JBB definition
Examples of JBB in a sentence
As at the date of this announcement, JBB Builders is a civil engineering company with more than 20 years in infrastructure projects in Johor and is an indirect wholly owned Malaysian subsidiary of JBB Builders International Limited, a company listed on the Stock Exchange of Hong Kong.
JBB Kimlun was appointed by APSB on 8 May 2017 to be APSB’s main contractor to undertake the construction of the MBJB Project for the contract sum of RM263,000,000 (“Contract Sum”) (subject to applicable adjustments under the final statement of account for the MBJB Project (the “Final Account”)) upon the terms and subject to the conditions contained in the Contract.
Notwithstanding the foregoing, Landlord represents and warrants that Landlord has delivered to Tenant true and complete copies of the HLW Report and the JBB Report.
Save for Kimlun (being the appointed nominee of JBB Kimlun under the terms of the Supplemental Agreement), the remaining nominees of JBB Kimlun have not been identified by JBB Kimlun at this juncture, given that the Transfer of Properties is subject to separate agreement(s) to be entered into between the respective parties.
The Transfer of Properties was negotiated between APSB and JBB Kimlun to settle the Outstanding Contract Sum so as to maximise the efficiency of cash utilisation by the Group, and to improve the Group’s financial position.
Exact work description is identified and indicated in the Contract Documents dated 10/8/2020 prepared by ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇/ JB&B Joint Venture.
Since the Deed of Settlement does not involve actual cash flows other than the legal fees and professional fees involved and would significantly reduce the Total Outstanding Trade Payables owing from BPP to JBB, the Board is of the view that the Deed of Settlement and the Contra Arrangement contemplated hereto will improve the Group’s financial performance and position over the longer term.
Subject to the execution of the Contra Agreement, JBB Kimlun has agreed to accept the Contra Properties at a total net price of RM12,867,695 as part settlement of the Balance Certified Amount (as defined below) on a “Ringgit for Ringgit” basis, subject to the arrangement that the Contra Properties are to be transferred to JBB Kimlun’s nominee(s), namely Kimlun or third parties as identified by Kimlun at the same net price.
Shareholders should note that the obligations of BPP, JBB Builders and APSB that are set out in the Master Supplemental Agreement remain subject to the Conditions Precedent.
JBB was appointed by BPP as the main contractor to undertake certain works for the Bukit Pelali Project (“Works”).