We refer to our announcement dated 21 August 2013 on the Proposed Disposal.
The Board of Directors of the Company wishes to announce that:
MPSC has on 20 February 2014 entered into a Deed of Novation Cum Assignment with Twin Universal Sdn. Bhd. (“the Original Purchaser”) and Pri1ma Corporation Malaysia (“New Purchaser”), a statutory body enacted pursuant to Perumahan Rakyat 1 Malaysia Act, 2012, whereby the Original Purchaser has assigned and novated to New Purchaser all the Original Purchaser’s rights, benefits, interests, liabilities and obligations in and under the Sale and Purchase Agreement dated 21 August 2013 entered into between the Company and the Original Purchaser for the sale and purchase of said Land (“SPA”), save for the rights, benefits, interests, liabilities and obligations under the Power of Attorney; MPSC has on the same date granted to the New Purchaser an extension of the completion date of the SPA for a period of 6 months from 21 February 2014 to 20 August 2014 (“Extended Completion Period”).
Under the terms of the said Deed of Novation cum Assignment, the New Purchaser shall undertake to observe and perform all the covenants, terms and conditions on the part of the Original Purchaser under the SPA and to be bound by the terms of SPA in every way as if the New Purchaser were a party to the SPA in lieu of the Original Purchaser and the Company shall be entitled to enforce its rights under the SPA against New Purchaser. MPSC and the Original Purchaser has also covenanted with the New Purchaser to revoke the Power of Attorney as soon as practicable.
Pursuant to the terms of the SPA and the Deed of Novation cum Assignment, MPSC has received from the New Purchaser another 10% of the Sale Consideration amounting to RM22,605,700.42 together with an advance interest for one month of RM1,356,342.03, totalling RM23,962,042.45. Further, the New Purchaser shall pay MPSC monthly advance interest on the balance Sale Consideration calculated at the rate of 8% per annum until the date of receipt of the full payment of the balance Sale Consideration within the Extended Completion Period.
Stock: [MPHBCAP]: MPHB Capital Berhad
2014-02-21 09:07 | Report Abuse
We refer to our announcement dated 21 August 2013 on the Proposed Disposal.
The Board of Directors of the Company wishes to announce that:
MPSC has on 20 February 2014 entered into a Deed of Novation Cum Assignment with Twin Universal Sdn. Bhd. (“the Original Purchaser”) and Pri1ma Corporation Malaysia (“New Purchaser”), a statutory body enacted pursuant to Perumahan Rakyat 1 Malaysia Act, 2012, whereby the Original Purchaser has assigned and novated to New Purchaser all the Original Purchaser’s rights, benefits, interests, liabilities and obligations in and under the Sale and Purchase Agreement dated 21 August 2013 entered into between the Company and the Original Purchaser for the sale and purchase of said Land (“SPA”), save for the rights, benefits, interests, liabilities and obligations under the Power of Attorney;
MPSC has on the same date granted to the New Purchaser an extension of the completion date of the SPA for a period of 6 months from 21 February 2014 to 20 August 2014 (“Extended Completion Period”).
Under the terms of the said Deed of Novation cum Assignment, the New Purchaser shall undertake to observe and perform all the covenants, terms and conditions on the part of the Original Purchaser under the SPA and to be bound by the terms of SPA in every way as if the New Purchaser were a party to the SPA in lieu of the Original Purchaser and the Company shall be entitled to enforce its rights under the SPA against New Purchaser. MPSC and the Original Purchaser has also covenanted with the New Purchaser to revoke the Power of Attorney as soon as practicable.
Pursuant to the terms of the SPA and the Deed of Novation cum Assignment, MPSC has received from the New Purchaser another 10% of the Sale Consideration amounting to RM22,605,700.42 together with an advance interest for one month of RM1,356,342.03, totalling RM23,962,042.45. Further, the New Purchaser shall pay MPSC monthly advance interest on the balance Sale Consideration calculated at the rate of 8% per annum until the date of receipt of the full payment of the balance Sale Consideration within the Extended Completion Period.
This announcement is dated 20 February 2014.