Date : 26 December 2017

OTHERS MALAYSIAN RESOURCES CORPORATION BERHAD (MRCB OR COMPANY) PROPOSED JOINT VENTURE BETWEEN MRCB AND TH PROPERTIES SDN BHD (THP) IN 59INC SDN BHD (59INC) FOR THE DEVELOPMENT OF 3 PARCELS OF LAND IN SETAPAK (PROPOSED JOINT VENTURE)

MALAYSIAN RESOURCES CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
MALAYSIAN RESOURCES CORPORATION BERHAD (MRCB OR COMPANY)

PROPOSED JOINT VENTURE BETWEEN MRCB AND TH PROPERTIES SDN BHD (THP) IN 59INC SDN BHD (59INC) FOR THE DEVELOPMENT OF 3 PARCELS OF LAND IN SETAPAK (PROPOSED JOINT VENTURE)

The Board of Directors of MRCB (“Board”) is pleased to announce that MRCB, has today entered into a Share Sale Agreement (“SSA”) with THP for the disposal of 200,000 ordinary shares in 59INC (“Sale Shares”) representing MRCB’s 40% equity interest in 59INC. MRCB had simultaneously entered into a Subscription and Shareholders’ Agreement (“SASA”) with THP and 59INC, whereby THP has agreed to subscribe for 500,000 new ordinary shares in 59INC. Following the completion of both the SSA and SASA (collectively, the Agreements”), THP will hold 70% and MRCB will hold 30% equity interest in 59INC (“Shareholding Proportions”). 

The detailed annoucement is attached.




Please refer attachment below.



Announcement Info

Company Name MALAYSIAN RESOURCES CORPORATION BERHAD
Stock Name MRCB
Date Announced 26 Dec 2017
Category General Announcement for PLC
Reference Number GA1-26122017-00107