TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS DPS RESOURCES BERHAD ("DPS" OR THE "COMPANY") PROPOSED JOINT DEVELOPMENT BETWEEN SHANTAWOOD SDN BHD ("SSB"), A WHOLLY-OWNED SUBSIDIARY OF DPS RESOURCES BERHAD AND BIOTREND ASIA (M) SDN BHD ("BIOTREND") TO JOINTLY DEVELOP A FEW PARCELS OF LAND FOR DEVELOPMENT IN THE STATE OF MELAKA MEASURING APPROXIMATELY 52.186 ACRES IN AGGREGATE ("MELAKA LAND") ("PROPOSED JOINT DEVELOPMENT")
| DPS RESOURCES BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description | DPS RESOURCES BERHAD ("DPS" OR THE "COMPANY")
PROPOSED JOINT DEVELOPMENT BETWEEN SHANTAWOOD SDN BHD ("SSB"), A WHOLLY-OWNED SUBSIDIARY OF DPS RESOURCES BERHAD AND BIOTREND ASIA (M) SDN BHD ("BIOTREND") TO JOINTLY DEVELOP A FEW PARCELS OF LAND FOR DEVELOPMENT IN THE STATE OF MELAKA MEASURING APPROXIMATELY 52.186 ACRES IN AGGREGATE ("MELAKA LAND") ("PROPOSED JOINT DEVELOPMENT") |
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On behalf of the Board of Directors, DPS wishes to announce that SSB had on 8th April 2022 entered into a JDA (“JDA”) with Biotrend Asia (M) Sdn Bhd (“Biotrend”) to jointly develop the Melaka Land into mixed development projects (“Mixed Developments” or “Projects”).
Pursuant to the JDA, Biotrend, being the developer of the Melaka Land, shall grant SSB, full and unfettered rights to carry out the Development on the Melaka Land, in exchange for total consideration average of 3% from the Total Gross Development Value (“GDV”) (“Co-Developer’s Entitlement”).
In view of the interest of certain directors and major shareholders of DPS in the Proposed Joint Development as set out in Section 7 of this Announcement, the Proposed Joint Development is deemed a related party transaction pursuant to Paragraph 10.08 of the Main Market Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”).
Please refer to the attached document for further details.
This announcement is dated 8 April 2022. |
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Please refer attachment below.
Announcement Info
| Company Name | DPS RESOURCES BERHAD |
| Stock Name | DPS |
| Date Announced | 08 Apr 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-08042022-00053 |