Settlement agreement with The Pano Sdn. Bhd. [formerly known as OCR Noble Land ("PANO")] for the settlement of total outstanding amount of RM6,754,549.54 owing by PANO to Key Alliance Group Berhad ("KAG") ("The Deb"t) by way of contra/transferring of 5 units of services residences located within a services residence development known as The PANO ("Properties") from PANO to KAG as full and final settlement of The Debt, subject to the terms and conditions of the Settlement Agreement
| KEY ALLIANCE GROUP BERHAD |
| Type | Reply to Query | ||||||||||||||||||||||||
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-06062024-00001 | ||||||||||||||||||||||||
| Subject | Settlement agreement with The Pano Sdn. Bhd. [formerly known as OCR Noble Land ("PANO")] for the settlement of total outstanding amount of RM6,754,549.54 owing by PANO to Key Alliance Group Berhad ("KAG") ("The Deb"t) by way of contra/transferring of 5 units of services residences located within a services residence development known as The PANO ("Properties") from PANO to KAG as full and final settlement of The Debt, subject to the terms and conditions of the Settlement Agreement | ||||||||||||||||||||||||
| Description | KEY ALLIANCE GROUP BERHAD - SETTLEMENT AGREEMENT WITH THE PANO SDN. BHD. (FORMERLY KNOWN AS OCR NOBLE LAND (THE PANO) SDN. BHD.) |
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| Query Letter Contents | We refer to your Company’s announcement dated 4 June 2024, in respect of the aforesaid matter.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully Listing Regulation
copy : Market Surveillance Dept. , Securities Commission |
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(Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcement dated 4 June 2024.)
Reference is made to the Company’s announcement made on 4 June 2024.
The Board of Directors of Key Alliance Group Berhad (“KAG” or “the Company”) wishes to further announce the following:
1. The market value of the Properties based on the Valuation Report, rental income per month (if any) and approximately age of the Properties are as follows:
Note:
(a) The Company was unable to obtain information on the net book value (“NBV”) of each of the Properties, as this information is not publicly available and was not disclosed in the latest audited financial statements of The Pano Sdn. Bhd. (formerly known as OCR Noble Land (The Pano) Sdn. Bhd.). For information, the purchase price of each of the Properties was taking into consideration of the market value provided in the Valuation Report, rather than the NBV.
2. The prospect of the Properties, like any attached commercial annexure of a residential development, will rely primarily on the populace and demographics of the surrounding community. The Properties are located at Jalan Ipoh, a central location in the midst of Kuala Lumpur with easy access to Mont Kiara, central KL and linked highways. The Properties will be held by the KAG Group as investment properties with intention to lease out for rental income. As such, the acquisition of the Properties is viewed positively as a long term investment for the KAG Group in terms of its future rental income and capital appreciation potential in view of the location of the Properties.
This announcement is dated 6 June 2024. |
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Announcement Info
| Company Name | KEY ALLIANCE GROUP BERHAD |
| Stock Name | KGROUP |
| Date Announced | 06 Jun 2024 |
| Category | General Announcement for PLC |
| Reference Number | GA1-06062024-00046 |