EASTLND

0.145

(%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS EASTLAND EQUITY BHD. ("THE COMPANY" OR "EEB") - PROPOSED ACQUISITION OF DEVELOPMENT RIGHTS

EASTLAND EQUITY BHD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
EASTLAND EQUITY BHD. ("THE COMPANY" OR "EEB")
- PROPOSED ACQUISITION OF DEVELOPMENT RIGHTS

Reference is made to the announcements in relation to the Company's Proposed Acquisition of Development Rights dated 18 August 2020 and 17 November 2020 ("Earlier Announcements”). Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the Earlier Announcements.

 

The Board of Directors of EEB wishes to announce that FBO has, on 2 February 2021, received a written request from IWSB for a further extension of time for a period of ninety (90) days from 16 February 2021 to 16 May 2021 to satisfy the Conditions Precedent (“Extension Sought”).

 

FBO had been informed by IWSB that development plan for the Project has been issued to IWSB by Dewan Bandaraya Kota Kinabalu (“Approved Development Plan”) on 11 December 2020. Pursuant to the CSPA, the completion of the CSPA is conditional on, amongst others, change of name of developer (i.e. IWSB) in the Approved Development Plan in favour of FBO.

 

On 8 February 2021, FBO has agreed to grant IWSB the Extension Sought.

 

Save for the Extension Sought, all other terms and conditions as stated in the CSPA remain unchanged.

 

This announcement is dated 8 February 2021.






Announcement Info

Company Name EASTLAND EQUITY BHD
Stock Name EASTLND
Date Announced 08 Feb 2021
Category General Announcement for PLC
Reference Number GA1-04022021-00086