TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS JOINT VENTURE BETWEEN ENCORP BERHAD ("ENCORP" OR "THE COMPANY") AND LEMBAGA KEMAJUAN TANAH PERSEKUTUAN ("FELDA") TO DEVELOP AND BUILD HOUSING AND COMMERCIAL UNITS TO BE KNOWN AS PERUMAHAN WARGA FELDA - FELDA CHUPING ("THE PROJECT") ("JOINT VENTURE")

ENCORP BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-23032022-00001
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS JOINT VENTURE BETWEEN ENCORP BERHAD ("ENCORP" OR "THE COMPANY") AND LEMBAGA KEMAJUAN TANAH PERSEKUTUAN ("FELDA") TO DEVELOP AND BUILD HOUSING AND COMMERCIAL UNITS TO BE KNOWN AS PERUMAHAN WARGA FELDA - FELDA CHUPING ("THE PROJECT") ("JOINT VENTURE")
Description
JOINT VENTURE BETWEEN ENCORP BERHAD ("ENCORP" OR "THE COMPANY") AND LEMBAGA KEMAJUAN TANAH PERSEKUTUAN ("FELDA") TO DEVELOP AND BUILD HOUSING AND COMMERCIAL UNITS TO BE KNOWN AS PERUMAHAN WARGA FELDA - FELDA CHUPING ("THE PROJECT") ("JOINT VENTURE")
Query Letter Contents

We refer to your Company's announcement dated 22 March 2022, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad with the following additional information for public release:-

1. Out of the total units under Phase 1, please state/quantify the total number of units completed by FELDA and the estimated cost that is expected to be incurred by EDSB to complete Phase 1.

2. Expected commencement and completion date of construction of Phase 1 and 2.

3. Whether all relevant approvals required for the commencement of the Project has been obtained.

4. To disclose the total number of units sold (if any) as of the date of the JV Agreement.

5. Note that FELDA has partially completed the development in Phase 1, please state the basis on how the profit ratio of 80%:20% is arrived at as compared to the profit ratio of 75%:25% for Phase 2.

6. To quantify the market value of the Land and the basis in arriving at the market value.

7. To provide further clarification as to why the selling price for Phase 1 (excluding commercial units) is governed by the Ministry of Housing and Local Government but not for Phase 2.

8. To quantify the development cost incurred by FELDA for partial completion of Phase 1 and whether ENCORP will reimburse the cost to FELDA.

9. To quantify the expected profit that ENCORP is expected to make from the Project.

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

Yours faithfully

Listing

Regulation

cc:-      Market Surveillance, Securities Commission

Further to our announcement dated 22 March 2022 and Bursa Malaysia Securities Berhad's query dated 23 March 2022, we furnish herewith in the attachment the additional information for public release. 

This announcement is dated 24 March 2022.





Announcement Info

Company Name ENCORP BERHAD
Stock Name ENCORP
Date Announced 24 Mar 2022
Category General Announcement for PLC
Reference Number GA1-23032022-00083


Please refer attachment below.

  1. Encorp - Reply Bursa Query on JVA.pdf