ENRA Group Berhad Annual Report 2018

128 E N R A G R O U P B E R H A D ( 2 3 6 8 0 0 - T ) NOTES TO THE FINANCIAL STATEMENTS 31 March 2018 cont’d 43. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) 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 and Atar 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 the Company and Atar 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 14 September 2017, the parties irrevocably and unconditionally agreed to extend the cut-off date to fulfil the respective conditions precedent set out in the respective agreements to 15 December 2017 (“Extended Cut-Off Date”) or such other period as may be mutually agreed in writing between the parties. On 12 December 2017, the parties agreed to further extend the cut-off date to fulfil the respective conditions precedent set out in the respective agreements from 15 December 2017 to 28 February 2018 (“Second Extended Cut-Off Date”) or such other period as may be mutually agreed in writing between the parties. On 9 February 2018, the respective conditions precedent set out in the respective agreements were fulfilled. On 14 May 2018, the parties mutually agreed to extend the completion date for items 1 (i), (ii) and (iv) to 8 July 2018. The parties also mutually agreed to vary the completion period for item 1 (iii) to 51 days from the date of receipt by Simfoni Cindai Sdn. Bhd’s solicitors of the requisite original strata titles to the six (6) office units located at Shamelin Business Centre and valid documents relating to the discharge of charges. Barring any unforeseen circumstances, the Proposed Disposal is expected to be completed in third quarter of calendar year 2018. (b) On 10 July 2017, ESPM has accepted a Letter of Award from PC Myanmar (Hong Kong) Limited (“PCML”), a subsidiary of PETRONAS, for the lease of a single point mooring system and storage tanker (“Facilities”) to PCML, through an open tender process. The Facilities will provide condensate storing and offloading services for the Yetagun offshore gas field operated by PCML in the Andaman Sea off the coast of Myanmar. The award is for a 4-year primary period with a total value of approximately USD48 million. The leasing period commences on 26 April 2018 when the Facilities being commissioned and delivered to PCML.