FIAMMA

0.935

-0.005 (-0.5%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS Fiamma Holdings Berhad ("Fiamma" or "the Company") - Termination of joint development of one (1) parcel of freehold land by Pinang Sutera Sdn. Bhd. ("PSSB"), a 60%-owned subsidiary of Fiamma Development Sdn. Bhd., which is a wholly-owned subsidiary of Fiamma, with the respective Landowners, in Mukim of Simpang Kanan, District of Batu Pahat, State of Johor ("Joint Development")

FIAMMA HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
Fiamma Holdings Berhad ("Fiamma" or "the Company")
- Termination of joint development of one (1) parcel of freehold land by Pinang Sutera Sdn. Bhd. ("PSSB"), a 60%-owned subsidiary of Fiamma Development Sdn. Bhd., which is a wholly-owned subsidiary of Fiamma, with the respective Landowners, in Mukim of Simpang Kanan, District of Batu Pahat, State of Johor ("Joint Development")

Reference is made to the announcement dated 8 December 2017 in relation to the Joint Development. The terms herein shall bear the same meanings as defined in the said announcement.

The Board of Directors of Fiamma wishes to announce that the Landowners and PSSB had vide an Agreement on Termination dated 25 June 2021 mutually agreed to revoke, rescind and terminate the Joint Venture Agreement (“JVA”) dated 8 December 2017 for the joint development of the Land, subject to the terms and conditions of the Agreement on Termination and JVA (hereinafter referred to as “Mutual Termination”).

Upon the Mutual Termination, the Land Consideration, incidental and related expenses incurred by PSSB in the Joint Development will be refunded by the Landowners to PSSB in accordance with the terms and conditions of the Agreement on Termination and JVA.

The Mutual Termination will not have material effect on the earnings per share, net assets per share and gearing of Fiamma Group for the financial year ending 30 September 2021.

None of the Directors and/or major shareholders of Fiamma and/or persons connected with them have any interests, direct or indirect, in the Mutual Termination.

The Board of Directors, having considered all aspects of the Mutual Termination, is of the opinion that the Mutual Termination is in the best interests of the Group.

This announcement is dated 25 June 2021.






Announcement Info

Company Name FIAMMA HOLDINGS BERHAD
Stock Name FIAMMA
Date Announced 25 Jun 2021
Category General Announcement for PLC
Reference Number GA1-05052021-00094