Our website is made possible by displaying online advertisements to our visitors.
Please consider supporting us by disabling your ad blocker.

PRKCORP

0.300

-0.035 (-10.4%)

OTHERS PERAK CORPORATION BERHAD (210915-U) TERMINATION OF LICENSE AGREEMENTS WITH IMPS S.A.

PERAK CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
PERAK CORPORATION BERHAD (210915-U)
TERMINATION OF LICENSE AGREEMENTS WITH IMPS S.A.

On behalf of the Board of Directors of Perak Corporation Berhad (“Company”), we wish to announce that Animation Theme Park Sdn Bhd (“ATP”), an indirect 51%-owned subsidiary of the Company, has, on 20 June 2019, received a notice from IMPS S.A. to terminate the Theme Park License Agreement dated 1 April 2015, as amended by an addendum dated 30 March 2017, and Merchandising License Agreement dated 1 April 2015 (collectively the “License Agreements”), that were entered into between IMPS S.A. and ATP, with immediate effect.

IMPS S.A. has opted to terminate the License Agreements prematurely for the reason being ATP failing to settle the outstanding payments of the flat fees and royalties pursuant to the License Agreements amounting to USD248,438.61 in total.

ATP is taking the necessary action to remove all Smurf’s intellectual properties and attractions in the Movie Animation Park Studios.

The related intellectual properties rights acquired under the License Agreements which are classified as intangible assets in the books of ATP have a carrying value of RM381,453 as at 31 May 2019.  This amount together with the related inventories and estimated Smurf’s attractions cost of RM2,780,683 will be written off in the current financial year.

This announcement is dated 25 June 2019.






Announcement Info

Company Name PERAK CORPORATION BERHAD
Stock Name PRKCORP
Date Announced 25 Jun 2019
Category General Announcement for PLC
Reference Number GA1-25062019-00118