Date : 09 April 2018

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS MALAYSIAN RESOURCES CORPORATION BERHAD ("MRCB" OR "COMPANY") PROPOSED JOINT VENTURE BETWEEN RUKUN JUANG SDN BHD ("RJSB"), AN 85%-OWNED SUBSIDIARY OF MRCB LAND SDN BHD ("MRCB LAND"), WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF MRCB, AND TANJUNG WIBAWA SDN BHD ("TWSB"), A WHOLLY-OWNED SUBSIDIARY OF THE EMPLOYEES PROVIDENT FUND BOARD ("EPF"), FOR THE PURPOSE OF DEVELOPING THREE (3) PARCELS OF LEASEHOLD LAND LOCATED IN BUKIT JALIL, KUALA LUMPUR ("PROPOSED JOINT VENTURE")

MALAYSIAN RESOURCES CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
MALAYSIAN RESOURCES CORPORATION BERHAD ("MRCB" OR "COMPANY")

PROPOSED JOINT VENTURE BETWEEN RUKUN JUANG SDN BHD ("RJSB"), AN 85%-OWNED SUBSIDIARY OF MRCB LAND SDN BHD ("MRCB LAND"), WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF MRCB, AND TANJUNG WIBAWA SDN BHD ("TWSB"), A WHOLLY-OWNED SUBSIDIARY OF THE EMPLOYEES PROVIDENT FUND BOARD ("EPF"), FOR THE PURPOSE OF DEVELOPING THREE (3) PARCELS OF LEASEHOLD LAND LOCATED IN BUKIT JALIL, KUALA LUMPUR ("PROPOSED JOINT VENTURE")

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

For the purposes of fulfilling the condition precedent set out in the SSA where Bukit Jalil Sentral Property Sdn Bhd (“BJSP”) is required to obtain EPU’s approval to acquire the Lands and comply with EPU’s Guideline on the Acquisition of Properties, BJSP had on 3 October 2017 increased its issued and paid-up share capital from RM2 to RM100,000. RJSB had in this respect subscribed for a further 99,998 new ordinary shares in BJSP (“BJSP Shares”) and at the date of this announcement, RJSB holds 100,000 BJSP Shares, representing 100% of the equity interest therein.

On behalf of the Board, RHB Investment Bank wishes to announce that RJSB had sought TWSB’s concurrence vide a letter dated 6 April 2018, which was accepted by TWSB on 9 April 2018 (“Letter”), that as a result of RJSB’s further subscription of 99,998 BJSP Shares:-

(a)           RJSB will only be required to subscribe for an additional 1,900,000 BJSP Shares instead of 1,999,998 BJSP Shares under the First Tranche Subscription pursuant to the terms and conditions of the SSA; and

(b)           the portion of the Lands Consideration payable by BJSP to RJSB which will be capitalised against RJSB’s portion of the First Tranche Subscription Consideration, shall be RM268,549,330 instead of RM268,649,328.

Save as stipulated above, all other provisions of the SSA shall continue in full force and effect.

The Letter will be made available for inspection at the registered office of the Company at Level 33A, Menara NU 2, No. 203, Jalan Tun Sambanthan, Kuala Lumpur Sentral, 50470, Kuala Lumpur during normal business hours (except public holidays) for a period of three (3) months from the date of this Announcement.

 

This announcement is dated 9 April 2018.






Announcement Info

Company Name MALAYSIAN RESOURCES CORPORATION BERHAD
Stock Name MRCB
Date Announced 09 Apr 2018
Category General Announcement for PLC
Reference Number GA1-09042018-00116