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22-04-2019

Type Announcement
Subject OTHERS
Description

TITIJAYA LAND BERHAD ('TITIJAYA' OR 'COMPANY') TERMINATION OF JOINT VENTURE AGREEMENT DATED 21 MARCH 2018 MADE BETWEEN TITIJAYA AND BINA PURI PROPERTIES SDN. BHD.

Reference is made to the Company’s announcement dated 21 March 2018 in relation to the Joint Venture Agreement (“JVA”) entered into between Titijaya and Bina Puri Properties Sdn. Bhd. (“BPPSB”) on 21 March 2018 and the proposed acquisition of 280,000 equity interest in Riveria City Sdn. Bhd. (formerly known as Bina Puri Development Sdn. Bhd.) (“RCSB”) by Titijaya from Bina Puri Construction Sdn. Bhd., thereby making RCSB, a 70%-owned subsidiary of Titijaya.

 

(Unless otherwise defined, capitalised terms used in this announcement shall have the same meaning as those given to them in the initial announcement made on 21 March 2018.)

 

The Board of Directors of Titijaya wishes to announce that the Company has on 22 April 2019, entered into a Mutual Termination Agreement with BPPSB to mutually agreed to terminate the JVA dated 21 March 2018 and the transfer of the remaining 30% equity interest comprising 120,000 ordinary shares in RCSB held by BPPSB to Titijaya for a total consideration of RM120,000 only (“Acquisition of Shares in RCSB”).

 

Upon the completion of the Acquisition of Shares in RCSB, RCSB shall become a wholly-owned subsidiary of Titijaya.

 

Please refer to the attachment for additional information.

 

This announcement is dated 22 April 2019.

 

 

Announcement Info

 

Company Name TITIJAYA LAND BERHAD
Stock Name TITIJYA
Date Announced 22 Apr 2019
Category General Announcement for PLC
Reference Number GA1-22042019-00096

Attachments

  1. Mutual_Termination_Agreement_entered_with_BPPSB.pdf (Size: 98,639 bytes)