(Unless otherwise defined, the terms used in this announcement shall have the same meaning as those defined in the announcement dated 28 May 2013)
On behalf of the Board of Directors of Mah Sing, Hong Leong Investment Bank Berhad (formerly known as MIMB Investment Bank Berhad) wishes to announce that the SPA is pending the fulfilment of the following conditions precedent as stipulated in the SPA:
| Conditions Precedent | Status |
(i) | Approval by the shareholders of Mah Sing in respect of the Proposed Acquisition; and | An extraordinary general meeting to obtain approval for the Proposed Acquisition by the shareholders of Mah Sing will be held on 30 September 2013. |
(ii) | Such relevant written consent(s) from the relevant developer(s) and/or landowner(s) to such land(s) neighbouring the Land for the construction of such relevant access(es) to the Land which shall be in accordance with the plan(s) as may be proposed by the Purchaser, being obtained by the Purchaser at its own costs and expenses (“Consent for Access(es) to the Land”). | As at today, such Consent for Access(es) to the Land has yet to be obtained by the Purchaser. |
In the event that the Conditions Precedent are not fulfilled by 30 September 2013, being the expiry date of the Condition Precedent Fulfilment Period, the Purchaser may elect to waive any unfulfilled Conditions Precedent by serving written notice to the Vendor of such election within seven (7) business days from the expiry of the Condition Precedent Fulfilment Period failing which the SPA shall automatically terminate. Upon such termination of the SPA, the Vendor shall forthwith within seven (7) days from the date of its receipt of such written notice from the Purchaser, refund:
(a) the Deposit paid by the Purchaser to the Vendor under and pursuant to the SPA free of interest accrued thereon if the Purchaser did not carry out any site clearing, earthworks or construction works on any part of the Land; or
(b) the Deposit paid by the Purchaser to the Vendor under and pursuant to the SPA, free of interest, less a sum of RM1,827,750.75 if the Purchaser did carry out site clearing, earthworks or construction works on any part of the Land.
This announcement is dated 27 September 2013.