Unless otherwise defined, the definitions set out in the announcement dated 20 April 2021 shall apply herein.
We refer to the announcement dated 20 April 2021 in relation to the Proposed Joint Ventures, M&A Securities on behalf of the Company, wishes to announce that Amverton Prop had on 18 November 2021 entered into 4 supplemental joint ventures agreement (“Supplemental JVAs”) with Unik Sejati, Pembinaan Kesentosaan and Amverton Carey to vary certain terms of the JVAs.
The variations to the JVAs are as follows:
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Existing terms
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Revised terms
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1.
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Amverton Prop shall as soon as possible but in any event not later than 14 working days from the date of the respective JVAs or such other date as the parties may mutually agree in writing, at its own cost and expense, submit the necessary applications to its shareholders and to obtain the Shareholders’ Approval within 3 months from the date of the JVAs (“Cut-Off Date”).
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Amverton Prop shall as soon as possible but in any event not later than 14 working days from the date of the Supplemental JVAs or such other date as the parties may mutually agree, at its own cost and expense, submit the necessary applications to its shareholders and to obtain the Shareholders’ Approval within 3 months from the date of the Supplemental JVAs (“New Cut-Off Date”).
If the Shareholder’s Approval cannot be obtained within the New Cut-Off Date or within any extension period as may be mutually agreed by the parties, the Landowner shall within 10 working days from the expiry of the New Cut-Off Date refund free of interest the deposit to Amverton Prop and whereupon the JVAs and the Supplemental JVAs shall terminate and be of no further effect.
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2.
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Additional condition precedent for JVA B:
Development Order
Amverton Prop shall obtain the development order for the project (“Development Order”) on or before 31 December 2022 or such time as may be mutually agreed by the parties (“Approval Period”). If the Development Order cannot be obtained within the Approval Period, notwithstanding that the Shareholder’s Approval has been obtained, Pembinaan Kesentosaan shall within 10 working days from the expiry of the Approval Period refund free interest the deposit to Amverton Prop and whereupon the JVA and the Supplemental JVA shall terminate and be of no further effect.
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This announcement is dated 18 November 2021.