OTHERS YFG BERHAD MEMORANDUM OF UNDERSTANDING BETWEEN MARGARANA DREAMCITY LTD AND YFG BERHAD
YFG BERHAD MEMORANDUM OF UNDERSTANDING BETWEEN MARGARANA DREAMCITY LTD AND YFG BERHAD
The Board of Directors of YFG Berhad (“YFG” or “the Company”) wishes to announce that the Company had on 23 July 2016 entered into a Memorandum of Understanding (“MOU”) with Marganara Dreamcity Ltd (Commercial Registration No. 146,013) and having registered office at 2nd Floor Benoa Square, JL. Bypass Ngurah Rai No. 21A, Kedonganan Kuta Bali, Indonesia (“Margarana”) for the purpose of appointing YFG as one of Marganara’s preferred mechanical and electrical contractor for supporting the mechanical and electrical works including the infrastructure and facilities management in relation to Marganara’s desire to develop a 610 acres land located at Desa Pemuteran, Kecamatan Gerokgak, Kabupaten Buleleng Provinsi Bali, Indonesia with the development of the Magarana Dreamcity (“the Project”).
This MOU shall expire on 31 December 2030 unless it is terminated by either party as per the terms and conditions stipulated in the MOU.
The MOU is not expected to have any material effect on the share capital, earnings, net assets, gearing and substantial shareholders’ shareholding for the financial year ending 30 September 2016.
None of the Directors’ and/or major shareholders of YFG and/or persons connected to them have any interest, direct or indirect, in the MOU.
The Board of Directors of the Company, having taken into consideration all aspects of the MOU, is of the opinion that the MOU is in the best interest of the Company and the Group.
The MOU being incurred in the ordinary course of business, is not subject to the approval of shareholders of the Company and any relevant government authorities.
This announcement is dated 25 July 2016.
|Company Name||YFG BERHAD|
|Date Announced||25 Jul 2016|
|Category||General Announcement for PLC|