KUALA LUMPUR (April 28): SMIS Corp Bhd is buying a 16,186 sq m parcel of land in Kawasan Industri Terpadu Indonesia China, West Java, Indonesia for 36.5 billion rupiah (RM11.94 million), which will be used to construct factory/factories for its expansion into Indonesia. SMIS' indirect wholly-owned subsidiary PT Grand Ventures Hartamas (PT GVH) today entered into a purchase and sale agreement with PT Kawasan Industri Terpadu Indonesia China (PT KITIC) for the proposed acquisition. Under the deal, PT GVH is obligated to begin the construction on the land latest by April 28, 2019. Failing which, PT GVH will have to pay a penalty of 0.05% of the purchase consideration per day to PT KITIC until PT GVH has taken action on initial construction and already paid off the penalty. SMIS said the purchase consideration was derived by comparing the prices offered for similar parcels of land within the vicinity.

Source: The Edge Markets April 28, 2017 13:29 UTC