M. P. Evans Group PLC
02 December 2005
2 December 2005
M. P. Evans Group PLC ('M.P. Evans')
DISPOSAL BY ASSOCIATE
The board of M.P. Evans is pleased to announce the recent sale by its 40%
associate, the property developer, Bertam Properties Sdn. Bhd. ('Bertam
Properties'), of 339 hectares of its land to the Malaysian automotive
manufacturers, Naza Corporation Sdn. Bhd. The sale is based on a price of
RM3.50 per square foot, representing a total consideration of RM127.5 million,
equivalent to approximately £19.6 million at the current rate of exchange. 10%
of this sum was paid upon the recent signing of the sale and purchase agreement
and the balance is to be paid in four near-equal instalments, every six months,
over the next two years. The sale is conditional upon the approval of the
Foreign Investment Committee which is expected to be obtained within the next
four months. It is understood that the land will be developed into an '
integrated automotive township' which will include a new automotive
manufacturing facility. This is expected to add further value to Bertam
Properties' remaining 875 hectares of land.
Enquiries:
M. P. Evans Group PLC Tel: 020 7796 4133
Peter Hadsley-Chaplin, Joint managing director
Colin Wilby
Hudson Sandler Tel: 020 7796 4133
Elisabeth Young
This information is provided by RNS
The company news service from the London Stock Exchange
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