|Subject||TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
EKOVEST BERHAD ("EKOVEST" OR THE "COMPANY") RECEIPT OF A PROPOSAL LETTER FROM TAN SRI DATO' LIM KANG HOO IN RELATION TO A PROPOSED CORPORATE EXERCISE INVOLVING THE COMPANY, ISKANDAR WATERFRONT HOLDINGS SDN BHD ("IWH") AND ISKANDAR WATERFRONT CITY BERHAD ("IWC")
We refer to the announcement made on 31 October 2017 on the above matter.
On behalf of the Board of Directors of Ekovest (“Board”), Mercury Securities Sdn Bhd (“Mercury Securities”) and Astramina Advisory Sdn Bhd (“Astramina”) wish to announce that the Board had today received a letter of undertaking dated 27 November 2017 from IWH, wherein IWH undertakes that, inter alia, it shall not accept the offer to be made by Ekovest under the Proposed Acquisition and it will consent to an application for the delisting of IWC, if any, made by Ekovest.
Further to that, as announced on 31 October 2017, all relevant parties will use their best endeavours and efforts to negotiate in good faith documentation and arrangements in relation to the Proposed Acquisition on or before 30 November 2017. Pursuant thereto, the Board had today formalised the establishment of a due diligence working group for the relevant documentation and arrangements as well as due diligence matters in relation to the Proposed Acquisition.
Mercury Securities Sdn. Bhd. has been appointed to act as Principal Adviser for the Proposed Acquisition.
Independent property valuers have also been appointed by the Company to undertake valuation on the material properties of IWC in order to ascertain their market values.
Further announcements will be made in due course.
This announcement is dated 28 November 2017.
|Company Name||EKOVEST BERHAD|
|Date Announced||28 Nov 2017|
|Category||General Announcement for PLC|