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KUALA LUMPUR: Subur Tiasa Holdings Bhd (STH) unit Subur Tiasa Plywood Sdn Bhd (STP) had entered into three separate sale and purchase agreements (SPA) to acquire three parcels of land for RM3.89 million, STH announced on Bursa Malaysia on March 10.
STP entered into an SPA to acquire 0.89 acre of land at Sungai Pudan, Sedang Latap, Sibu, from Tiong Toh Siong Holdings Sdn Bhd (TTSH), for a total consideration of RM133,500.
STP had also entered into SPAs to acquire a piece of land in Sebrang Latap, Sibu, measuring 20.6 acres for a consideration of RM3.09 million and a 4.47-acre parcel at Sungai Pudun, Ilir Salim, Sibu, for a consideration of RM670,500 from Tiong Toh Siong & Sons Sdn Bhd (TTSS).
STP said the proposed acquisitions are intended to increase its landbank for business activities. The company deals in the manufacturing and trading of plywood and veneer. The proposed considerations will be internally funded.
The transactions are deemed related party transactions by virtue of the substantial shareholdings and interest of two of STH’s directors.
Tan Sri Datuk Sri Diong Hiew King @ Tiong Hiew King, the major shareholder of STH, is also a director and shareholder of TTSH and TTSS, while Tiong Kiong King, a director of STH is also a director and shareholder of TTSH.
