Announcements

Date : 27 February 2020

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS PROTASCO BERHAD ("PROTASCO" OR THE "COMPANY") PROPOSED JOINT DEVELOPMENT BETWEEN DE CENTRUM RETAIL SDN BHD (NOW KNOWN AS DC RESORT HOMES SDN BHD) ("DCRSB"), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF PROTASCO, AND PENMALAND SDN BHD ("PENMALAND") TO JOINTLY DEVELOP THREE (3) CONTIGUOUS PARCELS OF FREEHOLD DEVELOPMENT LAND IN MUKIM OF TAMPIN TENGAH, DISTRICT OF TAMPIN, NEGERI SEMBILAN DARUL KHUSUS ("TAMPIN LAND") ("PROPOSED JOINT DEVELOPMENT")

PROTASCO BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
PROTASCO BERHAD ("PROTASCO" OR THE "COMPANY")

PROPOSED JOINT DEVELOPMENT BETWEEN DE CENTRUM RETAIL SDN BHD (NOW KNOWN AS DC RESORT HOMES SDN BHD) ("DCRSB"), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF PROTASCO, AND PENMALAND SDN BHD ("PENMALAND") TO JOINTLY DEVELOP THREE (3) CONTIGUOUS PARCELS OF FREEHOLD DEVELOPMENT LAND IN MUKIM OF TAMPIN TENGAH, DISTRICT OF TAMPIN, NEGERI SEMBILAN DARUL KHUSUS ("TAMPIN LAND") ("PROPOSED JOINT DEVELOPMENT")

We refer to the earlier announcements in relation to the Proposed Joint Development. Unless otherwise stated, the terms used herein shall have the same meaning as defined in the said announcements.

On behalf of the Board, RHB Investment Bank wishes to announce that DCRSB and Penmaland had vide an exchange of letters dated 27 February 2020 mutually agreed to extend the Conditional Period which will expire on 29 February 2020, for a period of 12 months to 28 February 2021, for Penmaland to fulfill the Conditions Precedent as set out in the JDA.

For shareholders’ information, Penmaland had on 13 December 2019 discharged the Existing Charge to the satisfaction of DCRSB and had delivered to DCRSB the original title deeds of the Tampin Land on 16 December 2019. Subsequently, Penmaland had on 4 February 2020, submitted an application to Pejabat Daerah dan Tanah Tampin to convert the category of land use of the Tampin Land for the purposes of the Development but the conversion process remains pending as the date of this Announcement. In view that the conversion of the category of land use of the Tampin Land involves multiple processes such as, among others, the endorsement by Pejabat Daerah dan Tanah Tampin as well as the approval by the Majlis Mesyuarat Negeri, Negeri Sembilan, the parties have mutually agreed to the extension of the Conditional Period.

 

This Announcement is dated 27 February 2020.






Announcement Info

Company Name PROTASCO BERHAD
Stock Name PRTASCO
Date Announced 27 Feb 2020
Category General Announcement for PLC
Reference Number GA1-27022020-00086



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