Lembaga Tabung Haji agreed to acquire 13 storey Boutique Office Buildings, Tower 6 Avenue 5, Bangsar South from UOA Development Bhd (KLSE:UOADEV) for approximately MYR 100 million in cash on July 10, 2012. As per the terms of the deal, Lembaga Tabung will pay 2% of the consideration on acceptance of offer by Lembaga Tabung, 8% of the consideration on the execution of sale and purchase and remaining 90% to be paid within 2 months from the unconditional date.

The transaction is subject to satisfactory results of technical due diligence audit of property and completion of the acquisition of sale and purchase of Tower 2A, Avenue 5, Horizon Phase 2. The disposal is not subject to the approval of the shareholders of UOA Development Bhd or any other regulatory authorities. The Board of UOA Development having considered all aspects of the disposal is of the opinion that the deal is in the best interest of UOA Development Bhd and its shareholders. The transaction is expected to complete within 6 months from the date of the sale and purchase agreement or within 2 months from the unconditional date. The disposal is expected to generate an estimated gain on disposal of MYR 20.86 million. The transaction is expected to contribute to the earnings and net assets and is not expected to have any impact on the gearing and on the issued and paid-up share capital or the substantial shareholders' shareholding of UOA Development Bhd.

As on September 7, 2012, a share purchase agreement has been signed and UOA received 8% of the consideration. As of December 10, 2012, UOA Development Bhd received confirmation letter of the completion and acceptance by Lembaga Tabung Haji of technical due diligence audit on the property. As on December 10, 2012, the deal has become unconditional.

Lembaga Tabung Haji completed the acquisition of 13 storey Boutique Office Buildings, Tower 6 Avenue 5, Bangsar South from UOA Development Bhd (KLSE:UOADEV) on January 8, 2013.