TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS MANAGEMENT CONTRACT BETWEEN KWASA UTAMA SDN BHD ("KUSB") AND MRCB FOR THE APPOINTMENT OF MRCB AS THE MANAGEMENT CONTRACTOR IN CONNECTION WITH THE DEVELOPMENT AND CONSTRUCTION OF A COMMERCIAL DEVELOPMENT NAMED KWASA UTAMA ON A PIECE OF LAND OWNED BY KUSB MEASURING 29.82 ACRES KNOWN AS PLOT C8 (PART OF LOT 85112) KWASA DAMANSARA, MUKIM SUNGAI BULOH, DAERAH PETALING, SEKSYEN U4, 40160 SHAH ALAM, SELANGOR DARUL EHSAN FOR A PROVISIONAL TOTAL CONTRACT SUM OF RM3,145,493,294 ("PROPOSED CONSTRUCTION")
| MALAYSIAN RESOURCES CORPORATION BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description | MANAGEMENT CONTRACT BETWEEN KWASA UTAMA SDN BHD ("KUSB") AND MRCB FOR THE APPOINTMENT OF MRCB AS THE MANAGEMENT CONTRACTOR IN CONNECTION WITH THE DEVELOPMENT AND CONSTRUCTION OF A COMMERCIAL DEVELOPMENT NAMED KWASA UTAMA ON A PIECE OF LAND OWNED BY KUSB MEASURING 29.82 ACRES KNOWN AS PLOT C8 (PART OF LOT 85112) KWASA DAMANSARA, MUKIM SUNGAI BULOH, DAERAH PETALING, SEKSYEN U4, 40160 SHAH ALAM, SELANGOR DARUL EHSAN FOR A PROVISIONAL TOTAL CONTRACT SUM OF RM3,145,493,294 ("PROPOSED CONSTRUCTION") |
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We refer to the announcements dated 28 October 2015 and 21 December 2015 as well as the Circular to Shareholders dated 4 December 2015 (“Circular”) in relation to the Proposed Construction. Unless otherwise stated, the terms used herein shall have the same meaning as defined in the said announcements and Circular in relation to the Proposed Construction.
On behalf of the Board, RHB Investment Bank wishes to announce that:-
(i) MRCB had on 9 December 2016 entered into a supplemental agreement to the Management Contract (“Supplemental Agreement”) with KUSB to amend certain terms and conditions of the Management Contract; and
(ii) MRCB had on 9 December 2016 entered into a novation agreement (“Novation Agreement”) with MRCB Land Sdn Bhd, a wholly-owned subsidiary of MRCB (“MRCB Land”), and KUSB for MRCB to transfer and novate to MRCB Land all its rights, liabilities, benefits, interests, duties and obligations of the Management Contract.
For information purposes, the provisions under the Management Contract allow MRCB to novate the Management Contract to any of its wholly-owned subsidiaries without the prior written consent of KUSB.
The salient terms of the Supplemental Agreement and Novation Agreement are set out in the attachment below.
This Announcement is dated 9 December 2016. |
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Please refer attachment below.
Announcement Info
| Company Name | MALAYSIAN RESOURCES CORPORATION BERHAD |
| Stock Name | MRCB |
| Date Announced | 09 Dec 2016 |
| Category | General Announcement for PLC |
| Reference Number | GA1-09122016-00045 |
