The Board of Directors of MRCB (“Board”) wishes to announce that RJSB, had on 22 April 2016 accepted a letter of intent from the Employees Provident Fund Board (“EPF”) whereby EPF has indicated its intention to subscribe for or purchase an 80% interest (free from all liens, charges, pledges and encumbrances) (“Interest”) in the entity which is directed by RJSB to hold the Exchange Land 1 (“Entity”) after the Exchange Land 1 has been delivered pursuant to the terms of the Privatisation Agreement and transferred to such entity (on an as-is-where-is basis), and MRCB to subscribe for or purchase the remaining 20% interest in the Entity, at a purchase price and upon the terms and conditions stipulated in the letter of undertaking by EPF dated 22 April 2016 (“Letter of Undertaking”).
