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OTHERS ECO WORLD DEVELOPMENT GROUP BERHAD ("COMPANY") UPDATE ON CONSENT JUDGMENT IN RELATION TO INVESTMENT IN MYSJ SDN BHD ("MYSJ")

ECO WORLD DEVELOPMENT GROUP BERHAD

Type Announcement
Subject OTHERS
Description
ECO WORLD DEVELOPMENT GROUP BERHAD ("COMPANY")

UPDATE ON CONSENT JUDGMENT IN RELATION TO INVESTMENT IN MYSJ SDN BHD ("MYSJ")

We refer to the announcements on 29 April 2022 and 28 July 2022. 

 

Further to the consent judgment entered on 28 July 2022 for Entomo Malaysia Sdn Bhd and Raveenderen A/L Ramamoothie to jointly and severally complete the put option by purchasing all the shares held by Hasrat Budi Sdn Bhd (“HBSB”), the Company’s wholly-owned subsidiary, in MYSJ, the Company wishes to update that HBSB has received a cheque which has been post-dated to 2 November 2022 for the option price of RM26.8 million. The option price represents HBSB’s original purchase cost of RM24.0 million plus premium at the rate of 10% per annum calculated from 27 August 2021 until 2 November 2022.

 

The completion of the put option is subject to the terms of the said consent judgment and the cheque clearance. In the meantime, HBSB has reserved its rights. The Company will make further announcement in due course.

 

 

This announcement is dated 28 October 2022.






Announcement Info

Company Name ECO WORLD DEVELOPMENT GROUP BERHAD
Stock Name ECOWLD
Date Announced 28 Oct 2022
Category General Announcement for PLC
Reference Number GA1-28102022-00073


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