FCW

1.030

(%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS FCW HOLDINGS BERHAD ("FCW" OR THE "COMPANY") PROPOSED ACQUISITIONS

FCW HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
FCW HOLDINGS BERHAD ("FCW" OR THE "COMPANY")

PROPOSED ACQUISITIONS

We refer to the Company’s announcements made on 26 April 2021, 5 July 2021, 6 July 2021, 21 July 2021, 26 July 2021 and 29 July 2021 in relation to the Proposed Acquisitions. For consistency purposes, the abbreviations used in this announcement shall carry the same meaning as those previously defined in FCW’s circular to shareholders dated 6 July 2021 in relation to the Proposed Acquisitions.

 

On behalf of the Board, Mercury Securities wishes to announce that FCW and CFM Development had on 16 August 2021 entered into a supplemental agreement in respect of SPA 1 (“Supplemental Agreement”) to facilitate the completion of SPA 1 and the release of the Balance Payment for Lot 1 in view that the adjudication of the stamp duty payable on the transfer for Lot 1 remains pending.

 

The salient terms of the Supplemental Agreement are as follows:

 

(i)  That instead of the Balance Payment for Lot 1 being paid by the Purchaser on or before the expiry of the Completion Period of SPA 1 or the extended Completion Period of SPA 1, as the case may be, to solicitors as stakeholders to hold and deal with pending the presentation of the memorandum of transfer for Lot 1, the Balance Payment for Lot 1 shall be paid by the Purchaser to the Vendor on or before expiry of the Completion Period of SPA 1 or extended Completion Period of SPA 1, subject to:

  1. Lot 1’s transfer documents and the chargee’s confirmation that they will execute and deliver the discharge documents having been delivered to the Purchaser or Purchaser’s solicitors and a land search result conducted in respect of Lot 1 indicating that Lot 1 is free from encumbrances, save for the TNB Lease and the above chargee’s charges; and
     
  2. the Vendor having granted a power of attorney in favour of the Purchaser to enable the Purchaser to deal with Lot 1 on behalf of the Vendor pending the registration of Lot 1’s transfer;

(ii)  Upon payment of the Balance Payment for Lot 1, the Purchaser shall be the sole beneficial owner of Lot 1 and the Vendor shall hold all rights, title and interest in Lot 1 on trust as bare trustee for the Purchaser and the Vendor shall carry out and comply with all of the Purchaser’s instructions and requirements in respect of the dealings with Lot 1’s legal title, pending registration of Lot 1’s transfer documents.

 

FCW had on even date paid the Balance Payment for Lot 1 to CFM Development, which marks the completion of SPA 1.

 

The Supplemental Agreement is available for inspection at FCW’s registered office at 29th Floor, Menara JKG, No. 282, Jalan Raja Laut, 50350 Kuala Lumpur during normal business hours from Mondays to Fridays (except public holidays) for a period of 3 months from the date of this announcement.

 

This announcement is dated 16 August 2021.






Announcement Info

Company Name FCW HOLDINGS BERHAD
Stock Name FCW
Date Announced 16 Aug 2021
Category General Announcement for PLC
Reference Number GA1-16082021-00029