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For consistency, the abbreviations used hereafter throughout this announcement shall have the same meaning as defined in the announcement dated 16 November 2009 unless stated otherwise.
Ancom Berhad (“Ancom” or “the Company”) wishes to announce that the Company has on 31 December 2009 entered into a supplemental agreement to determine the disposal consideration of the Property pursuant to the Sale and Purchase Agreement dated 16 November 2009 with its subsidiary, ALB in relation to the Proposed Acquisition of Property (“Supplemental Agreement”).
The salient terms of the Supplemental Agreement between Ancom and ALB are as follows:-
(1) Ancom and ALB mutually agree that the purchase price of the Property shall be RM25,000,000 after having consider the independent market valuation report dated 23 December 2009.
(2) ALB undertakes that it shall within six months from the completion date obtain from the relevant authority all necessary approvals in respect of the building, including building plans and certificate of fitness. ALB shall provide to Ancom a copy of such application and shall notify Ancom upon receipt of the approval(s) or otherwise, as the case may be.
(3) If the condition subsequent as set out in clause (2) above is not fulfilled then Ancom and ALB shall either agree mutually to extend the aforesaid period by further six (6) months, or mutually agree to waive the above requirements. Provided however that if any conditions are imposed on any party by the relevant authority (including, without limitation, a requirement to obtain further approval(s) from other authority(ies) in relation to the disposal of the Property), then the parties shall mutually agree on the appropriate action to be taken, including whether to appeal to the relevant authority.
The announcement is dated 4 January 2010. |
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