DETAILS OF THE PROPOSED JV. 2.1 Mutiara’s Land Rights Mutiara has entered into collaborative agreements with the Individual Landowners for long- term 2 phase development of the Land (“Project”) for initial tenure of thirty (30) years (“Initial Tenure”), with an option to extend for an additional fifteen (15) years (“Extended Tenure”). Under Phase I, Mutiara is granted the right to plant oil palm cultivation, rubber trees, fruit trees (“agro tourism”, “crops”, “bio-farm”, “renewable energy”, “solar farm”, “aqua- phonics”), high quality forest trees with higher yields (e.g. paulownia, euclaptus, etc.) and any other farms / crops suitable for the soil. Under Phase II, Mutiara is granted the right to develop a mixed development consisting of residential, commercial and/or industrial on the Land.
DETAILS OF THE PROPOSED JV. 2.1 JV Company The JV Company is incorporated in Malaysia as a private limited company under the Companies Act, 1965 on 1 June 2016. The shareholding structure and the initial subscription into the JV Company by the Shareholders shall be as follows: Parties Ordinary Shares held as at the date of the JVA Initial Subscription, within 15 Business Days from the date of the JVA Agreed Proportion MFACo 2 48 50% UDACo - 32 32% EW Berhad - 12 12% EPFCo - 6 6% Total 2 98 100%
DETAILS OF THE PROPOSED JV
