News

Reference is made to the CLMT's announcements in relation to the Proposed Acquisition dated 5 February 2024 and 7 February 2024 (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Board wishes to announce that the Trustee on behalf of CLMT entered into a Letter with the Vendor on 27 December 2024 (“Letter”) to allow for a further extension of the Extended Conditional Period from 5 February 2025 to 5 November 2025 (“New Extended Conditional Period”).

The Letter provides that in the event that the following Conditions Precedent namely (i) obtaining the approval letter from the relevant land registry to remove or amend the existing restriction-in-interest, and (ii) obtaining the issue document of titles to the Properties with the amended restriction-in-interest, are fulfilled by the Vendor prior to the expiry of the New Extended Conditional Period, the Vendor and Purchaser may proceed to complete the SPA earlier by converting the final remaining unfulfilled Condition Precedent in relation to obtaining the Certificate of Completion and Compliance (“CCC”) for the Pre-Completion Works into a condition subsequent (“Condition Subsequent”). Consequently, the SPA will become unconditional, and shall complete in accordance with the SPA.

The Condition Subsequent shall be fulfilled by the Vendor by 31 December 2025 (“Extended Deadline”). In the event that the said Condition Subsequent is not fulfilled before the expiry of the Extended Deadline, the Vendor shall compensate a sum of RM300,000.00 for each Property, totalling up to a sum of RM900,000.00 for the Properties.

A copy of the Letter is available for inspection at the Manager’s registered office at Unit No. 1-27, Level 27, Naza Tower, No. 10, Persiaran KLCC, 50088 Kuala Lumpur, Malaysia during normal business hours from Mondays to Fridays (except for public holidays) for a period of three (3) months from the date of this announcement.

This announcement is dated 27 December 2024.