Amanah Harta Tanah PNB (KLSE:AHP) entered into a conditional sale and purchase agreement to acquire 54,175 square metres property in Seremban, State Of Negeri Sembilan from Mydin Mohamed Holdings Bhd. for MYR 240 million on April 27, 2015. Under the terms of the agreement, the purchase price to be paid within 14 days is MYR 4.8 million and the balance of MYR 235.2 million shall be paid as per the terms of the loan that the purchaser plans to take. The solicitors are authorized to release the deposit to Mydin on the day next after the unconditional date, being the date respective written confirmations of the approval or fulfillment of all of their respective conditions as set out in the agreement. The balance purchase price will be paid on completion, except the retention sum MYR 12 million, to be paid pending completion of the Mydin’s obligations in respect of the repair, rectification, remedial and replacement works listed as non-material by the independent consultant. If the balance purchase price is not paid by the expiry of the completion period, Amanah Harta Tanah has a further period of thirty days to pay subject to interest at the rate of 8 per annum on the balance purchase price or such part thereof as shall not have been paid, as the case may be, to be calculated on a daily basis from the day falling after the expiry of the completion period until actual payment. The transaction will be funded by Amanah Harta through bank borrowings in the amount of MYR 125 million from Maybank Islamic Berhad and proceeds from the rights issue of MYR 115 million. In relation to the bank borrowings, the property shall be pledged as security for the borrowings. As part of the agreement, AHP will lease the property back to Mydin for an initial period of 30 years, for a pre-agreed rental sum over 10 term periods. The property generates an annual rent of MYR 20.52 million. The transaction is subject to approval by unit holders of Amanah Harta of the proposed amendment for pledging of trust’s assets to secure borrowings and increase in borrowing limit and the registration with Securities Commission (SC) of the first restated deed in relation thereto, approval by Board of Directors and shareholders of Mydin Mohamed and Amanah Harta Tanah and shareholders of Mydin Mohamed, approval by Negeri Sembilan State Authority, execution of the lease documents, due diligence, approval of the SC, approval of Bursa Malaysia Securities Berhad for the listing and quotation of new units of Amanah Harta pursuant to the rights issue and the approval of any other relevant authorities, if required. In addition, the acquisition and the rights issue are inter-conditional with each other. The proposed acquisition and the proposed rights issue are inter-conditional with each other. Deal is also subject to audit of property. The acquisition will be completed within four months of the agreement or one month from the unconditional date. The transaction is expected to be completed by the third quarter of 2015. The acquisition will not have any effect on the substantial Unit Holders’ unit holdings in Amanah Harta Tanah PNB. Bursa Securities on July 16, 2015, approved the listing and quotation of the rights units. Completion of the acquisition is expected to occur around end of November 2015. As of August 14, 2015, deal was approved by shareholders of Amanah Harta. As of September 25, 2015, the cut-off period for the acquisition has been extended for an additional four months from September 26, 2015 to January 26, 2016 in order to fulfill the conditions precedent of the agreement. The parties agreed on January 22, 2016 to extend the Cut-Off Period for the acquisition for an additional three months from January 26, 2016 to April 26, 2016 in order to fulfill the conditions precedent. As on March 14, 2016, the parties entered into a supplemental agreement. Under the terms of the agreement, the term completion period (which is the time period for Amanah Harta Tanah PNB to pay the full balance purchase price) as defined under the sale and purchase agreement shall now mean a period of two months from the unconditional date or such further period to be mutually agreed by the parties. On April 18, 2016, Amanah Harta Tanah and Mydin extended the deal cut off period for an additional three months from April 26, 2016 to July 26, 2016 in order to fulfill the Conditions Precedent of the sale and purchase agreement and the supplemental agreement. As of July 21, 2016, the completion of rights issue is extended to January 15, 2017. The parties had agreed on July 26, 2016 to extend the cut-off period for the acquisition from July 26, 2016 to October 27, 2016 in order to fulfill the conditions of the agreement and the supplemental agreement. As reported on October 24, 2016, the parties to the transaction extend the cut-off period for the acquisition from October 27, 2016 to November 27, 2016 in order to fulfill the outstanding conditions precedent of the agreement. As on November 23, 2016 the parties to the transaction extend the cut-off period for the acquisition from November 27, 2016 to December 27, 2016. W.M. Malik & Kamaruzaman acted as valuer in the transaction. MIDF Amanah Investment Bank Berhad acted as financial advisor and Symphony Share Registrars Sdn. Bhd. Acted as registrar to Amanah Harta Tanah PNB. Amanah Harta Tanah PNB (KLSE:AHP) completed the acquisition of 54,175 square metres property in Seremban, State Of Negeri Sembilan from Mydin Mohamed Holdings Bhd. on January 13, 2017.