UEMS

1.170

+0.02 (+1.7%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS UEM SUNRISE BERHAD ("UEM SUNRISE" OR THE "COMPANY") (I) SALE AND PURCHASE AGREEMENT IN RELATION TO THE PROPOSED SALE OF PART OF THE LAND HELD UNDER HS(D) 119301 PT 26689 IN MUKIM BATU, DAERAH KUALA LUMPUR BY MEGA LEGACY (M) SDN BHD TO PEMBINAAN KERY SDN BHD; AND (II) DEVELOPMENT RIGHTS AGREEMENT BETWEEN MEGA LEGACY (M) SDN BHD AND PEMBINAAN KERY SDN BHD WITH REGARD TO THE DEVELOPMENT OF PART OF THE LAND HELD UNDER HS(D) 119301 PT 26689 IN MUKIM BATU, DAERAH KUALA LUMPUR.

UEM SUNRISE BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
UEM SUNRISE BERHAD ("UEM SUNRISE" OR THE "COMPANY")
(I)	SALE AND PURCHASE AGREEMENT IN RELATION TO THE PROPOSED SALE OF PART OF THE LAND HELD UNDER HS(D) 119301 PT 26689 IN MUKIM BATU, DAERAH KUALA LUMPUR BY MEGA LEGACY (M) SDN BHD TO PEMBINAAN KERY SDN BHD; AND
(II)	DEVELOPMENT RIGHTS AGREEMENT BETWEEN MEGA LEGACY (M) SDN BHD AND PEMBINAAN KERY SDN BHD WITH REGARD TO THE DEVELOPMENT OF PART OF THE LAND HELD UNDER HS(D) 119301 PT 26689 IN MUKIM BATU, DAERAH KUALA LUMPUR.

The Company wishes to announce that:

  1. Its indirect subsidiary, Mega Legacy (M) Sdn Bhd (“MLSB”) has on 11 September 2023 entered into a Sale and Purchase Agreement (“SPA”) for the proposed sale of part of the land held under HS(D) 119301 PT 26689 in Mukim Batu, Daerah Kuala Lumpur, commercially located in Kiara Bay, a mixed residential and commercial development located in Kepong, adjacent to the Kepong Metropolitan Park, measuring approximately 4.01 acres (“Land”), to Pembinaan Kery Sdn Bhd (“PKSB”), a wholly-owned subsidiary of Melati Ehsan Holdings Berhad (“MEHB”) for a total consideration of RM85.0 million (“Land Purchase Price”) (“Proposed SPA”); and
  2. MLSB has on even date, entered into a Development Rights Agreement (“DRA”) with PKSB with regard to the development of the Land where PKSB gave irrevocable and exclusive rights to MLSB to develop the Land, market and sell the completed property units developed on the Land at a development rights value of (a) RM93.5 million; or (b) the aggregate of Land Purchase Price plus PKSB’s entitlement to the project profit, which is 20% of the project profit, whichever higher (“Development Rights Value”) (“Proposed DRA”).

The Proposed SPA and Proposed DRA are collectively referred to as the “New Proposals”.

Please refer to the attachment for the details of the announcement.

This announcement is dated 11 September 2023.




Please refer attachment below.



Announcement Info

Company Name UEM SUNRISE BERHAD
Stock Name UEMS
Date Announced 11 Sep 2023
Category General Announcement for PLC
Reference Number GA1-11092023-00070