【ZECON 交流专区】亿強工程

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Type	Announcement
Subject	OTHERS
Description	ZECON BERHAD (ZECON OR COMPANY) PROPOSED ACQUISITION BY ZECON LAND SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF ZECON, OF A PROJECT FROM PR1MA CORPORATION MALAYSIA FOR A PURCHASE SUM OF RM63,560,000 (PROPOSED ACQUISITION)
As announced on 30 January 2023, the purpose of the MTA is to terminate the Sale Agreement (which includes a SPA and a DOA), JDA, HOA and the Project and to provide for a full and final settlement of all the claims arising from the Sale Agreement, JDA, HOA and the Project. Arising from the MTA, Zecon Land will purchase the Project including land cost from PR1MA and/or PDSB (collectively, “Vendors”) for a purchase sum of RM63,560,000 (“Purchase Sum”). It was agreed by the Vendors that the reimbursement of work done in relation to the project amounting to RM7,635,336.00 and Land Outstanding Sum amounting to RM2,300,102.00 in relation to the Sales Agreementbe deducted from the Purchase Sum and the balance amount payable (“Buy-back Sum”) is to be made by payment of RM2,681,232 upon the execution of the MTA and followed by 18 monthly equal instalment of RM2,830,185.00. Subsequent thereto, Zecon had sought for a variation of the payment terms and PR1MA had vide their letter dated 22 March 2024 counter proposed a revision to the payment terms in Schedule 3 of the MTA to the payment of RM2,681,232 to be made within one (1) month of the Extraordinary General Meeting (EGM) of the Company, that is to be held for purposes of approving the Proposed Acquisition, or by 30 June 2024 (whichever is earlierand followed by 18 monthly equal instalment of RM2,830,185.00 from 30 July 2024 to 30 December 2025. Zecon has on 01 April 2024 accepted the counter proposal. Kindly refer to the attachment for further details. This announcement is dated 02 April 2024.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3435585

Attachments Zecon-MTA PR1MA.docx