NOTES TO THE FINANCIAL STATEMENTS - 31 DECEMBER 2023 27. Significant events (i) Proposed disposal of Jeta Gardens Aged Care Facility On 12 December 2023, the subsidiary of the Company, Al-Aqar Australia Pty Ltd, entered into a Land Sale Contract (“LSC”) with Principal Healthcare Finance Pty Ltd, for a proposed disposal of the lands and buildings of Jeta Gardens Aged Care Facility, for a cash consideration of AUD20.7 million (equivalent to approximately RM64.7 million). The completion of the LSC is conditional upon registration of the title and easement dealings at the Titles Office under the land reconfiguration exercise. The proposed disposal is expected to be completed by second half of FY2024. (ii) Proposed disposal of Damai Wellness Centre On 15 November 2023, the Group as represented by the Trustee, entered into a sale and purchase agreement (“SPA”) with Sihat Damai Sdn Bhd (“Sihat Damai”), for a proposed disposal of Damai Wellness Centre, for a cash consideration of RM13.0 million. The Purchaser had paid a deposit of RM260,000 being 2% of the disposal consideration upon signing of the SPA. The completion of the SPA is conditional upon approval of the board of directors of the Manager, the Group and Sihat Damai being obtained, and all such other consents and approvals of the appropriate authorities. The proposed disposal is expected to complete by quarter 1 of FY2024. 28. Assets classified as held for sale (a) On 12 December 2023, the Group has entered into a LSC with Principal Healthcare Finance Pty Ltd, as trustee for the Principal Healthcare Finance Trust to dispose the lands and buildings of Jeta Gardens Aged Care Facility for a cash consideration of AUD20.7 million (equivalent to approximately RM64.7 million). Details on the proposed disposal are disclosed in Note 27(i). (b) On 15 November 2023, the Group has entered into a SPA with Sihat Damai Sdn Bhd to dispose Damai Wellness Centre for a cash consideration of RM13,000k. Details on the proposed disposal are disclosed in Note 27(ii). The assets to be disposed pursuant to the above sale and purchase agreements are as follows: Jeta Gardens Damai Aged Care Wellness Facility Centre Note 28(a) Note 28(b) Total RM RM RM 2023 Group Assets classified as held for sale Investment properties 64,700,031 12,000,000 76,700,031 AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2023 226 FINANCIAL STATEMENTS 1 2 3 4 5
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