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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")

AGESON BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-25102021-00001
Subject 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")
Description
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")
Query Letter Contents

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)

We refer to the letter from Bursa Malaysia Securities Berhad dated 25 October 2021 with regards to our Company’s announcement dated 21 October 2021.

 

Unless otherwise defined, the terms and definitions used herein shall have the same meaning as defined in the announcement dated 21 October 2021 in relation to the Sale and Development. The Company wishes to furnish the following additional information pertaining to the Sale and Development, as stated in the attachment.

 

Please refer to the attachment for the additional information.

 

This announcement is dated 26 October 2021.

 

Please refer attachment below.



Please refer attachment below.



Announcement Info

Company Name AGESON BERHAD
Stock Name AGES
Date Announced 26 Oct 2021
Category General Announcement for PLC
Reference Number GA1-26102021-00069