UEMS

1.210

+0.05 (+4.3%)

OTHERS UEM SUNRISE BERHAD ("UEM SUNRISE" OR THE "COMPANY") PROPOSED DEVELOPMENT OF AN INTEGRATED TECH PARK IN GERBANG NUSAJAYA, ISKANDAR PUTERI, JOHOR DARUL TAKZIM NOW KNOWN AS NUSAJAYA TECH PARK, BY UEM LAND BERHAD ("UEM LAND"), A WHOLLY OWNED SUBSIDIARY OF UEM SUNRISE IN COLLABORATION WITH ASCENDAS LAND (MALAYSIA) SDN BHD ("ASCENDAS"), PART OF THE CAPITALAND LIMITED GROUP OF SINGAPORE ("PROPOSED DEVELOPMENT")

UEM SUNRISE BERHAD

Type Announcement
Subject OTHERS
Description
UEM SUNRISE BERHAD ("UEM SUNRISE" OR THE "COMPANY")

PROPOSED DEVELOPMENT OF AN INTEGRATED TECH PARK IN GERBANG NUSAJAYA, ISKANDAR PUTERI, JOHOR DARUL TAKZIM NOW KNOWN AS NUSAJAYA TECH PARK, BY UEM LAND BERHAD ("UEM LAND"), A WHOLLY OWNED SUBSIDIARY OF UEM SUNRISE IN COLLABORATION WITH ASCENDAS LAND (MALAYSIA) SDN BHD ("ASCENDAS"), PART OF THE CAPITALAND LIMITED GROUP OF SINGAPORE ("PROPOSED DEVELOPMENT")

Reference is made to the Company’s announcements dated 23 October 2012, 26 December 2012, 1 August 2013 and UEM Sunrise’s quarterly consolidated results reports the latest being the quarterly report on consolidated results for the financial period ended 31 March 2022 released on 25 May 2022 (section 15 on status of corporate proposals announced but not completed) in relation to the Proposed Development. Unless otherwise stated, the definitions used herein shall have the same meanings as set out in the announcements.

The Company wishes to announce that the Options granted to:

  1. Ascendas under the Master Agreement between UEM Land and Ascendas dated 23 October 2012 to purchase Phase 1 Lands, Phase 2 Lands and Phase 3 Lands, and
  2. Nusajaya Tech Park Sdn Bhd (formerly known as Suasana Prisma Sdn Bhd) ("NTPSB") under the Sale and Purchase Agreement dated 26 December 2012 between Nusajaya Rise Sdn Bhd and NTPSB to purchase Plot B,

have lapsed following the expiry of the Option Period on 22 October 2021. Phase 1 Lands consist of Plot A and Plot B. Only Plot A, measuring approximately 120 acres, was acquired by NTPSB.

Subsequent to the lapse of the Option Period, the Escrow Agent shall be obliged to release the Option Fee totalling approximately RM13.6 million and all accrued interest, excluding the Plot A Fee, to UEM Land.

In view of the situation, both UEM Land and Ascendas have been discussing the potential sale of the remaining unsold plots of lands in Nusajaya Tech Park to NTPSB pursuant to the Options aforementioned, as means to encourage a positive growth trajectory for NTPSB’s future plans. Notwithstanding the above, the manner of release for the Option Fee is also subjected to further discussion. The intentions of both parties were formalised in a letter acknowledged by Ascendas on 18 July 2022. Further disclosures will be announced accordingly upon the execution of the definitive agreements, if any. 

Plot A is currently part of Nusajaya Tech Park, a well-maintained landscape and facilities technology park, offering a good mix of built-to-suit and ready-built facilities for industry needs. The industrial park is presently home to many multinational corporations as well as small and medium-sized enterprises.

This announcement is dated 21 July 2022.






Announcement Info

Company Name UEM SUNRISE BERHAD
Stock Name UEMS
Date Announced 21 Jul 2022
Category General Announcement for PLC
Reference Number GA1-20072022-00068