GFM

0.175

-0.005 (-2.8%)

OTHERS GFM SERVICES BERHAD ("GFM") - JOINT VENTURE AGREEMENT BETWEEN GFM AND AMZASS (M) SDN BHD ("PROPOSED JV")

GFM SERVICES BERHAD

Type Announcement
Subject OTHERS
Description
GFM SERVICES BERHAD ("GFM")
- JOINT VENTURE AGREEMENT BETWEEN GFM AND AMZASS (M) SDN BHD ("PROPOSED JV")

Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in GFM’s announcement dated 20 September 2021 (“Announcement”).

 

1. INTRODUCTION

 

Reference is made to GFM’s announcement dated 20 September 2021 in which GFM had announced that it has entered into the JVA with Amzass relating to the Proposed JV.

 

2. NON-FULFILMENT OF CONDITION PRECEDENT

 

The Board wishes to announce that GFM is not satisfied with the results of the DD Review (“Unsatisfactory DD”) and accordingly, the Condition set out in Section 3.2(v) of the Announcement is not fulfilled in accordance with the JVA.

 

GFM had on even date notified Amzass of the Unsatisfactory DD and further demanded a refund of the Consideration of RM500,000.00 (“Refund”).

 

Upon receipt of the Refund by GFM, the agreement constituted by the JVA shall become void and of no effect (“Termination”).

 

3. FINANCIAL EFFECTS

 

The Termination is not expected to have any material impact on the earnings per share and net asset per share of GFM.

 

 

This announcement is dated 20 April 2022.






Announcement Info

Company Name GFM SERVICES BERHAD
Stock Name GFM
Date Announced 20 Apr 2022
Category General Announcement for PLC
Reference Number GA1-20042022-00033