OTHERS VIVOCOM INTL HOLDINGS BERHAD (formerly known as INSTACOM GROUP BERHAD) ("VIVOCOM" OR THE "COMPANY") - LETTER OF COOPERATION INTENT BETWEEN ZHONGHE HAUXING DEVELOPMENT (M) SDN BHD AND VIVOCOM ENTERPRISE SDN BHD (THE PARTIES)
|VIVOCOM INTL HOLDINGS BERHAD|
VIVOCOM INTL HOLDINGS BERHAD (formerly known as INSTACOM GROUP BERHAD) ("VIVOCOM" OR THE "COMPANY") - LETTER OF COOPERATION INTENT BETWEEN ZHONGHE HAUXING DEVELOPMENT (M) SDN BHD AND VIVOCOM ENTERPRISE SDN BHD (THE PARTIES)
The Board of Director of Vivocom ("Board') is pleased to announce that its subsidiary company, Vivocom Enterprise Sdn Bhd (“VESB”), had on 30 May 2016 signed a letter of intent to cooperate (“LOI”) issued by Zhonghe Huaxing Development (M) Sdn Bhd ("Zhonghe Huaxing”) for the purposes of cooperating and collaborating on property development, construction, project management and other related activities in connection with property development and construction projects (“Proposed Cooperation”).
Zhonghe Huaxing is a company incorporated in Malaysia with its business address at 3A-1A, Level 3A, Menara CIMB, Jalan Stesen Sentral 2, Kuala Lumpur Sentral, 50470 Kuala Lumpur. Zhonghe Huaxing is a subsidiary company of China Nuclear Industry Huaxing Construction Company Limited, which in turn is controlled by China Nuclear Engineering Group Corporation, a conglomerate with expertise in the construction of military and civil infrastructures as well as commercial development, both in China and abroad. China Nuclear Engineering Group Corporation is a state owned enterprise held by the central government of China.
The intention of the LOI is to set out the general cooperation parameters between VESB and Zhonghe Huaxing. The salient terms of the LOI includes:
2. To record the general understanding and relationship to undertake business collaboration in respect of such projects as well as the preparation and submission of tenders or proposals, and the responsibilities of each party in respect of the projects secured.
The rationale of the LOI is to pave the way for specific cooperation and collaboration between both parties prior to signing of any definitive agreement for specific projects as to effect the above intended objectives.
DURATION, TERMINATION AND LEGAL EFFECT
The LOI shall be effective on the date of signing and shall remain effective subject to termination by either party notifying of its intention to terminate in writing. The LOI serves only as a record of the parties’ intentions and does not constitute or create obligations under the Malaysian domestic law and will not give rise to any legal process and will not be deemed to constitute or create any legally binding or enforceable obligations, expressed or implied and neither party shall have any liability to the other party in respect of the same.
DIRECTORS AND MAJOR SHAREHOLDERS’ INTEREST
None of the directors or major shareholders of Vivocom and/or any persons connected to them have any interests, direct or indirect, in the LOI.
Further announcements will be made in accordance with the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad at the appropriate time.
This announcement is dated 31 May 2016.
|Company Name||VIVOCOM INTL HOLDINGS BERHAD|
|Date Announced||31 May 2016|
|Category||General Announcement for PLC|