MJPERAK

0.380

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OTHERS MAJUPERAK HOLDINGS BERHAD ("MHB" or "the Company") TERMINATION OF FRAMEWORK AGREEMENT BETWEEN A WHOLLY OWNED SUBSIDIARY OF MAJUPERAK HOLDINGS BERHAD ("MHB"), MAJUPERAK ENERGY RESOURCES SDN BHD ("MERSB") AND CAHYA SURIA ENERGY SDN BHD ("CSE")

MAJUPERAK HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
MAJUPERAK HOLDINGS BERHAD ("MHB" or "the Company")

TERMINATION OF FRAMEWORK AGREEMENT BETWEEN A WHOLLY OWNED SUBSIDIARY OF MAJUPERAK HOLDINGS BERHAD ("MHB"), MAJUPERAK ENERGY RESOURCES SDN BHD ("MERSB") AND CAHYA SURIA ENERGY SDN BHD ("CSE")

Reference is made to the Company’s announcement on 3 June 2020 pertaining to the signing of a Framework Agreement (“the Framework Agreement”) between MERSB and CSE for the purpose of collaborating on the development of 'Large Scale Solar Photovoltaic’ Projects (“LSS Projects”) in the State of Perak.

 

In this regard, the Board of Directors of MHB wishes to announce that both parties have mutually agreed to terminate the Framework Agreement effective 3 June 2021 in view that the Condition Precedent as set out in Clause 6 of the Framework Agreement has not been satisfied. Among the Condition Precedent includes that the parties successfully securing no less than 100 megawatt capacity, on the computation basis of three (3) acres per megawatt, from Perak State Government and Perbadanan Kemajuan Negeri Perak and/or its group of companies for the development of the LSS Projects.

 

Under that Clause 6, the Framework Agreement shall automatically be deemed terminated with immediate effect in the event that the conditions precedent set out under the Framework Agreement have not been satisfied or waived by both parties within 12 months from the date the Framework Agreement, being 3 June 2021.

 

The termination of the Framework Agreement is not expected to have any material effect on the consolidated earnings and net assets per share of the Company for the financial year ending 31 December 2021.

 

This announcement is dated 8 June 2021.

 

 






Announcement Info

Company Name MAJUPERAK HOLDINGS BERHAD
Stock Name MJPERAK
Date Announced 08 Jun 2021
Category General Announcement for PLC
Reference Number GA1-08062021-00086