KUALA LUMPUR (Jan 25): KNM GROUP BHD [] has proposed to acquire a company owning 55 acres of land at Storey's Bar Road, Peterborough, England for 25 million pound sterling or RM120 million.
It said on Wednesday it had signed an exclusivity agreement with Poplar Holdings Ltd for the grant of exclusivity to acquire the latter’s unit Poplar Investments Ltd which owns the 55 acres of vacant land.
KNM also said the exclusivity period started on Monday and until and including April 25, 2012.
“The rationale for this agreement is to secure exclusive rights during the exclusivity period, to purchase the sale shares and indirectly own the land for the development of the 80 MW waste to energy plant,” it said.
KNM said the land was vacant with no building or structures attached and the proposed transaction would be fully settled in cash through internally generated funds and/or bank borrowings.
It said on Wednesday it had signed an exclusivity agreement with Poplar Holdings Ltd for the grant of exclusivity to acquire the latter’s unit Poplar Investments Ltd which owns the 55 acres of vacant land.
KNM also said the exclusivity period started on Monday and until and including April 25, 2012.
“The rationale for this agreement is to secure exclusive rights during the exclusivity period, to purchase the sale shares and indirectly own the land for the development of the 80 MW waste to energy plant,” it said.
KNM said the land was vacant with no building or structures attached and the proposed transaction would be fully settled in cash through internally generated funds and/or bank borrowings.
