KUALA LUMPUR (April 5): China Ouhua Winery Holdings Ltd has yet to receive the transfer of land title ownership from a local authoritiy in China for its purchase of a piece of 40-acre land, more than four years since the acquisition was proposed.
The group said it was informed by the Land Commission office in Yantai City that the company’s application for the land title ownership transfer is in the process of getting final approval, and should be completed within the next one month.
“Chinese New Year Spring festival long holidays in China had caused delays for the Yantai Land Commission Office in processing all existing applications including the Company’s applications,” China Puhua said in a filing with Bursa Malaysia.
On Dec 18, 2013, the group announced that its subsidiary, Yantai Fazenda Ouhua Winery Co Ltd, has proposed to acquire from Huangwu Subdistrict Office, Zhifu District a piece of land that Yantai Fazenda had been renting since 1997, plus all buildings and ancillaries on it, for about 132 million yuan.
The group had frequently updated on the status of the land transfer since the announcement, with the latest one in a filing dated Oct 6, 2017 which said that the group expected the transfer to be completed within six months.
China Ouhua’s shares closed up 0.5 sen or 8.33% today to 6.5 sen, with 2.22 million shares done, for a market capitalisation of RM43.42 million.