Unless stated otherwise, the terms used herein shall carry the same meaning as those defined in the earlier announcement dated 16 March 2015 in relation to the Proposed Joint Venture between the Company and Suria Capital Holdings Berhad (Company No. 96895-W) (“Suria Capital”).
We refer to the earlier announcement dated 16 March 2015 on the JVA pertaining to the development of an approximately 7.0 acres of Suria Capital’s land at Kota Kinabalu, Sabah (“Development Land”).
The Board wishes to announce that the Company has on 22 April 2015 entered into a Handover Agreement (“Handover Agreement”) with Suria Bumiria Sdn Bhd (Company No. 633477-V) (“Suria Bumiria”), a wholly-owned subsidiary of Suria Capital, for the handover of the Jesselton Point operating land by Suria Bumiria to the Company.
The Jesselton Point operating land which consists of the Jesselton Point ferry terminal is currently operated by Suria Bumiria and forms part of the Development Land. Pursuant to the JVA and the Handover Agreement, the Company shall be responsible for ensuring that the essential operation of the Jesselton Point ferry terminal is preserved during the development of the Development Land.
The Jesselton Point operating land will be delivered to the Company upon the erection of new temporary facilities by the Company. Suria Bumiria agrees that the Company shall have the right to develop the Jesselton Point operating land in accordance with the terms and conditions of the JVA. In furtherance thereto, Suria Bumiria acknowledges all rights that have been granted by Suria Capital in favour of the Company under the JVA. The Company shall pay RM7.0 million to Suria Bumiria in consideration of Suria Bumiria agreeing to deliver Jesselton Point operating land to the Company pursuant to the terms and conditions of the JVA and Handover Agreement.
This announcement is dated 23 April 2015.
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