Company Announcements

Date : 17 July 2020

MEMORANDUM OF UNDERSTANDING LATITUDE TREE HOLDINGS BERHAD ("LTHB" OR "THE COMPANY") MEMORANDUM OF UNDERSTANDING BETWEEN LATITUDE TREE FURNITURE SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND ADVANCECON SOLAR SDN BHD

LATITUDE TREE HOLDINGS BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
LATITUDE TREE HOLDINGS BERHAD ("LTHB" OR "THE COMPANY")

MEMORANDUM OF UNDERSTANDING BETWEEN LATITUDE TREE FURNITURE SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND ADVANCECON SOLAR SDN BHD

1. Introduction

 

The Board of Directors of Latitude Tree Holdings Berhad (“LTHB” or “the Company”) wishes to announce that Latitude Tree Furniture Sdn Bhd (“LTFSB”), a wholly-owned subsidiary of the Company had on 17 July 2020 entered into a Memorandum of Understanding (“MOU”) with Advancecon Solar Sdn Bhd (Registration No. 201901010325 (1319653-H)) (“ADVANCECON”) to develop rooftop solar photovoltaic system under the Net Energy Metering (“NEM”) scheme on the rooftop of LTFSB’s premises located in Kapar, Selangor (“LTFSB’s Premise”) (“the Project”) with the adoption, execution and implementation of the Supply Agreement with Renewable Energy (“SARE”) between LTFSB and ADVANCECON with Tenaga National Berhad (“TNB”).

 

LTFSB and ADVANCECON shall hereinafter be collectively referred to as the “Parties” and individually as the “Party”.

 

2. Information on ADVANCECON

 

ADVANCECON is a company incorporated in Malaysia and having its business address at 16, 18 & 20, Jalan Pekaka 8/3, Seksyen 8, Kota Damansara, 47810 Petaling Jaya, Selangor Darul Ehsan.

 

ADVANCECON is a wholly-owned subsidiary of Advancecon Holdings Berhad. The total issued paid-up capital is 1,000,000 ordinary shares.

 

The directors of ADVANCECON are Phum Boon Lim and Teh Heng Wee. 

 

3. Salient Terms of MOU

 

The provisions of the MOU include the following:

 

a) ADVANCECON shall fulfill the role of engineering, procurement and construction of a 2,122kWp solar photovoltaic system that will be installed on LTFSB’s Premises;

 

b) ADVANCECON shall invest and own the solar photovoltaic system throughout the terms of the SARE agreement;

 

c) ADVANCECON shall fulfill the role of operations and maintenance of the solar photovoltaic system throughout the terms of the SARE agreement;

 

d) LTFSB shall give consent and allow ADVANCECON to install the solar photovoltaic system on LTFSB’s Premises during the terms of the SARE agreement period; and

 

e) Ownership, operations and maintenance of the solar photovoltaic system shall be transferred to LTFSB after the expiration of the terms of the SARE agreement.

 

4. Termination

 

This MOU shall be effective from the date hereof and shall be terminated on the following events:

 

a) the execution of the SARE; or

 

b) either Party mutually agreeing in writing to terminate this MOU by giving fourteen (14) days’ notice to the other; or

 

c) for whatsoever reasons, the Parties cannot reach a consensus on the terms of the SARE.

 

5. Financial Effects

 

The MOU is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholdings of the Company.

 

6. Directors’ and/or Substantial Shareholders’ Interest

 

None of the Directors’ and/or substantial shareholders and/or any person connected to them has any interest, either direct or indirect in the MOU.

 

7. Directors’ Statement

 

The Board of Directors of the Company, having reviewed and considered the terms and conditions of the MOU, are of the opinion that the terms and conditions of the MOU are fair, reasonable and in the best interest of LTHB Group.

 

8. Approval Required

 

The MOU does not require the approval of shareholders of the Company and any relevant government authorities.

 

This announcement is dated 17 July 2020.






Announcement Info

Company Name LATITUDE TREE HOLDINGS BERHAD
Stock Name LATITUD
Date Announced 17 Jul 2020
Category General Announcement for PLC
Reference Number GA1-15072020-00020



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