CABNET

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CABNET HOLDINGS BERHAD (CABNET OR THE COMPANY) - DISPOSAL BY CABNET SYSTEMS (M) SDN BHD (CSM) OF ALL THAT PIECE OF FREEHOLD LAND HELD UNDER HS(D) 321575 PT 8843, PEKAN KINRARA, DISTRICT PETALING, STATE OF SELANGOR TOGETHER WITH A UNIT OF THREE STOREY SHOP LOT ERECTED THEREON FOR A TOTAL PURCHASE PRICE OF RM2,550,000-00. (PROPERTY) (PROPERTY DISPOSAL)

CABNET HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-27092024-00001
Subject CABNET HOLDINGS BERHAD (CABNET OR THE COMPANY) - DISPOSAL BY CABNET SYSTEMS (M) SDN BHD (CSM) OF ALL THAT PIECE OF FREEHOLD LAND HELD UNDER HS(D) 321575 PT 8843, PEKAN KINRARA, DISTRICT PETALING, STATE OF SELANGOR TOGETHER WITH A UNIT OF THREE STOREY SHOP LOT ERECTED THEREON FOR A TOTAL PURCHASE PRICE OF RM2,550,000-00. (PROPERTY) (PROPERTY DISPOSAL)
Description 
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Cabnet Holdings Berhad ("Cabnet" or the "Company")
-	DISPOSAL BY CABNET SYSTEMS (M) SDN BHD OF ALL THAT PIECE OF FREEHOLD LAND HELD UNDER HS(D) 321575 PT 8843, PEKAN KINRARA, DISTRICT PETALING, STATE OF SELANGOR TOGETHER WITH A UNIT OF THREE STOREY SHOP LOT ERECTED THEREON FOR A TOTAL PURCHASE PRICE OF RM2,550,000-00.
Query Letter Contents

We refer to your Company’s announcement dated 25 September 2024, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The postal address and the existing use of the Property.
2) The effect of the Property Disposal on the operations of the Group.
3) The date of the payment of the Deposit.
4) The terms of the payment of the Balance Purchase Price.
5) The quantification of the market value of the Property, as per the Valuation Report dated 4 September 2024.

6) The particulars of any liabilities, including contingent liabilities, in relation to the Property Disposal which remain with Cabnet/CSM, together with the details and justification for such arrangements, and any guarantees given by Cabnet/CSM to the purchaser.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing Division, Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)

Unless otherwise stated, the terms used throughout this announcement shall have the same meanings as defined in the Announcement made on 25 September 2024. The Company wishes to furnish additional information in reply to Bursa Query dated 27 September 2024.

 

1) The postal address and the existing use of the Property.

The Postal address of the Property is G-02, 1-02 and 2-02, Jalan Layang-Layang 5, Bandar Puchong Jaya, 47170 Puchong, Selangor Darul Ehsan. The Property was used by CSM to house it administrative office and used as a branch office.


2) The effect of the Property Disposal on the operations of the Group.

Following the execution of the SPA, save for the relocation of CSM office to a rented premises, there are no other effect on the operations of the Group.


3) The date of the payment of the Deposit.

Total Deposit is RM255,000.00. The Deposit was paid on the following dates:
i. RM76,500.00 being the Earnest Deposit had been paid to the Property Agent by Purchaser on 14 August 2024 as stakeholder sum.
iii. The Balance Deposit amount to RM102,000.00 had paid to CSM on 30 September 2024.
iii. A sum of RM76,500.00 equivalent to 3% of Purchase Price had paid to the Purchaser's solicitor as stakeholder sum for dealing with RPGT retention sum on 30 September 2024.


4) The terms of the payment of the Balance Purchase Price.

The Balance Purchase Price of RM2,295,000.00 shall be paid within 3 months from the SPA date, which is the Completion Period.


5) The quantification of the market value of the Property, as per the Valuation Report dated 4 September 2024.

The Market Value as per the Valuation Report dated 4 September 2024 is RM2,400,000.00 for the Property.

 

6) The particulars of any liabilities, including contingent liabilities, in relation to the Property Disposal which remain with Cabnet/CSM, together with the details and justification for such arrangements, and any guarantees given by Cabnet/CSM to the purchaser.

As per announcement dated 25 September 2024, the Property was finance through a term loan of which there is an outstanding sum of RM1.12 million as at the date of announcement. Other than the outstanding loan and the Vendor’s obligations under the SPA, there are no other liabilities, including contingent liabilities and guarantees, to be assumed by Cabnet/CSM pursuant to the signing of the SPA.

 

This Announcement is dated 30 September 2024.

 


Announcement Info

Company Name CABNET HOLDINGS BERHAD
Stock Name CABNET
Date Announced 30 Sep 2024
Category General Announcement for PLC
Reference Number GA1-27092024-00045


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