MLAB

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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS MLABS SYSTEMS BERHAD - JOINT VENTURE AGREEMENT ENTERED INTO BETWEEN IKHLAS AL DAIN SDN. BHD. AND SEACERA BUILDERS SDN. BHD.

MLABS SYSTEMS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
MLABS SYSTEMS BERHAD - JOINT VENTURE AGREEMENT ENTERED INTO BETWEEN IKHLAS AL DAIN SDN. BHD. AND SEACERA BUILDERS SDN. BHD.

(Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcement dated 25 March 2022.)

 

Reference is made to the Company’s announcement made on 25 March 2022.

 

Mlabs Systems Berhad (“MLabs” or “the Company”) wishes to further announce on the following :

 

1. Sungei Wang Plaza Sdn. Bhd. (“SWP”) was indebted to Ikhlas in the sum of RM11,215,289.13. Under a settlement agreement dated 30 August 2021, SWP has procured the assignment of the Development Rights of Ribuan Bakat’s Land to Ikhlas.

 

2. The Development Rights Value was determined by an Independent Valuer using the residual method. Under the residual method, the Development Rights Value was determined based on the formula below:

 

Development Rights Value = Gross Development Value (GDV) - Development Costs - Developer's Profit

 

3. Details of the Independent Valuer and valuation report are as follows :

 

Name of Independent Valuer

Laurelcap Sdn. Bhd

Date of Valuation Report

15 March 2022

Method of Valuation and Quantification of the Market Value

Residual Method

 

4. Dato’ Seri Abdul Azim Bin Mohd Zabidi has confirmed that he does not have any direct and indirect shareholdings in Mlabs and Seacera Group Berhad.

 

This announcement is dated 13 April 2022.






Announcement Info

Company Name MLABS SYSTEMS BERHAD
Stock Name MLAB
Date Announced 13 Apr 2022
Category General Announcement for PLC
Reference Number GA1-13042022-00053