DETAILS OF THE PROPOSED JOINT VENTURE. 2.1 Salient Terms of the JVA
DETAILS OF THE PROPOSED JOINT VENTURE. (i) The Proprietor is the registered owner of the Land and form part of the Proprietor’s housing project known as “Taman Gading, Batu Gajah” (“Project”).
DETAILS OF THE PROPOSED JOINT VENTURE. The Proposed Joint Venture involves the acquisition and development of a commercial freehold land held under Title No. Geran 312795, Lot 25300 in the Mukim of Semenyih, District of Ulu Langat, in the state of Selangor measuring approximately 34,740 square metres / 3.474 hectares / 373,938 square feet in area. Pursuant to the JVSA, SVSB, PVSB and PSSB shall subscribe to the following number of ordinary shares in PPSB (“Shares”):
DETAILS OF THE PROPOSED JOINT VENTURE. The Proposed Joint Venture involves the acquisition and development of a parcel of commercial leasehold land held under Title No. Pajakan Mukim 6395, Lot 18152, Seksyen 0, Xxxx 0, Xxxxx Xxxxxx, Xxxx of Ulu Kelang, District of Gombak, State of Selangor measuring approximately 22,934 square metres (“sq. m.”) (or equivalent to approximately 246,860 square feet (“sq. ft.”)) in area. The Land is adjoining to the project known as The Elements@Ampang, which is currently undertaken by a joint venture between a wholly-owned subsidiary of L&G and a wholly-owned subsidiary of Xxxxxxx. The Elements@Ampang is a premier lifestyle residential serviced apartment, comprising of two (2) tower blocks of forty-two (42)-storey each and consisting of 1,040 units, ranging in size from 520 sq. ft. to 1,570 sq. ft. It is designed for residents to occupy their time with the facilities such as gym, infinity pool, sauna, jacuzzi and more without having to leave the apartment complex itself. The project has an estimated gross development value (“GDV") of RM760 million. The construction of The Elements@Ampang had commenced in November 2011 and is scheduled to be completed in the first (1st) half of 2014. As at 11 November 2013, being the last practicable day immediately prior to this Announcement (“LPD”), the take-up rate of The Elements@Ampang is more than 90%. In view of the success of the joint venture of The Elements@Ampang project, Xxxxxxx and its subsidiaries (“Xxxxxxx Group”) has decided to invite L&G and its subsidiaries (“L&G Group”) as its partner in the Proposed Joint Venture. The Proposed Joint Venture entails the joint venture between PQSB and PVSB via XMSB to undertake the Proposed Land Acquisition and proposed development of the commercial and serviced apartment on the Land (“Proposed Development”). The details of the Proposed Land Acquisition and the Proposed Development are set out in Section 2.2 of this Announcement. Pursuant to the JV & SH Agreement, PQSB and PVSB shall subscribe for the following number of ordinary shares of RM1.00 each in XMSB (“XMSB Share(s)”):
DETAILS OF THE PROPOSED JOINT VENTURE. (a) Information on XingHe-Jefi XingHe-Jefi is a private limited company incorporated in Malaysia on 2 September 2014 and having its registered address at Suite 13.03, 13th Floor, Menara Tan & Tan, 000 Xxxxx Xxx Xxxxx, 00000 Xxxxx Xxxxxx, Xxxxxxxx. Its issued ordinary share capital as at the date of this announcement is RM100,000, of which 90% is owned by XingHe and 10% owned by Jefi. The principal business of XingHe-Jefi is investment holding.
DETAILS OF THE PROPOSED JOINT VENTURE. (i) The JVC is a private limited company incorporated in Malaysia under Companies Act 2016 on 8 November 2022. The JVC has paid up share capital of RM1.00 divided into 1 share wholly owned by NYP.
DETAILS OF THE PROPOSED JOINT VENTURE. 2.1 Information on LDSB LDSB, a private limited company incorporated in Malaysia under the Companies Act 1965 and deemed registered under Companies Act 2016, with its business address at Xxxxx 0, Xx. 000, Xxxxxxxxx XX 0/0, Xxxxx Xxxxxx Xxxx Xxxxxxx, Xxxxxxx 0, 00000 Xxxx Xxxxxxx, Xxxxx Xxxxx Ridzuan, is a wholly- owned subsidiary of Lagenda Properties Berhad (formerly known as D.B.E. Xxxxxx Resources Berhad) which is listed on the Main Market of Bursa Malaysia Securities Berhad and principally involved in affordable housing development.
DETAILS OF THE PROPOSED JOINT VENTURE. DRJ has entered into the Shareholders’ Agreement with CGM and DAC Properties to jointly commence, manage, implement and develop the JV Land through DAC Properties into an integrated township development comprising, amongst others, residential, commercial shop lots, and amenities (“JV Project”). In tandem with the Shareholders’ Agreement, DRJ had also entered into the SSA for the Proposed Share Transfer, which will result in DRJ and CGM holding 30.0% and 70.0% equity interest in DAC Properties, details of which are set out in Section 2.3 of this announcement.
DETAILS OF THE PROPOSED JOINT VENTURE. APSB and CCPSB (collectively referred to as “the Parties”) have agreed to enter into the Agreement to regulate their relationship and understanding pertaining to the development of the Project on a joint venture basis and to define their respective rights, duties and obligations and mutual covenants in relation thereof. Please refer to Section 3 below for the salient terms of the Agreement.
DETAILS OF THE PROPOSED JOINT VENTURE
