News

On behalf of the Board of Directors of Ekovest ("Board"), MIDF Amanah Investment Bank Berhad("MIDF Investment") and Astramina Advisory Sdn Bhd ("Astramina Advisory") wish to announce that Timur Terang Sdn Bhd ("TTSB"), a wholly-owned subsidiary of Ekovest, had on 5 April 2021, entered into the following agreements:

(i)         a conditional sale and purchase agreement with Iskandar Waterfront Holdings Sdn Bhd ("IWH") and Ekovest to acquire 17 parcels of freehold development land held under Title Nos. HSD 459 to HSD 475, Lot Nos. 3742 to 3758, all in the Mukim of Pulai, District of Johor Bahru, State of Johor, measuring approximately 32.49 hectares or 80.28 acres in aggregate ("Lands 1") from IWH for a total purchase consideration of approximately RM785.21 million ("Purchase Consideration 1") which will be satisfied in the following manner:

(a) approximately RM774.62 million through the issuance of 911,323,376 new irredeemable convertible preference shares in Ekovest ("ICPS") at an issue price of RM0.85 per ICPS; and

(b) approximately RM10.59 million in cash,

("SPA 1") ("Proposed Acquisition 1"); and

(ii)        a conditional sale and purchase agreement with IWH to acquire 3 parcels of freehold development land held under Title Nos. GRN 90574, GRN 90575 and GM 1424, Lot Nos. 728, 729 and 4354 respectively, all in the Mukim of Pulai, District of Johor Bahru, State of Johor, measuring approximately 6.47 hectares or 15.99 acres in aggregate ("Lands 2") from IWH for a total purchase consideration of approximately RM159.41 million ("Purchase Consideration 2") which will be fully satisfied in cash ("SPA 2") ("Proposed Acquisition 2"),

(The Lands 1 and Lands 2, the Purchase Consideration 1 and Purchase Consideration 2, the SPA 1 and SPA 2, as well as the Proposed Acquisition 1 and Proposed Acquisition 2 shall hereinafter be collectively referred to as the "Lands", the "Total Purchase Consideration", the "SPAs" and the "Proposed Acquisitions" respectively).

In order to facilitate the issuance of the ICPS pursuant to the Proposed Acquisition 1, the Company also proposes to amend and/or include certain clauses in the existing Constitution of the Company ("Proposed Amendments").

Further details on the Proposals are set out in the attachment below.

This announcement is dated 5 April 2021.