AGESON BERHAD ("AGESON" OR "THE COMPANY")

SALE AND DEVELOPMENT AGREEMENT BETWEEN AGESON HOLDINGS SDN BHD ("AHSB"), AN INDIRECT 75%-OWNED SUBSIDIARY OF THE COMPANY AND ZHEJIANG GUORONG DIGITAL ECONOMY GROUP LTD., ("ZGDEG")

We refer to your Company's announcement dated 21 October 2021, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad with the following additional information for public release:-

1. Nature of relationship between AHSB and MBI Perak and to state clearly who is the legal and beneficial owner of the Development Land;

2. Latest status of the Development Rights Agreement (DRA) between AHSB and MBI Perak, including but not limited to, the following:-

(i) Types and details of the development of the entire 475 acres Development Land;

(ii) Cost and profit-sharing arrangement as well as the roles and responsibility between AHSB and MBI Perak;

(iii) Name of all relevant authorities approval required for the Development Land, including the application and approval date/expected date of approval;

(iv) Expected commencement and completion date for each phase of development, based on the expected date of approval from all relevant authorities;  

(v) Full details of all the condition precedents (including the current status) of the DRA and whether it has been fulfilled/satisfied;

(vi) Expected date on when Ageson Berhad is seeking shareholders’ approval for the DRA.

3. State with clarity on whether the Proposed Sale and Development of the Industrial Land is conditional upon the fulfilment of condition precedents of the DRA.

4. Note that you have represented that the GDP and GDC of the DRA cannot be determined as it is dependent upon the approved development order. In this regard, please provide the basis and breakdown on how the purchase consideration of RM278.78 million is arrived at.

5. Please clarify to whom (i.e. AHSB or MBI Perak) will the purchase consideration of RM278.78 million be payable to and the reasons thereof based on the terms of the DRA.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully

Listing

Regulation

cc:-   Market Surveillance, Securities Commission (via fax)