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Company Announcements
| General Announcement Reference No
: GA1-23122015-00089 |
| Company Name |
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KOBAY
TECHNOLOGY BHD |
| Stock Name |
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KOBAY |
| Date Announced |
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23/12/2015 |
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| Type |
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Announcement |
| Subject |
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OTHERS |
| Description |
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Deed of Rescission and revised Joint Venture Agreement with Option to Purchase entered into by a wholly owned subsidiary |
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Further to our announcement of the above reference : GA1-22122015-00084, the Board of Directors of Kobay Technology Berhad (“Kobay” or “the Company”) wishes to announce that the Deed of Rescission and revised Joint Venture Agreement with Option to Purchased (“revised JVA with OTP”) were entered into by its wholly owned subsidiary company, Kobay Project Venture Sdn. Bhd. (“KPV”) to rescind the initial Joint Venture Agreement with Option to Purchase (“initial JVA with OTP”) signed by KPV on 16 February 2015 due to one of the landowners, Nooraziah Binti Zainul Abidin (“NZZA”) has passed away on 6 August 2015 before the titles to the Lands be able to be transferred/transmitted.
Save for the below items/terms for which have been varied/revised, the remaining terms and conditions therein stipulated in the initial JVA with OTP are remain unchanged in the revised JVA with OTP.
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| Items/Events |
Initial JVA with OTP |
Revised JVA with OTP |
| Security Deposit |
RM2,000,000-00 shall pay as security deposit to the Developer’s solicitors as stakeholders. The sum will be released per the terms of the initial JVA with OTP and shall be deducted from the Landowner’s entitlement of 42 units of condominium with built up area of approximately 1,650 sq feet per unit (with 10% variance in size) |
RM2,500,000-00 is the new amount requested by the Landowners as security deposit of which RM540,730-00 which has been paid prior to the revised JVA with OTP will be net off and the balance security deposit amounting to RM1,959,270-00 will be released to the Developer’s solicitors as stakeholders. The sum will be released per the terms of the revised JVA with OTP and shall be deducted from the Landowner’s entitlement of 42 units of condominium with built up area of approximately 1,650 sq feet per unit (with 10% variance in size) |
| Highest Percentage ratio |
9% based on financial year ended 30 Jun 2014 audited accounts |
8.6% based on financial year ended 30 Jun 2015 audited accounts |
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Rationale of entering into the revised JVA with OTP
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It is the Group’s strategy to diversify into other industries and the Lands are located at the strategic location with development potential which can contribute positively to the Group’s future earnings, hence, the Board of Directors was in the view that it is feasible for KPV to undertake the development project and enter into the revised JVA with OTP and Deed of Rescission.
This announcement is dated 23 December 2015.
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Copyright©2015 Kobay Technology Bhd. All right reserved |
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