BURSA ANNOUCEMENTS

Date : 06 January 2020

VIVOCOM INTL HOLDINGS BERHAD ("VIVOCOM" OR "COMPANY")(I) JOINT VENTURE DEVELOPMENT AGREEMENT BETWEEN VIVOCOM ENTERPRISE SDN BHD ("VESB") (AN INDIRECT 78.6%-OWNED SUBSIDIARY OF VIVOCOM) AND HANDY GOALS DEVELOPMENT SDN BHD ("HGDSB") TO DEVELOP AND COMPLETE AN ON-GOING RESIDENTIAL DEVELOPMENT IN SELANGOR ("JVDA"); AND (II) PROPOSED DIVERSIFICATION OF THE EXISTING PRINCIPAL ACTIVITIES OF VIVOCOM AND ITS SUBSIDIARIES TO INCLUDE PROPERTY DEVELOPMENT ("PROPOSED DIVERSIFICATION")

VIVOCOM INTL HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-02012020-00001
Subject VIVOCOM INTL HOLDINGS BERHAD ("VIVOCOM" OR "COMPANY")(I) JOINT VENTURE DEVELOPMENT AGREEMENT BETWEEN VIVOCOM ENTERPRISE SDN BHD ("VESB") (AN INDIRECT 78.6%-OWNED SUBSIDIARY OF VIVOCOM) AND HANDY GOALS DEVELOPMENT SDN BHD ("HGDSB") TO DEVELOP AND COMPLETE AN ON-GOING RESIDENTIAL DEVELOPMENT IN SELANGOR ("JVDA"); AND (II) PROPOSED DIVERSIFICATION OF THE EXISTING PRINCIPAL ACTIVITIES OF VIVOCOM AND ITS SUBSIDIARIES TO INCLUDE PROPERTY DEVELOPMENT ("PROPOSED DIVERSIFICATION")
Description 
VIVOCOM INTL HOLDINGS BERHAD ("VIVOCOM" OR THE "COMPANY")

I.	JOINT VENTURE DEVELOPMENT AGREEMENT BETWEEN VIVOCOM ENTERPRISE SDN BHD ("VESB") (AN INDIRECT 78.6%-OWNED SUBSIDIARY OF VIVOCOM) AND HANDY GOALS DEVELOPMENT SDN BHD ("HGDSB") TO DEVELOP AND COMPLETE AN ON-GOING RESIDENTIAL DEVELOPMENT IN SELANGOR ("JVDA"); AND

II.	PROPOSED DIVERSIFICATION OF THE EXISTING PRINCIPAL ACTIVITIES OF VIVOCOM AND ITS SUBSIDIARIES TO INCLUDE PROPERTY DEVELOPMENT ("PROPOSED DIVERSIFICATION")
Query Letter Contents

We refer to your Company’s announcement dated 30 December 2019, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The total development cost of the Project, including VESB’s commitment; and if there is a shortfall, how will the shortfall be funded.
2) The expected completion date of development of the Project.
3) The estimated gross development value for the Project.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing

Regulation
 

Cc : Market Surveillance Dept. , Securities Commission (via fax)

The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcements in relation to the Proposals.

 

Reference is made to the announcements dated 30 December 2019 and 3 January 2020 in relation to the Proposals.

 

Pursuant to the additional announcement made on 3 January 2020, on behalf of the Board of Directors of Vivocom, UOBKH wishes to clarify that item 1 of the said announcement shall be read as follows (with reference to the underlined):-

 

  1. The total development cost of the Project, including VESB's commitment; and if there is a shortfall, how will the shortfall be funded.

 

The total budgeted development cost for the Project is approximately RM32.0 million, out of which up to RM20 million shall be borne by VESB as part of its commitment to undertake its obligations under the JVDA. 

 

Any shortfall in funding the aforementioned committed development cost of the Project of RM20 million will be funded by Vivocom Group via internally generated funds and/ or bank borrowings.

 

On the other hand, any shortfall in funding the balanced development cost of the Project of RM12 million will be funded by HGDSB via internally generated funds and/ or bank borrowings.

 

 

This announcement is dated 6 January 2020.


Announcement Info

Company Name VIVOCOM INTL HOLDINGS BERHAD
Stock Name VIVOCOM
Date Announced 06 Jan 2020
Category General Announcement for PLC
Reference Number GA1-06012020-00065


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