PETALING JAYA: Singapore-listed Duty Free International Ltd (DFI) has announced its compulsory land acquisition of several plots of land lots in Kedah.
In a statement, DFI said the lands are owned by its wholly-owned subsidiaries, Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd.
DFI said it will be acquiring Lot 1683 Bukit Kayu Hitam and PT2209 Bukit Kayu Hitam, which are located in the Kubang Pasu district of Kedah.
DFI said the compulsory land acquisition will cause a closure of the group’s duty-free business at Bukit Kayu Hitam, Kedah.
“Based on the audited consolidated financial statements of the group for the financial year ended Feb 29, 2024, Cergasjaya had contributed approximately 24% to the group’s revenue.
“As the land enquiry process for determination of compensation is still ongoing, the group will be represented by its legal advisors to seek adequate and fair compensation as guaranteed by the Federal Constitution.”
Upon its DFI said it will make further announcements on the financial impact to the group.
