Glonghui, January 10, 丨 Yingmei (02368.HK) announced that on November 23, 2023, the buyer (the company connected a wholly-owned subsidiary) and the seller signed an original sales agreement for the acquisition of land and plant at a cost of IDR 20.50 billion (equivalent to approximately HK$101.9 million).
The land is located in Bojong KM2 Road (Cisirung), Cangkuang Kulon Village, Dayeuhkolot District, Bundung Regency, West Java Province, Indonesia. It has an area of about 93,461 square meters, for industrial use, and a plant with a total floor area of about 35,541 square meters was built on the land.
According to the information provided by the seller, the land use rights of the land will expire on April 21, 2027, and the landlord can apply for an extension of the period of use in accordance with applicable Indonesian law. The company's legal advisors in Indonesia have been consulted, and the company's management has learned that there are no major legal barriers preventing the buyer from obtaining an extension after the expiration of the land use period.