2nd Dec 2005 07:01
M. P. Evans Group PLC02 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. ("BertamProperties"), of 339 hectares of its land to the Malaysian automotivemanufacturers, Naza Corporation Sdn. Bhd. The sale is based on a price ofRM3.50 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 agreementand 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 theForeign Investment Committee which is expected to be obtained within the nextfour months. It is understood that the land will be developed into an "integrated automotive township" which will include a new automotivemanufacturing facility. This is expected to add further value to BertamProperties' remaining 875 hectares of land. Enquiries: M. P. Evans Group PLC Tel: 020 7796 4133Peter Hadsley-Chaplin, Joint managing directorColin Wilby Hudson Sandler Tel: 020 7796 4133Elisabeth Young This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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