MRCB definition
Examples of MRCB in a sentence
The Interested Directors will also abstain from voting in respect of their direct and/or indirect interest in MRCB on the resolution pertaining to the Proposed Construction to be tabled at the forthcoming EGM.
Nevertheless, the Board will take reasonable steps to ensure that all the conditions precedent are met within the stipulated timeframe for MRCB Land to proceed with and complete the Proposed Construction.
The Proposed Construction will not have any effect on the issued share capital and substantial shareholders’ shareholdings of MRCB as it does not involve an issuance of new ordinary shares of MRCB (“MRCB Shares”).
MRCB will seek to mitigate these risks through, among others, close monitoring of the progress of MRCB Land’s construction projects and endeavour to promptly rectify any setback, and liaise with the relevant authorities or parties proactively.
Based on the Provisional Total Project Sum, the highest percentage ratio for the Proposed Construction pursuant to Paragraph 10.02(g) of the Listing Requirements exceeds 100% based on the latest audited financial statements of MRCB for the financial year ended 31 December 2017.
MRCB has also established long-term relationships with consultants, subcontractors or suppliers and where necessary, MRCB also makes bulk purchase of building materials in order to reduce the risk of shortage of building materials and/or increase in prices.
The Proposed Construction is conditional upon the approval from the shareholders of MRCB as the Proposed Construction is deemed as a related party transaction (“RPT”) in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Listing Requirements”), further details of which are set out in Section 9 of this Announcement.
Nevertheless, as the development plans for the Development have yet to be submitted for regulatory approvals and the Provisional Contract Costs and the Provisional Management Contract Fees are still subject to change, it is currently too early to ascertain the expected profits to MRCB from the Proposed Construction.
On 9 December 2016, the Company announced that it had entered into a supplemental agreement to the management contract with KUSB to amend certain terms and conditions of the management contract and a novation agreement with MRCB Land and KUSB, for MRCB to transfer and novate to MRCB Land all its rights, liabilities, benefits, interests, duties and obligations of the management contract.
Based on the provisional PDP Fees and the Reimbursables, the highest percentage ratio for the Proposed PDP Contract pursuant to Paragraph 10.02(g) of the Listing Requirements is 7.77% based on the latest audited financial statements of MRCB for the financial year ended 31 December 2015.