ENRA Group Berhad Annual Report 2019

145 ENRA GROUP BERHAD ∞ Annual Report 2019 page Notes to the Financial Statement 31 March 2019 43. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) Disposal of Group’s investment properties and investment assets On 15 May 2017, the Company had entered into six (6) agreements to dispose of the Group’s investment properties and investment assets (“Proposed Disposal”), namely: (i) A conditional sale and purchase agreement between the Company andAtar Irama Sdn. Bhd. for the proposed disposal of 40 Retail units and 16 office units located in Holiday Plaza, in Johor Bahru for a cash consideration of RM51,855,000; (ii) A conditional sale and purchase agreement between the Company and Solid Hope Sdn. Bhd. for the proposed disposal of a basement car park located in Holiday Plaza, in Johor Bahru for a cash consideration of RM28,000,000; (iii) A conditional sale and purchase agreement between the Company and Simfoni Cindai Sdn. Bhd. for the proposed disposal of six (6) office units located at Shamelin Business Centre, in Kuala Lumpur for a cash consideration of RM5,160,000; and (iv) Three (3) conditional share sale agreements between theCompany andAtar Irama Sdn. Bhd. for the respective proposed disposal of the entire equity interests in the following wholly owned subsidiaries of the Company: (i) NGSB for a cash consideration of RM38,000; (ii) ESSB for a cash consideration of RM46,000; and (iii) EVSB for a cash consideration of RM50,000 On 9 February 2018, the respective conditions precedent set out in the respective agreements were fulfilled. The Proposed Disposal was completed on 5 July 2018 (in respect of items (a) (i), (ii) and (iv)) and 3 October 2018 (in respect of item (a) (iii)) respectively. (b) Claim against Gemula Sdn. Bhd. On 11 June 2018, ENRA Engineering And Fabrication Sdn. Bhd. (“EEFAB”), a wholly-owned indirect subsidiary of the Company served an Adjudication Claim against Gemula Sdn. Bhd. (“Gemula”) in accordance with Section 9 of Construction Industry Payment and Adjudication Act 2012 (“CIPAA”) for a total amount of RM10,574,663 (“CIPAA Payment Claim”). Gemula appointed EEFAB as a subcontractor for the project known as “Pembinaan Garaj Utama Kenderaan 8 x 8 Dan Kenderaan Pasukan Serta Infrastruktur Di Kem Batu Sepuluh (10) Kuantan, Pahang” (“the Project”). Gemula subcontracted the following works for the Project to EEFAB by way of these respective documents: (a) Letter of Award dated 15 January 2016 (“LOA 1”) whereby Gemula appointed EEFAB to undertake the ‘Struktur Besi’ works for the Project; and (b) Letter of Award dated 9 May 2016 (“LOA 2”) whereby Gemula appointed EEFAB to undertake the scope described as “membekal bahan binaan dan menyiapkan segala kerja berbaki” for the Project. The CIPAA Payment Claim is in relation to outstanding amounts due and payable by Gemula for works completed pursuant to LOA 1 and LOA 2 including additional/variation works ancillary to the said subcontracts.