GKENT

0.695

+0.005 (+0.7%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS GEORGE KENT (MALAYSIA) BERHAD ("GKM" OR THE "COMPANY") SALE OF 50% EQUITY INTEREST IN MRCB GEORGE KENT SDN BHD BY GEORGE KENT RAIL SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF GKM (HEREINAFTER REFERRED TO AS THE "TRANSACTION")

GEORGE KENT (MALAYSIA) BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
GEORGE KENT (MALAYSIA) BERHAD ("GKM" OR THE "COMPANY")

SALE OF 50% EQUITY INTEREST IN MRCB GEORGE KENT SDN BHD BY GEORGE KENT RAIL SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF GKM (HEREINAFTER REFERRED TO AS THE "TRANSACTION")

The Board of Directors (“Board’) of GKM refers to the Company’s announcements dated 13 August 2019, 15 August 2019, 24 May 2021, 13 September 2021 and 28 September 2021. 

 

The Board wishes to announce that the Transaction was completed on 13 October 2021 upon receipt of a banker’s cheque for RM53 million for full settlement of the Disposal Consideration.

 

The Board further announce that the Company had received a letter dated 7 October 2021 from Prasarana Malaysia Berhad (“Prasarana”) to state that GKM will be  released and discharged from its liabilities and obligations under the parent company guarantee dated 22 March 2019 given to Prasarana pursuant to Clause 8.1 of the Contract Agreement dated 25 January 2019 between MRCB George Kent Sdn Bhd (“MRCBGK”) and Prasarana with effect from the date of completion of the change of shareholding, which date shall be confirmed in writing by Malaysian Resources Corporation Berhad (“MRCB”) to Prasarana. In this respect the Company had received a copy of MRCB’s letter dated 14 October 2021 addressed to Prasarana to notify that the change of shareholding of MRCBGK has been completed on 13 October 2021.

 

With the completion of the Transaction on 13 October 2021, GKM ceased forthwith to have the investment in the joint venture under MRCBGK and GKM is also released and discharged from its liabilities and obligations under the parent company guarantee dated 22 March 2019 given to Prasarana.

 

This announcement is dated 14 October 2021.

    






Announcement Info

Company Name GEORGE KENT (MALAYSIA) BERHAD
Stock Name GKENT
Date Announced 14 Oct 2021
Category General Announcement for PLC
Reference Number GA1-14102021-00018