Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 05 Sep 2016
Category: General Announcement for PLC
Reference Number: GA1-05092016-00044
Type: Announcement
Subject: OTHERS
Description: PROPOSED CONDITIONAL JOINT DEVELOPMENT AGREEMENT – ADDITIONAL INFORMATION
Further to the announcement made on 2 September 2016 (reference no.: GA1-02092016-00036), the Board of Directors of Kobay Technology Bhd. (“Kobay”) wishes to announce herein some additional information pertaining to the Proposed Conditional Joint Development Agreement (“Proposed JDA”).
Information on the Landowner
The Landowner, Messrs. Strata Homes Sdn. Bhd. (Company No.: 311750-A), is a private limited company with its paid up capital of RM500,000-00 comprises of 500,000 ordinary share at RM1-00 each, owned by two (2) individuals whom are also the Directors of the Company.
| Name of shareholder | No. of shares | % of shareholdings |
| Chew Siok Mei (f) | 125,000 | 25.00 |
| Hing Kim Tat | 375,000 | 75.00 |
Information on the Proposed JDA Sharing
The Landowner’s 25% entitlement in kind of the Gross Development Value (“GDV”), is derived through negotiation, after taking into consideration of the market norm which is between 20% – 30% of GDV shared by Landowner for joint development project.
This announcement is dated 5 September 2016.