| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description |
EKOVEST BERHAD ("EKOVEST" OR THE "COMPANY") (I) PROPOSED ACQUISITIONS; AND (II) PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS "PROPOSALS") |
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On behalf of the Board of Directors of Ekovest, RHB Investment Bank Berhad and Astramina Advisory Sdn Bhd wish to announce that Timur Terang Sdn Bhd, a wholly-owned subsidiary of Ekovest, had on 21 November 2019, entered into the following agreements: |
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On behalf of the Board of Directors of Ekovest, RHB Investment Bank Berhad and Astramina Advisory Sdn Bhd wish to announce that Timur Terang Sdn Bhd, a wholly-owned subsidiary of Ekovest, had on 21 November 2019, 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 30.49 hectares or 75.34 acres in aggregate from IWH for a total purchase consideration of approximately RM869.69 million which will be satisfied in the following manner:
(a) approximately RM849.89 million through the issuance of 849,887,600 irredeemable convertible preference shares (“ICPS”) at an issue price of RM1.00 per ICPS; and
(b) approximately RM19.80 million in cash,
("Proposed Acquisition 1"); and
(ii) a conditional sale and purchase agreement with IWH to acquire three (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 6.32 hectares or 15.61 acres in aggregate from IWH for a total purchase consideration of approximately RM180.20 million which will be fully satisfied in cash (“Proposed Acquisition 2”),
(The Proposed Acquisition 1 and Proposed Acquisition 2 shall hereinafter be collectively referred to as the “Proposed Acquisitions”).
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 21 November 2019.
| Company Name | EKOVEST BERHAD |
| Stock Name | EKOVEST |
| Date Announced | 21 Nov 2019 |
| Category | General Announcement for PLC |
| Reference Number | GA1-21112019-00082 |
Please refer attachment below.
Attachments