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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS MAJUPERAK HOLDINGS BERHAD ("MHB" or "the Company") AMENDMENT TO THE SHARE SALE AGREEMENT DATED 31 MARCH 2022 IN RELATION TO THE ACQUISITION OF 51% EQUITY INTEREST ("SSA") IN NEXUSBASE DEVELOPMENT SDN BHD BY MAJUPERAK HOLDINGS BERHAD FROM SLOANE INFINITY ASIA PACIFIC SDN BHD

MAJUPERAK HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
MAJUPERAK HOLDINGS BERHAD ("MHB" or "the Company")

AMENDMENT TO THE SHARE SALE AGREEMENT DATED 31 MARCH 2022 IN RELATION TO THE ACQUISITION OF 51% EQUITY INTEREST ("SSA") IN NEXUSBASE DEVELOPMENT SDN BHD BY MAJUPERAK HOLDINGS BERHAD FROM SLOANE INFINITY ASIA PACIFIC SDN BHD

Further to the Company’s announcements dated 29 January 2021, 31 March 2022 and 6 April 2022, the Board of Directors of MHB wishes to announce that the Company (“the Purchaser”) has on 1 June 2022 entered into an addendum letter with Sloane Infinity Asia Pacific Sdn Bhd (‘the Vendor” or “SIAP” or “Sloane”)  to amend the terms set forth in the SSA (“the Letter”) in relation to the acquisition of 35,561 ordinary shares (“Sale Shares”) representing 51% equity interest in Nexusbase Development Sdn Bhd (the “Target Company” or “NDSB”) from the Vendor for a purchase consideration of Ringgit Malaysia Twelve Million Five Hundred Thousand (RM12,500,000.00) only (“Purchase Consideration”) [hereinafter referred to as “Proposed Acquisition”].

 

MHB and SIAP shall hereinafter be collectively referred to as the “Parties” and individually referred to as a “Party”.

 

AMENDMENT TO SSA

 

1. Amendments to the SSA are mainly on the term of second payment i.e. instead of RM5,000,000 within 60 days  from the date of the SSA, be amended to as follows:

 

“Notwithstanding Clause 2.2 of the SSA, MHB shall pay the Second Payment in the following manner:

a. to immediately make the payment of Ringgit Malaysian One Million (RM1,000,000.00) to Sloane upon Sloane accepting the Letter;

b. to make the remaining balance of the Second Payment being Ringgit Malaysian RM4,000,000.00) to Sloane within 14 days from the acceptance date of the Letter (“Balance Second Payment”); and

c. Sloane is entitled from the acceptance date of the Letter to Eight per centum (8%) per annum on top of the Balance Second Payment amount calculated on a daily basis until the date of full payment of the same together with such interest for late payment which shall be paid simultaneously to Sloane.”

 

2. All the terms and provisions of the SSA shall be subject to the variations, amendments and alterations set out in the Letter, remain in full force and continue to take effect and be binding on the parties as if the same were specifically set out in the Letter.

 

DIRECTORS’ STATEMENT

 

The Board, after having considered all aspects of the Letter, is of the opinion that it is in the best interest of MHB Group.

 

DOCUMENTS AVAILABLE FOR INSPECTION

 

The Letter and SSA are available for inspection at the Registered Office of MHB at 55A, Medan Ipoh 1A, Medan Ipoh Bistari, 31400 Ipoh, Perak during normal business hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.

 

This announcement is dated 3 June 2022.






Announcement Info

Company Name MAJUPERAK HOLDINGS BERHAD
Stock Name MJPERAK
Date Announced 03 Jun 2022
Category General Announcement for PLC
Reference Number GA1-03062022-00079


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