Matang Berhad entered into a sale and purchase agreement to acquire factory and warehouse in Negeri Selangor from SMG Land Sdn Bhd for RMB 33 million.

Matang Berhad (KLSE:MATANG) entered into a sale and purchase agreement to acquire factory and warehouse in Negeri Selangor from SMG Land Sdn Bhd for RMB 33 million on February 10, 2023. Under the agreement, RMB 28.8 million the Matang Berhad (KLSE:MATANG) shall issue and allot the Consideration Shares to the Allottee within seven (7) business days from the date on which the last of the conditions precedent to the SPA has been fulfilled or waived ("Unconditional Date") or such further period as may be mutually agreed in writing by Matang, the SMG Land Sdn Bhd and Star Media. And, RMB 4.119 million to be satisfied in cash to an escrow agent to be mutually appointed by the Matang Berhad (KLSE:MATANG) and the SMG Land Sdn Bhd.

As of March 29, 2023, the listing application in relation to the Proposal has been submitted to Bursa Malaysia Securities Berhad.