General Announcement for PLC
26/07/2016OTHERS Termination of Share Sale Agreement dated 29 September 2015 entered into between O&C Resources Berhad with Mr. Tan Teck Ang and Mr. Chen Ling Wah.
O&C RESOURCES BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | Termination of Share Sale Agreement dated 29 September 2015 entered into between O&C Resources Berhad with Mr. Tan Teck Ang and Mr. Chen Ling Wah. |
Unless otherwise defined, all defined terms used in the announcement shall have the same meaning as defined in the company announcements dated 29 September 2015, 2 October 2015 and 22 July 2016. Further to the Company’s announcements dated 29 September 2015, 2 October 2015 and 22 July 2016 in relation to the termination of Share Sale Agreement (“SSA”) dated 29 September 2015 entered into with Mr. Tan Teck Ang and Mr. Chen Ling Wah (“Vendor”) for the purchase of 50% of the issued paid-up capital of A.W. Impian Land Sdn. Bhd.(“Termination”). The Board of Directors of O&C Resources Berhad (“OCR”) wishes to provide the following additional information pursuant to the subject Termination:- (a) The SSA was terminated on the basis that the Vendor has failed to fulfil the Clause 2.3.2 of Conditional Precedent as follows:-
(b) Refer to Clause 2.3.3 of Condition Precedent, the total deposit paid upon the execution of the SSA is RM1,080,000. The amount of RM900,000 paid to Vendor will be refunded by nine (9) monthly instalments by way of nine (9) post-dated cheques. The difference amount of RM180,000 which was equivalent to 3% of the purchase price being the retention sum for Real Property Gain Tax paid to Inland Revenue Board of Malaysia and claimable upon termination of the SSA. (c) The changes on the mode of refund of monies paid to OCR as per Clause 2.3.6.1 of Condition Precedent were mainly due to repayment schedule requested by the Vendor and after taking into consideration of the business relationship in future. (d) There is no litigation suit or legal action taken in place by OCR or any other parties on the subject termination. This announcement is dated 26 July 2016.. |
Announcement Info
Company Name | O&C RESOURCES BERHAD |
Stock Name | OCR |
Date Announced | 26 Jul 2016 |
Category | General Announcement for PLC |
Reference Number | GA1-26072016-00061 |