finally jalil city is coming!!!
kr 600/sqft upon vp is really sup sup sui...
HO HUP CONSTRUCTION COMPANY BHD (5169, HOHUP)
DateJul 03 2012 TypeGeneral Announcement Ref No.CS-120703-8FEE0
Type : Announcement
Subject : MATERIAL LITIGATION
Description : HO HUP CONSTRUCTION COMPANY BERHAD ("Ho Hup" or "the Company")
- KUALA LUMPUR HIGH COURT SUIT RELATING TO THE JOINT DEVELOPMENT AGREEMENT DATED 16 MARCH 2010 BETWEEN BUKIT JALIL DEVELOPMENT SDN BHD AND PIONEER HAVEN SDN BHD ("SUIT")
Announcement Details/Table Section :
Reference is made to the announcements made on 27 April 2010, 30 April 2010, 5 May 2010, 17 June 2010, 25 June 2010, 7 July 2010, 12 August 2010, 13 October 2010, 29 November 2010, 30 March 2011, 19 May 2011, 7 June 2011, 20 June 2011, 20 December 2011, 17 January 2012, 31 January 2012 and 17 May 2012.
The Board of Directors of Ho Hup wishes to inform that Ho Hup, Bukit Jalil Development Sdn. Bhd. ("BJD", a 70%-subsidiary of Ho Hup) and Pioneer Haven Sdn. Bhd. ("PHSB", a wholly-owned subsidiary of Malton Berhad) had come to an amicable settlement of the Suit under the terms of a Supplemental Agreement entered between BJD and PHSB on 3 July 2012 ("Supplemental Agreement"). Ho Hup has agreed to discontinue its appeal to the Federal Court and to withdraw the Suit and any ancillary matters related thereto without admission of any liability and with no order as to costs and no liberty to file afresh, inter alia, upon the execution of the Supplemental Agreement.
Amongst others, the main principal of the Supplemental Agreement is as follows:-
1. Land
The joint venture development of the land held under Geran 42277, Lot No. 36101, Mukim of Petaling, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan measuring approximately 243,000 square meter ("the Land") shall be on five sixths (5/6) of the Land measuring approximately 202,500 square meter ("the JV Land") instead of on the Land as a whole.
BJD shall be entitled to develop the remaining one sixth (1/6) portion of the Land measuring approximately 40,500 square meter and encompassing Parcel A which comprise approximately 5.9 acres of land with approved development order based on plot ratio of 3.09 ("BJD's Land"). Parcel A consists of an office tower and shop offices. The balance of BJD's Land measuring approximately 4.1 acres and with a minimum of 139,321 square meter in gross floor area is earmarked as development for high rise residential units.
2. Revised Entitlement
BJD's entitlement shall be eighteen percent (18%) instead of seventeen percent (17%) of the total Gross Development Value ("GDV") of the JV Land to be developed by PHSB, subject to a minimum value of entitlement of RM220 million ("BJD's Entitlement").
3. Settlement of Indebtedness
PHSB agrees and undertakes to pay for and on behalf of BJD and Ho Hup towards the servicing of monthly interests and the redemption of the secured loan of RM75 million from Insas Credit & Leasing Sdn. Bhd. and the payments so made by PHSB shall be treated as an advance of part of BJD's Entitlement.
4. Financing
PHSB agrees to endeavour to assist BJD to secure bank financing of up to RM20 million for the development of BJD's Land.
5. Charge of the Land
PHSB shall be entitled at its own cost and expense to charge or otherwise encumber the Land as security and collateral for purposes of refinancing the indebtedness to Insas Credit & Leasing Sdn. Bhd. as well as to part finance the development cost for the development on the JV Land. PHSB shall procure its financier to provide a letter of undertaking/disclaimer to exclude BJD's Land from any foreclosure proceedings that may be taken against the Land.
This announcement is dated 3 July 2012.
Jul 2 2012, 01:08 AM
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