Transactions (Chapter 10 Of Listing Requirements) : Related Party Transactions
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13-11-2017
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description |
TITIJAYA LAND BERHAD ("COMPANY" OR "TITIJAYA") ACQUISITION BY CITY MERIDIAN DEVELOPMENT SDN BHD ("CMD" OR "PURCHASER"), A WHOLLY-OWNED SUBSIDIARY OF TITIJAYA, OF A PARCEL OF LEASEHOLD LAND HELD UNDER PN 4022, LOT NO. 12174, MUKIM 12, DAERAH BARAT DAYA, PULAU PINANG ("LAND") FROM TITIJAYA GROUP SDN BHD ("TGSB" OR "VENDOR") FOR CASH CONSIDERATION OF RM126,000,000 ("ACQUISITION") |
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We refer to the announcements dated 21 May 2014, 17 June 2014, 19 January 2015, 12 February 2015, 28 September 2015, 17 November 2015, 16 February 2016, 26 May 2016 and 9 January 2017 in relation to the Acquisition (“Announcements”). Unless otherwise stated, the terms used herein shall have the same meaning as defined in the said Announcements in relation to the Acquisition. Pursuant to the terms of the SPA and Supplemental Agreement, TGSB shall on behalf of CMD procure and obtain the written approval from the relevant authority in varying the zoning of the land use to mixed development (“Development”), if required by the relevant authority and written approval in undertaking the Development with plot ratio of 1:4 (hereinafter collectively known as the “Development Approvals”), within 1 year from the date CMD being registered as the legal proprietor for the Land (i.e. 4 November 2016). Further to the announcement dated 9 January 2017, on behalf of the Board, TA Securities wishes to announce that CMD and Vendor had on 1 November 2017 mutually agreed to extend the period to obtain the Development Approvals for a further period of 1 year, i.e. up to 4 November 2018. Further developments of the obtaining the Development Approvals including the completion of obligations of TGSB and CMD under the SPA and Supplemental Agreement will be announced in due course. This announcement is dated 13 November 2017.
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Announcement Info
| Company Name | TITIJAYA LAND BERHAD |
| Stock Name | TITIJYA |
| Date Announced | 13 Nov 2017 |
| Category | General Announcement for PLC |
| Reference Number | GA1-13112017-00058 |