We refer to the announcement dated 6 August 2019 in relation to the Proposed Acquisition. Unless otherwise stated, the definitions used herein shall have the same meanings as set out in the said announcement.

The Board of Directors of Mah Sing wishes to announce that in response to Vendor’s request dated 4 September 2019, Maxim Heights had on 5 September 2019 (“Extension Date”) granted an extension of time for a period of 3 months commencing from 6 September 2019 to 5 December 2019 (“the Said Extension”) for Vendor to obtain the State Authority’s Consent.

In consideration of Maxim Heights’ agreement to grant the Said Extension to the Vendor, the parties agreed, amongst others, as follows:

(a)     Vendor to release the following documents to Maxim Heights within 1 day from the Extension Date:

(i)      the original Power of Attorney; and 

(ii)     all the letters of discharge and release from all the consultants previously appointed or employed by the Vendor for the development on the Land.

(b)     within 5 working days from the receipt of the original State Authority’s Consent and Vendor’s written confirmation of the total amount fully settled by Vendor to Dewan Bandaraya Kuala Lumpur (“DBKL”) for the remainder of the development charges up to RM9,865,425.99 (“Development Charges”), Maxim Heights shall reimburse the Vendor for the Development Charges;

(c)     in the event the SPA is rescinded or terminated, Vendor shall within 14 working days from the date of such rescission or termination, reimburse Maxim Heights for the sum totaling to RM1,093,100 being the payments of security deposit, ISF (Road) Contribution and ISF (Drainage) Contribution paid to DBKL in exchange for the documents referred to items (d)(i) to (d)(v) herein below; and

(d)     within 14 working days upon the rescission or termination of the SPA, Maxim Heights shall forward to the Vendor:

(i)      the duly registered Revocation of the Power of Attorney together with the original Power of Attorney; 

(ii)     all the letters of discharge and release from all the consultants previously appointed or employed by the Vendor for the development on the Land;

(iii)   all the letters of release and discharge of Maxim Heights’ consultants; 

(iv)   Maxim Heights’ letter informing DBKL on the rescission or termination of the SPA; and

(v)     all such documents released by the Vendor to Maxim Heights pertaining to the SPA,

and in exchange for the documents referred to items (d)(i) to (d)(v) above, the Vendor shall, amongst others, reimburse Maxim Heights for such part or portion of the Development Charges which Maxim Heights has paid.

All other terms and conditions in the SPA shall remain valid and enforceable.

This announcement is dated 5 September 2019.