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Sunday, April 6, 2008

LION DIVERSIFIED HOLDINGS BERHAD

Proposed acquisition of 4 pieces of land measuring a total of 200,610 square metres by Changshu Lion Enterprise Co., Ltd located on Parcel No. 6A, 6B, 8A and 8B, Yin Feng Road, Changshu Southeast Economic Development Zone, Changshu City, Jiangsu Province, the People’s Republic of China (“Changshu Lands”) for a total cash consideration of approximately Rmb330 million (equivalent to approximately RM151.68 million)
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The Board of Directors of LDHB wishes to announce that Changshu Lion Enterprise Co., Ltd, a wholly-owned subsidiary of Well Morning Limited, which in turn is a wholly-owned subsidiary of LDHB had entered into the following sale and purchase agreements upon the successful tender of the Changshu Lands: (i) a conditional sale and purchase agreement dated 4 January 2008 with the Land Department of Changshu City, Jiangsu Province for the acquisition of 1 piece of land (Parcel No. 6A) for a cash consideration of approximately Rmb157.59 million (equivalent to approximately RM72.49 million); and (ii) the respective conditional sale and purchase agreements all dated 28 March 2008 with the Land Department of Changshu City, Jiangsu Province for the acquisition of 3 pieces of land (Parcel No. 6B, 8A and 8B) for a total cash consideration of approximately Rmb172.13 million (equivalent to approximately RM79.18 million).
(KLSE 31-3-2008)