TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS JAKS Resources Berhad ("JRB" or the "Company") DISPOSAL OF OFFICE SPACE AT PACIFIC TOWERS BY JAKS ISLAND CIRCLE SDN BHD TO MAJOR SHAREHOLDER, JAKS SDN BHD

JAKS RESOURCES BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
JAKS Resources Berhad ("JRB" or the "Company") 

DISPOSAL OF OFFICE SPACE AT PACIFIC TOWERS BY JAKS ISLAND CIRCLE SDN BHD TO MAJOR SHAREHOLDER, JAKS SDN BHD

Further to the Company’s announcement released on 15 October 2019 in relation to the disposal of car park bays at Pacific Tower by the Company’s effective 51% owned subsidiary, JAKS Island Circle Sdn Bhd (“JIC” or the “Vendor”) to JAKS Sdn Bhd (“JSB” or the “Purchaser”), a wholly-owned subsidiary of the Company (“RPT I”), the Board of Directors of the Company wishes to announce that JIC had on 18 December 2019 entered into another sale and purchase agreement (“SPA”) with JSB for disposal of the office space at Level 9, Tower B, Pacific Towers, Section 13, Petaling Jaya (“Disposal Parcel”) for a consideration of RM17.9 million (“Consideration”) to be settled by way of set-off of inter-company account of JIC, JSB and MNH Global Assets Management Sdn Bhd (“MNH”), which the Company has 51% effective interest (“Settlement Arrangement”) (“the Disposal”).

 

The Disposal is a related party transaction and this announcement is made pursuant to paragraph 10.08(9) of the Main Market Listing Requirements.

 

Please refer to the attached file for full details of the Disposal.


This announcement is dated 18 December 2019.




Please refer attachment below.



Announcement Info

Company Name JAKS RESOURCES BERHAD
Stock Name JAKS
Date Announced 18 Dec 2019
Category General Announcement for PLC
Reference Number GA1-18122019-00065