Sunita A/P Jeganathan entered into an agreement to acquire Nandex Land Sdn. Bhd. from Meridian Berhad (KLSE:MERIDIAN) for MYR 100 on June 19, 2023.

As part of the transaction, Meridian dispose of its 100% equity interest comprising of 3,500,000 ordinary shares in Nandex Land Sdn. Bhd. for a cash consideration of MYR 100.

The disposal does not require the approval of the shareholders of Meridian. The transaction is expected to close on or before the fourth quarter of financial year 2023. The disposal is not expected to have any effect on the gearing of Meridian Group for the financial year ending June 30, 2023.