TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS ECO WORLD DEVELOPMENT GROUP BERHAD ("EW BERHAD") (I) PROPOSED ACQUISITION OF 50% EQUITY INTEREST IN JENDELA HIKMAT SDN BHD FOR A TOTAL PURCHASE CONSIDERATION OF RM303,500,000 ("PROPOSED ACQUISITION"); AND (II) PROPOSED JOINT VENTURE TO DEVELOP APPROXIMATELY 533.92 ACRES OF LAND IN MUKIM BUKIT RAJA, DISTRICT OF PETALING, STATE OF SELANGOR ("PROJECT LAND") ("PROPOSED JOINT VENTURE") (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

ECO WORLD DEVELOPMENT GROUP BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description ECO WORLD DEVELOPMENT GROUP BERHAD ("EW BERHAD")

(I) PROPOSED ACQUISITION OF 50% EQUITY INTEREST IN JENDELA HIKMAT SDN BHD FOR A TOTAL PURCHASE CONSIDERATION OF RM303,500,000 ("PROPOSED ACQUISITION"); AND

(II) PROPOSED JOINT VENTURE TO DEVELOP APPROXIMATELY 533.92 ACRES OF LAND IN MUKIM BUKIT RAJA, DISTRICT OF PETALING, STATE OF SELANGOR ("PROJECT LAND") ("PROPOSED JOINT VENTURE")

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
The Board of Directors of EW Berhad (“Board”) wishes to announce that on 9 June 2016, Eco Grandeur Sdn Bhd ("Eco Grandeur"), a wholly-owned subsidiary of EW Berhad, has entered into the following agreements:



(i) a conditional share sale and purchase agreement (“Share SPA”) with Cascara Sdn Bhd ("Cascara") for the proposed acquisition of 50% of the equity interest in Jendela Hikmat Sdn Bhd ("Jendela Hikmat") amounting to 21,000,000 ordinary shares of RM1.00 each in Jendela Hikmat (“Sale Shares”) for a total consideration of RM303,500,000; and



(ii) a subscription and shareholders’ agreement (“SSA”) with Cascara and Jendela Hikmat, whereby on completion of the sale and purchase of the Sale Shares pursuant to the Share SPA, Eco Grandeur and Cascara have agreed to invest and fund Jendela Hikmat as the joint venture vehicle to develop the Project Land as a mixed residential and commercial development to be known as “Eco Ardence”;



both agreements upon the terms and subject to the conditions therein contained.



Further details of the Proposals are set out in the attachment below.



This announcement is dated 9 June 2016.






Please refer attachment below.

Attachments

EW Berhad Announcement 9 June 2016.pdf
477.0 kB

Announcement Info
Company Name ECO WORLD DEVELOPMENT GROUP BERHAD
Stock Name ECOWLD
Date Announced 09 Jun 2016
Category General Announcement for PLC
Reference Number GA1-09062016-00033