Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 31 May 2019
Category: General Announcement for PLC
Reference Number: GA1-31052019-00089
Type: Announcement
Subject: OTHERS
Description: Joint Venture Agreement entered into by 70% owned subsidiary company
With reference to the announcement dated 16 May 2013 of reference number : KT-130516-57893, the Board of Directors of Kobay Technology Bhd. (“Kobay” or ‘the Company”) wishes to announce that on 30 May 2019, The 12 Avenues Sdn. Bhd. (Company No.: 1027688-A)(“T12A”), the 70% owned subsidiary company of Kobay Technology Bhd. (“Kobay” or “the Company”) has received a consent letter from Mr. P. Doraisamy A/L Gopal (NRIC No.: 05136631) and Mr. Sudhakaran A/L Gopalan (NRIC No.: 7873309)(hereinafter jointly referred to as “the Proprietors”), being the landowner of the Joint Venture Agreement (“JVA”) entered between T12A and the Proprietors on 16 May 2013, to terminate the proposed development of all that piece of land held under Geran Mukim Lot 244, Tempat Sungai Renggam, Mukim Damansara, Daerah Petaling, Negeri Selangor Darul Ehsan measuring approximately 0.5435 hectares equivalent to 58,501.893 square feet (“the Development Land”).
The termination is due to T12A unable to obtain approval from relevant authorities to divert the river flow within the Development Land for which the Proprietors have acknowledged and thereby both parties amicably come into mutual agreement that the proposed JVA onto the Development Land is not possible. Hence, both parties have agreed to terminate the JVA as of 30 May 2019.
Upon the termination of the JVA, both parties shall be fully discharged all duties, covenant and liabilities pertaining to the JVA and shall not have any claim, whatsoever, against each other.
This announcement is dated 31 May 2019.