Date : 19 December 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.

On behalf of the Board, RHB Investment Bank wishes to announce that on 19 December 2018:

(i) RJSB and TWSB had pursuant to the SSA, subscribed for the Subscription Shares under the First Tranche Subscription;

(ii) MRCB Land, being the appointed management contractor pursuant to the management contract entered into between BJSP and MRCB Land on 26 March 2018 for the design and construction of the future development to be carried out on the Lands (Management Contractor), had subscribed for 1,000 RPS-B,

(The subscription referred to in items (i) and (ii) above are collectively referred to as the Subscription); and

(iii) the First Tranche Lands Consideration has also been settled with RJSB in the following manner:

     (a) the subscription price of the First Tranche Subscription payable by TWSB to BJSP has been paid by TWSB directly to RJSB; and

     (b) the remaining First Tranche Lands Consideration has been capitalised against the subscription price of the First Tranche Subscription payable by RJSB to BJSP.

In view of the above, the First Tranche Subscription and the First Tranche Lands Consideration has been completed on 19 December 2018 and BJSP has ceased to be a subsidiary of the Company on even date.

The mode of settlement for the Subscription and the details on the shareholdings of RJSB, TWSB and the Management Contractor in BJSP upon completion of the Subscription are set out in the attachment below.

For information purposes, pursuant to the SSA, the subscription by RJSB and TWSB for the remaining Subscription Shares under the Second Tranche Subscription will take place within 15 business days following the receipt of approval by the relevant authority of the development order in respect of the Lands.

 

This announcement is dated 19 December 2018.




Please refer attachment below.



Announcement Info

Company Name MALAYSIAN RESOURCES CORPORATION BERHAD
Stock Name MRCB
Date Announced 19 Dec 2018
Category General Announcement for PLC
Reference Number GA1-19122018-00071