SENDAI

0.520

-0.035 (-6.3%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS DISPOSAL OF TWO (2) PARCELS OF FREEHOLD LAND IN MUKIM SUNGAI BULOH

EVERSENDAI CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
DISPOSAL OF TWO (2) PARCELS OF FREEHOLD LAND IN MUKIM SUNGAI BULOH

EVERSENDAI CORPORATION BERHAD (“ECB” OR “COMPANY”)

DISPOSAL OF TWO (2) PARCELS OF FREEHOLD LAND IN MUKIM SUNGAI BULOH

REPLY TO BURSA MALAYSIA’S QUERIES DATED 9 JANUARY 2024.

 

Additional Information

 

  1. Information of the Purchaser

 

Company Name                         Pelangi Tulus Sdn. Bhd.

 

Company No.                             202301006009 (1499928-T)

 

Date of Incorporation                  21 February 2023

 

Names of Directors

 

No.

Name

No. of Shares held

 

1

Datuk Seri Rajendran A/L Ramasamy

30

2

Datuk Adrian Soon Boon Yee

Nil

 

Name of Shareholders

 

 

Name

No. of Shares held

 

1

Aktif Majubumi Sdn. Bhd.

10

2

Amalan Setar (M) Sdn. Bhd.

60

3

Datuk Seri Rajendran A/L Ramasamy

30

 

Ultimate Owners

 

 

Name

% of Shareholdings

 

1

Datuk Seri Rajendran A/L Ramasamy

Direct 30%

Indirect 70%

 

2          Salient terms of the Sale and Purchase Agreement

           

2.1       Basis of Sale

 

The Sale and Purchase Agreement (SPA) is based on normal and standard terms and conditions whereby 10% deposit is payable upon execution of the SPA and the balance of purchase price is payable on completion period.

 

  1. Completion Period

 

Four (4) months from the date of SPA.

 

  1. Extended Completion Period

 

One (1) month from the expiry of the Completion Period.

 

  1. Conditions Precedent

 

There is no condition precedent.

 

2.5       Delivery of Vacant Possession

 

Vacant possession of the Properties shall be delivered by the ECB Properties Sdn. Bhd. (the Vendor) to the Purchaser within three (3) working days the receipt of payment of the balance purchase price.

 

2.6       Contribution for Construction of Link-Way

 

The Purchaser shall construct a covered walkway along the boundary of the Properties.

 

2.7       Default by the Vendor

 

            The Purchaser shall be entitled at its option to either:

 

  1. claim for specific performance of the SPA against the vendor together with all other relief and all costs and expenses incurred thereby shall be borne and paid solely by the Vendor; or
  2. summary terminate the SPA whereupon the Vendor shall within fourteen (14) days from the date of receipt of the notice of termination refund to the Purchaser the deposit in full and all monies paid by the Purchaser to the Vendor together with a further sum equivalent to the deposit as agreed liquidated damages.

 

2.8       Default by the Purchaser

 

If the Purchaser shall for any reason fail to pay to the Vendor the balance purchase

price within the time and manner specified, the Vendor shall be at a liberty to terminate the SPA and the deposit shall be forfeited as agreed liquidated damages and the Vendor shall refund to the Purchaser without interest all other monies paid (if any) and neither parties shall have any further claim action or proceeding against the other the other.

 

3          Further information on the Property

 

Land held under Geran 111868 Lot No. 67331

           

 

 

RM

 

 

 

Net book value

 

34,105,578

Disposal consideration

 

31,589,000

Land use

 

Commercial use

Express conditions

 

Kategori Kegunaan Tanah: Bangunan

Restrict-in-interest

 

Syarat-Syarat Nyata: Bangunan Perniagaan  

Original cost

 

34,105,578

 

            Land held under Geran 111869 Lot No. 67332

 

 

 

RM

 

 

 

Net book value

 

27,184,855

Disposal consideration

 

31,411,000

Land use

 

Commercial use

Express conditions

 

Kategori Kegunaan Tanah: Bangunan

Restrict-in-interest

 

Syarat-Syarat Nyata: Bangunan Perniagaan 

Original cost

 

27,184,855

 

 

 

4          Valuation

           

Name of independent valuer

 

CBRE WTW VALUATION & ADVISORY SDN. BHD.

Date of valuation

 

17 May 2023

Method of valuation

 

Comparison Method

Market value:

 

RM

Geran 111868 Lot No. 97331

 

37,000,000

Geran 111869 Lot No. 67332

 

37,000,000

Forced sale value:

 

 

Geran 111868 Lot No. 97331

 

29,600,000

Geran 111869 Lot No. 67332

 

29,600,000

 

6            To explain and quantify the percentage of premium that the disposal consideration represents over the audited NBV of the Property

             

 

 

Percentage of Premium

 

 

%

 

 

 

Geran 111868 Lot No. 67331

 

(7.38)

Geran 111869 Lot No. 67332

 

15.55

 

7            To state whether the Disposal is expected to generate a gain/loss upon completion of the Disposal after deducting all the estimated expenses for the Disposal. To also show the computation and quantify the gain/loss (in RM).

 

           

 

Geran 111868

Lot No. 67331

Geran 111869

Lot 67332

 

 

RM

RM

 

 

 

 

Sale consideration

 

31,589,000

31,411,000

Cost

 

(34,105,578)

(27,184,855)

Cost of disposal include legal fee and tax

 

(505,289)

(502,441)

Gain/(Loss)

 

(3,021,867)

3,723,704

 

8            To provide breakdown of the utilisation of proceeds of RM63 million and specify the time frame for full utilisation of proceeds from the disposal consideration.  

 

              Upon receipt of 10% deposit, 3% toward payment of tax, legal fee and other related cost of sale. The balance of 7% toward payment of borrowings.   

 

              Upon receipt of the balance of purchase price (90%) toward payment of borrowings.

 

9            To state whether the Disposal is subject to relevant government authorities’ approval and the estimated timeframe for submission of the application to such authorities.

 

              The disposal is not subject to relevant government authorities’ approval.

 

10          The disposal is expected to complete by 4 May 2024 (within four (4) months from the date of the SPA).

 

11          The Sale and Purchase Agreement is available for shareholders’ inspection at the Company’s registered office, Lot 19956, Jalan Industri 3/6, Rawang Integrated Industrial Park, 48000 Rawang, Selangor.






Announcement Info

Company Name EVERSENDAI CORPORATION BERHAD
Stock Name SENDAI
Date Announced 10 Jan 2024
Category General Announcement for PLC
Reference Number GA1-10012024-00045