Sungei Bagan Rubber Co (Malaya) Bhd has clarified that the transfer of agricultural land in Semenyih, Selangor, which was initially part of its acquisition deal with Kuchai Development Bhd, has been entirely excluded from the agreement signed on Dec 29, 2023

Consequently, the acquisition price and the number of consideration shares to be issued by Sungei Bagan for the acquisition of Kuchai Development have been adjusted to exclude the RM7.68 million valuation of the agricultural land.

"As such, the disposal price has been revised from RM275.47 million to RM267.78 million, and the number of consideration shares to be issued has been reduced from 27.52 million to 26.75 million," the company said in a filing to Bursa Malaysia.