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BackJan 05, 2015
Type Announcement
Subject OTHERS
Description SCANWOLF CORPORATION BERHAD (“SCANWOLF” OR “THE COMPANY”)

SUPPLEMENTAL JOINT VENTURE AGREEMENT BETWEEN SCANWOLF PROPERTIES SDN. BHD. AND SCANWOLF DEVELOPMENT SDN. BHD.

Reference is made to the announcement on 30 July 2012 in relation to the Joint-Venture Agreement (“JVA”) between the Company’s wholly-owned subsidiary, Scanwolf Properties Sdn. Bhd. (“SPSB”) and Scanwolf Development Sdn. Bhd. (“SDSB”), a 51% owned subsidiary of SPSB to undertake the proposed development of Five Hundred and Eleven (511) units of mixed development project known as “Kampar Putra II”, Mukim Kampar, District of Kinta, State of Perak Darul Ridzuan (“the Project”). 

The Board of Directors of SCANWOLF wishes to announce that SPSB (“the Land Owner”) had on 5 January 2015 entered into a Supplemental Joint Venture Agreement (“the Supplemental JVA”) with SDSB (“the Developer”) for the variations to the JVA as follows :-

i.          The Land Owner’s Entitlement from the Project shall be changed from 20% to 60% with effect from 5 January 2015; and

ii.        The Land Owner shall be entitled to appoint (at the cost of the Developer) any consultant, advisor or other professional who the Land Owner deems fit for the Project and such costs incurred shall be borne solely by the Developer.     

The increase to the Land Owner’s Entitlement from 20% to 60% was justified for the Land Owner is the registered owner to the Five Hundred and Eleven (511) plots of land for the Project and has been continually funding the development cost of the Project where pursuant to the JVA, all the said cost should be borne solely by the Developer instead.

All the other terms and conditions as stipulated in the JVA shall remain unchanged.  

This announcement is dated 5 January 2015.


Announcement Info

Company Name SCANWOLF CORPORATION BERHAD  
Stock Name SCNWOLF    
Date Announced 5 Jan 2015  
Category General Announcement
Reference No CC-141231-DCC40

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