5754

0.000

(%)

MATERIAL LITIGATION UTUSAN MELAYU (MALAYSIA) BERHAD ("UTUSAN" or THE "COMPANY') - UPDATE OF MATERIAL LITIGATION - NYLEX (MALAYSIA) BERHAD v UTUSAN MELAYU (MALAYSIA) BERHAD

UTUSAN MELAYU (MALAYSIA) BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
UTUSAN MELAYU (MALAYSIA) BERHAD ("UTUSAN" or THE "COMPANY') - UPDATE OF MATERIAL LITIGATION - NYLEX (MALAYSIA) BERHAD v UTUSAN MELAYU (MALAYSIA) BERHAD

We refer to the Company’s previous announcement on 8 April 2019.  Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the said announcement. 

 

The Board of Directors of Utusan wishes to announce that the Company had on 16 July 2019 entered into a Supplemental Settlement Agreement with Nylex (Malaysia) Berhad (Company No.: 9378-T), (“Nylex”) to vary the terms of the Settlement Agreement dated 8 April 2019 between Utusan and Nylex (“Supplemental Settlement Agreement”) whereas:

 

(a) Utusan is required under the relevant provisions of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and other applicable guidelines to obtain a valuation report from an approved valuer and to obtain shareholder’s approval for the transfer of Trax Property from the Proprietor to Nylex.

 

(b) Due to the additional time required for Utusan to obtain the said valuation report before it can make an announcement on the sale and purchase agreement between the Proprietor and Nylex, Parties have agreed to grant additional time for Utusan to procure the Proprietor to execute the sale and purchase agreement for the transfer of the Trax Property (“Trax SPA”) on the terms and conditions of the Supplemental Settlement Agreement.

 

The salient terms of the Supplemental Settlement Agreement amongst others are as follows:

 

  1. The deposit and execution of the documents as described in Part A of Appendix 1 of the Settlement Agreement shall take place by 31 July 2019 or at any later date agreed by all Parties in writing;

     

  2. That vacant possession of Trax Property shall be delivered within three (3) days from the date Utusan obtains the approval of its shareholders for the disposal of the Trax Property to Nylex.

 

Save for the above, all the provisions in the Settlement Agreement shall remain in full force and effect.

 

This announcement is dated 16 July 2019. 






Announcement Info

Company Name UTUSAN MELAYU (MALAYSIA) BERHAD
Stock Name UTUSAN
Date Announced 16 Jul 2019
Category General Announcement for PLC
Reference Number GA1-16072019-00091