abu Kassim and Rozan Mohd Sa'at are deemed interested in the arrangement by virtue of their positions as senior management in JCorp.
