Transactions (Chapter 10 Of Listing Requirements) : Non Related Party Transactions

BackJan 09, 2020
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description

HIAP HUAT HOLDINGS BERHAD ("HHH" OR "THE COMPANY") PROPOSED ACQUISITION OF AN INDUSTRIAL LAND WITHIN AN ONGOING DEVELOPMENT PROJECT KNOWN AS PULAU INDAH INDUSTRIAL PARK HELD UNDER MASTER TITLE NO. P.N 112462, LOT NO. 159227, IN THE DISTRICT AND MUKIM OF KLANG, STATE OF SELANGOR DARUL EHSAN FOR A TOTAL CASH CONSIDERATION OF RM11,965,932.00 ("PROPOSED ACQUISITION")

We refer to the earlier announcement dated 30 December 2019 and 6 January 2020 respectively in relation to the Proposed Acquisition (“Announcements”).

 

Unless otherwise defined, the definitions used herein shall be the same as those defined in the earlier announcements in relation to the Proposed Acquisition.

 

The Board of Directors of HHH wishes to furnish additional information in relation to the schedule of payment for the Balance Purchase Consideration of RM9,572,745.60, as follows:

 

 

 80% Balance Payment

  

             RM
       

 a)

 The Commencement of Earthworks

 15%

         1,794,889.80
       

 b)

 The Completion of Earthworks

 20%

         2,393,186.40
       

 c)

 The Completion of Drains excluding Drain Crossings

 10%

         1,196,593.20
       

 d)

 The Completion of Roads

 10%

         1,196,593.20
       

e)

 The Completion of Water Reticulation Mains

 10%

         1,196,593.20
       

f)

 The Completion of Electrical Substations   

   5%

            598,296.60
       

g)

 The Completion of Telephone Ductworks and Manholes

   5%

            598,296.60
       

h)

 Upon Handling over of Vacant Possession

   5%

            598,296.60
       
   

  80%

         9,572,745.60

 

The Balance Purchase Consideration of RM9,572,745.60 shall be paid by HHCSB to CSSB by way of progressive payments. Each payment shall be paid by HHCSB to CSSB within fourteen (14) days from the date of the notice from CSSB requesting the same.

 

However, CSSB has agreed to issue such notices requesting the payment only after the individual title to the said Lot is issued by the relevant State Authority and ready for transfer to the HHCSB, which is expected to be completed in August 2020. 

 

This announcement is dated 9 January 2020.




Announcement Info

Company Name HIAP HUAT HOLDINGS BERHAD
Stock Name HHHCORP
Date Announced 09 Jan 2020
Category General Announcement for PLC
Reference Number GA1-08012020-00022