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DOLPHIN

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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS DOLPHIN INTERNATIONAL BERHAD ("DIB" OR "THE COMPANY") DISPOSAL OF PROPERTY BY DOLPHIN APPLICATIONS SDN. BHD. (DASB), A WHOLLY-OWNED SUBSIDIARY OF DOLPHIN INTERNATIONAL BERHAD (DIB OR THE COMPANY) TO STI FASTENERS SDN. BHD. (STI) (PROPOSED DISPOSAL)

DOLPHIN INTERNATIONAL BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
DOLPHIN INTERNATIONAL BERHAD ("DIB" OR "THE COMPANY")
DISPOSAL OF PROPERTY BY DOLPHIN APPLICATIONS SDN. BHD. (DASB), A WHOLLY-OWNED SUBSIDIARY OF DOLPHIN INTERNATIONAL BERHAD (DIB OR THE COMPANY) TO STI FASTENERS SDN. BHD. (STI) (PROPOSED DISPOSAL)

We refer to the announcements made to Bursa Securities on 31 December 2018 and 10 January 2019 in relation to the above Proposed Disposal.

 

The Board of Directors of DIB wishes to announce that Dolphin Applications Sdn. Bhd. (“DASB” or “Vendor”), a wholly-owned subsidiary of DIB had on 15 March 2019 received an acceptance letter from STI Fasteners Sdn. Bhd. (“STI” or “Purchaser”) in relation to the extension of time up to 21 June 2019 to comply with all the Conditions Precedents (“CPs”) pursuant to Clause 3 of the Sale and Purchase Agreement (“SPA”) dated 31 December 2018.

 

Further on 1 August 2019, DASB had received second acceptance letter from STI in relation to the second extension of time up to 22 November 2019 to comply with all the CPs pursuant to Clause 3 of the SPA dated 31 December 2018 with condition that DASB shall place a retention sum of seven per-centum (7%) equivalent to RM327,600/= with the purchaser’s lawyer acting as stakeholder until all the CPs have been complied.

 

The Company will make further announcement if there is any material development in the matter.

 

This announcement is dated 30 August 2019.






Announcement Info

Company Name DOLPHIN INTERNATIONAL BERHAD
Stock Name DOLPHIN
Date Announced 30 Aug 2019
Category General Announcement for PLC
Reference Number GA1-30082019-00110