OTHERS COMPUGATES HOLDINGS BERHAD ("COMPUGATES" OR THE "COMPANY") PROPOSED JOINT DEVELOPMENT WITH JADE CLASSIC SDN BHD TO JOINTLY DEVELOP A PARCEL OF VACANT AGRICULTURE LAND IDENTIFIED AS LOT NO. 47954 TITLE NO. PN 98100, MUKIM OF DENGKIL, DISTRICT OF SEPANG, SELANGOR

COMPUGATES HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
COMPUGATES HOLDINGS BERHAD ("COMPUGATES" OR THE "COMPANY")

PROPOSED JOINT DEVELOPMENT WITH JADE CLASSIC SDN BHD TO JOINTLY DEVELOP A PARCEL OF VACANT AGRICULTURE LAND IDENTIFIED AS LOT NO. 47954 TITLE NO. PN 98100, MUKIM OF DENGKIL, DISTRICT OF SEPANG, SELANGOR

Unless otherwise defined, the definitions set out in the announcement dated 28 November 2017 shall apply.

Reference is made to the announcements dated 28 November 2017, 14 February 2018 and 15 March 2018.

M&A Securities on behalf of the Board wishes to announce that Compugates Development and Mining Sdn Bhd, a 70%-owned subsidiary of Compugates, and Jade Classic Sdn Bhd have mutually entered into a Supplemental Letter Agreement dated 17 May 2018 to extend the respective periods of the following conditions precedent in the JVA:-

(a) written consent from the State Authority for the transfer of the Land from Kumpulan Darul Ehsan Berhad in favour of the Landowner must be obtained by the Landowner within twelve (12) months from the date of the JVA; and

(b) the Transfer with the title of the Land free from encumbrances and caveats must be presented and accepted for registration by the relevant land registry within twelve (12) months from the date of the JVA; and

(c) written consent of the owners of the neighbouring lots must be obtained by the Landowner within twelve (12) months from the date of the JVA; and

(d) approval of the relevant authority and/or consent from the neighbouring lot for direct access to the Land must be obtained by the Landowner within twelve (12) months from the date of the JVA or further extension of time to be mutually agreed upon; and

(e) approval from the shareholders of Compugates, being the parent company of the Landowner, within twelve (12) months from the date of the JVA to undertake the Proposed Development.

This announcement is dated 17 May 2018.






Announcement Info

Company Name COMPUGATES HOLDINGS BERHAD
Stock Name COMPUGT
Date Announced 17 May 2018
Category General Announcement for PLC
Reference Number GA1-17052018-00072