We refer to the announcement dated 22 February 2016 in relation to the Proposed JV (“Announcement”). Unless otherwise stated, the definitions used herein shall have the same meanings as set out in the Announcement.
The Company wishes to announce that its indirect wholly-owned subsidiary, Sarandra Malaysia Sdn Bhd (“SMSB”) had on 11 July 2017 issued and allotted 998 Ordinary Shares in its capital to SUTL Marina Holdings Pte Ltd and UEM Land Berhad for cash consideration of RM1.00 per Ordinary Share. Following the allotment, the shareholders of SMSB are as follows:
|
Name of Shareholder
|
Number of Ordinary Shares held
|
Percentage
|
|
SUTL Marina Holdings Pte Ltd
|
600
|
60%
|
|
UEM Land Berhad
|
400
|
40%
|
|
Total
|
1,000
|
100%
|
Consequent to the allotment, SMSB ceased to be an indirect wholly-owned subsidiary of the Company.
The completion of the Proposed JV is subject to satisfaction of certain conditions precedent as set out in the JVA. The period to fulfill the conditions precedent has been extended to 30 September 2017 as agreed by the parties.
This announcement is dated 11 July 2017.