Examples of Leased Land in a sentence
Number of Leases: A total number of two Leases have been entered into with respect to the lease of the Leased Land and Properties under the 2024 Lease Agreements.
The right-of-use assets represent the Lessees’ rights to use the Leased Land and Properties over the lease term, and the leased liability represents the obligation of the Lessees to make lease payments (i.e., the rent).
The Leased Land and Properties consist of land and buildings located in the Samroung Tong District, Kampong Speu Province, Cambodia and are used by the Group as its operational premises.
Historically, the Lessees have been leasing land and properties from the Landholding Company to use as production facilities, office premises, warehouses, function rooms, dormitories and employee canteens, and the Group intends to continue with this leasing arrangement through the entering into of the 2024 Lease Agreements and leasing the Leased Land and Properties.
On 11 December 2023, MFEC and Xxxx Xxx (both wholly-owned subsidiaries of the Company) and the Landholding Company entered into the 2024 Lease Agreements, under which the Landholding Company agreed to lease the Leased Land and Properties to MFEC and Xxxx Xxx upon the terms and conditions under the respective agreement.