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 :
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 |