BURSA ANNOUNCEMENTS

 

Date : 27 September 2022

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT" OR "FUND") PROPOSED ACQUISITION BY AXIS-REIT OF A PROPERTY LOCATED WITHIN KLANG, SELANGOR FROM JEMARAMAS JAYA SDN. BHD.

AXIS REAL ESTATE INVESTMENT TRUST

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description 
AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT" OR "FUND")

PROPOSED ACQUISITION BY AXIS-REIT OF A PROPERTY LOCATED WITHIN KLANG, SELANGOR FROM JEMARAMAS JAYA SDN. BHD.

(Capitalised terms used in this announcement shall have the same meanings as those used in the announcement dated 23 September 2022, unless otherwise stated)

 

Reference is made to the announcement on the Proposed Acquisition of the Property dated 23 September 2022.

 

The Manager wishes to announce the following additional information in relation to the Proposed Acquisition of the Property.

 

1.         ADDITIONAL INFORMATION OF THE PROPERTY AND TENANCY

 

Agreed Lettable Area

193,015 sq. ft. (same as the gross floor area)

 

Approximate Age of Buildings

 

15 – 25 years

Encumbrances

Charged 6 times to United Overseas Bank (Malaysia) Sdn. Bhd.

 

Current Tenant/Occupier

Jemaramas Jaya Sdn. Bhd.

 

Occupancy Rate

100%

 

Tenancy Commencement

Upon completion of the SPA

 

Agreed Rental Rate

RM2.65 million per annum

 

 

 

2.         SALIENT TERMS OF THE SPA

 

(a)  Conditions Precedent

 

The Proposed Acquisition of the Property shall be conditional upon the following being obtained or fulfilled within 3 months from the date of the SPA or such extended period as stipulated in the SPA:

 

  1. the approval of the shareholders of the Vendor’s holding company, Versalink Holdings Limited being obtained for the sale of the Property to RHB in accordance with the terms of the SPA following its shareholders’ meeting duly convened and a certified true copy of the Vendor’s shareholders’ resolution received by RHB’s solicitors; and
  2. The date that the above condition precedent is fulfilled shall be the date that the SPA becomes unconditional.
     

(b)  Termination Clauses

  1. In the event of RHB’s failure to pay the Balance Purchase Price within the agreed timeframe, the Vendor is entitled to terminate the SPA in the manner as stipulated in the SPA.
  2. On the other hand, RHB is entitled to terminate the SPA in the event the Vendor fails to remedy the following events of default:
  • The Vendor is in material breach of the SPA;
  • a receiver or receiver and manager trustee is appointed over any of the assets or undertakings of the Vendor;
  • the Vendor is or becomes unable to pay its debts when they are due or becomes unable to pay its debts within the meaning of the Companies Act 2016;
  • the Vendor enters into any arrangement, composition or compromise with its creditors, winding-up or dissolution proceedings; and
  • the Vendor threatens to cease carrying on a substantial portion of its business.

 

This announcement is dated 27 September 2022.



Announcement Info

Company Name AXIS REAL ESTATE INVESTMENT TRUST
Stock Name AXREIT
Date Announced 27 Sep 2022
Category General Announcement for PLC
Reference Number GA1-27092022-00049


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