SOP

3.020

+0.03 (+1%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): RELATED PARTY TRANSACTIONS SARAWAK OIL PALMS BERHAD ("SOPB" OR THE "COMPANY") (I) PROPOSED ACQUISITION OF 60.0% EQUITY INTEREST IN DD PELITA SEBUNGAN PLANTATION SDN BHD AND MUTIARA PELITA GENAAN PLANTATION SDN BHD FROM DOUBLE DYNASTY SDN BHD AND MUTIARA HARTABUMI SDN BHD RESPECTIVELY FOR AN AGGREGATE PURCHASE CONSIDERATION OF RM134.9 MILLION, TOGETHER WITH THE PROPOSED PROCUREMENT OF THE RIGHTS TO DEVELOP AN ADDITIONAL UP TO 8,000 HECTARES OF LAND INTO OIL PALM PLANTATIONS FOR A PROCUREMENT CONSIDERATION OF UP TO RM28.0 MILLION; AND (II) PROPOSED ACQUISITION OF 34.9 HECTARES OF LAND LOCATED AT BINTULU, SARAWAK, FROM DD PALM OIL MILLS SDN BHD, TING CHEK ING AND LEE KA MING FOR A PURCHASE CONSIDERATION OF APPROXIMATELY RM4.3 MILLION (COLLECTIVELY REFERRED TO AS “PROPOSED ACQUISITIONS”)

SARAWAK OIL PALMS BERHAD

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	SARAWAK OIL PALMS BERHAD ("SOPB" OR THE "COMPANY") (I) PROPOSED ACQUISITION OF 60.0% EQUITY INTEREST IN DD PELITA SEBUNGAN PLANTATION SDN BHD AND MUTIARA PELITA GENAAN PLANTATION SDN BHD FROM DOUBLE DYNASTY SDN BHD AND MUTIARA HARTABUMI SDN BHD RESPECTIVELY FOR AN AGGREGATE PURCHASE CONSIDERATION OF RM134.9 MILLION, TOGETHER WITH THE PROPOSED PROCUREMENT OF THE RIGHTS TO DEVELOP AN ADDITIONAL UP TO 8,000 HECTARES OF LAND INTO OIL PALM PLANTATIONS FOR A PROCUREMENT CONSIDERATION OF UP TO RM28.0 MILLION; AND (II) PROPOSED ACQUISITION OF 34.9 HECTARES OF LAND LOCATED AT BINTULU, SARAWAK, FROM DD PALM OIL MILLS SDN BHD, TING CHEK ING AND LEE KA MING FOR A PURCHASE CONSIDERATION OF APPROXIMATELY RM4.3 MILLION (COLLECTIVELY REFERRED TO AS “PROPOSED ACQUISITIONS”)
This announcement should be read in conjunction with the earlier announcements made on 19 March 2014, 16 April 2014, 26 September 2014 and 18 November 2014. Unless otherwise defined, the terms used in this announcement shall have the same meaning as those defined in the announcement dated 19 March 2014 (“Announcement”). On behalf of the Board of Directors of SOPB, RHB Investment Bank Berhad wishes to announce that Reddi & Co Advocates, our Solicitor, had on 16 December 2014 received a letter from David Allan Sagah & Teng Advocates, on behalf of the Vendors, to inform that the Vendors are unable to obtain the consent from the Ministry of Land Development for the sale and transfer of their Sale Shares, which is one of the Conditions Precedent in the SSA and that the Vendors are giving notice to rescind the SSA pursuant to clause 4.5.1 of the SSA (which is set out in Section 2.1.2(ii)(a) of the Announcement). As the SPA is conditional upon the completion of the SSA, the SPA would also be rescinded. SOPB is currently contemplating its next course of action, which would include, amongst others, the recovery of the Deposit and the cessation of SOPB’s representative as a director in DD Pelita and Mutiara Pelita. This announcement is dated 17 December 2014.

Announcement Info

Company Name	SARAWAK OIL PALMS BERHAD
Stock Name	SOP
Date Announced	17 Dec 2014
Category	General Announcement
Reference No	MI-141217-42884

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