Matrix Concepts said the deal is a related-party transaction.
PETALING JAYA: Matrix Concepts Holdings Bhd’s 85%-owned subsidiary, N9 Matrix Development Sdn Bhd, is disposing of nine plots of land totalling 38.65 acres in Seremban, Negri Sembilan to Kuntum Kemuning Sdn Bhd (KKSB) for RM90.91mil.
In a filing with Bursa Malaysia, Matrix Concepts said the plots were vacant agricultural land forming part of the upcoming industrial development project to be known as MVV Techvalley.
Matrix Concepts said the deal is a related-party transaction or RPT, as Ho Kong Soon is a director of the company and N9 Matrix, as well as a single director and shareholder of KKSB.
“N9 Matrix will at its own cost and expenses obtain the approval of the appropriate authorities for the surrender and alienation of the master title for the land category to be designated as industrial and/or such other relevant land category which deem fit or expedient.”
