Date : 17 February 2016

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS MULPHA INTERNATIONAL BHD ("MIB" OR "THE COMPANY") I. JOINT VENTURE CUM SHAREHOLDERS AGREEMENT BETWEEN LEISURE FARM CORPORATION SDN BHD ("LFC"), A WHOLLY-OWNED SUBSIDIARY OF MIB, UEM LAND BERHAD ("UEML"), A WHOLLY-OWNED SUBSIDIARY OF UEM SUNRISE BERHAD ("UEMS") AND JV AXIS SDN BHD ("JVASB"), A WHOLLY-OWNED SUBSIDIARY OF LFC; AND II. MASTER AGREEMENT BETWEEN LFC, JVASB, NUSAJAYA SEAVIEW SDN BHD ("NSSB") AND NUSAJAYA RISE SDN BHD ("NRSB") (BOTH ARE INDIRECT WHOLLY-OWNED SUBSIDIARIES OF UEMS)

MULPHA INTERNATIONAL BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
MULPHA INTERNATIONAL BHD ("MIB" OR "THE COMPANY")
I.	JOINT VENTURE CUM SHAREHOLDERS AGREEMENT BETWEEN LEISURE FARM CORPORATION SDN BHD ("LFC"), A WHOLLY-OWNED SUBSIDIARY OF MIB, UEM LAND BERHAD ("UEML"), A WHOLLY-OWNED SUBSIDIARY OF UEM SUNRISE BERHAD ("UEMS")  AND JV AXIS SDN BHD ("JVASB"), A WHOLLY-OWNED SUBSIDIARY OF LFC; AND 

II.	MASTER AGREEMENT BETWEEN LFC, JVASB, NUSAJAYA SEAVIEW SDN BHD ("NSSB") AND NUSAJAYA RISE SDN BHD ("NRSB") (BOTH ARE INDIRECT WHOLLY-OWNED SUBSIDIARIES OF UEMS)

The Company wishes to announce that its wholly-owned subsidiary, LFC has on 16 February 2016, entered into a joint venture cum shareholders’ agreement (“JVA”) with UEML, a wholly-owned subsidiary of UEMS and JVASB, the intended joint venture company for the proposed collaboration between LFC and UEML.

 

Both LFC and UEML wish to work together as strategic joint development partners to jointly develop and optimise the value of 38 parcels of freehold lands located in Gerbang Nusajaya and near the Leisure Farm Resort within Mukim Pulai, District of Johor Bahru, Johor (“Proposed JV”). LFC owns 36 land parcels measuring a total of 91.22 acres (“LFC Lands”) whilst the balance land parcels are owned by NSSB and NRSB measuring 98.24 acres and 41.89 acres respectively (“ENT 1” and “ENT 2” respectively or collectively as “UEMS Lands”). (Both LFC Lands and UEMS Lands are collectively referred as “JV Lands”).

 

The Company also wishes to announce that LFC has on even date, entered into a master agreement (“Master Agreement”) with NSSB and NRSB, both being indirect wholly-owned subsidiaries of UEMS, and JVASB to record the agreed framework and parameters for the disposal of the JV Lands by LFC, NSSB and NRSB (“Landowners”) to JVASB and subject to terms and conditions in the JVA and Master Agreement.  

 

Kindly refer to the attached document for the complete announcement.

 

This announcement is dated 17 February 2016.




Please refer attachment below.

Attachments

JVA and Master Agreement.pdf
818.2 kB



Announcement Info

Company Name MULPHA INTERNATIONAL BERHAD
Stock Name MULPHA
Date Announced 17 Feb 2016
Category General Announcement for PLC
Reference Number GA1-17022016-00031


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