Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 20 May 2015
Category: General Announcement for PLC
Reference Number: GA1-20052015-00087
Type: Announcement
Subject: OTHERS
Description: PROPOSED JOINT DEVELOPMENT AGREEMENT AND ARRANGEMENT AGREEMENT
Amended Announcements
Please refer to the earlier announcement reference number: GA1-18052015-00079
Further to our announcement made on 18 May 2015 bearing reference number GA1-18052015-00079 in relates to the Proposed Joint Development Agreement (“JDA”) and Arrangement Agreement, the Board of Directors of Kobay Technology Bhd. (“Kobay”) wishes to provide herewith the additional information pertaining to the Proprietors’ entitlement of 20% of the Gross Development Value (“GDV”).
As per the JDA, the Proprietors’ entitlement will be satisfied by property in kind upon completion of the project. The Developer shall allocate the parties’ entitled parcels in a fair and equitable manner and in the event of any dispute, the parties agree to ballot for the entitled parcels.
In the event that the Proprietors authorize the Developer to sell their entitlement wholly or partly on their behalf, the Developer agrees to sell the Proprietors’ entitled parcels and gives equal treatment to the sale of such parcels subject to mutually agreed terms and charges.
This announcement is dated 20 May 2015.