Further to the
Companys announcement made on 27 May 2009, we wish to inform that its
wholly-owned subsidiary, Europlus Corporation Sdn Bhd (ECSB) has on 13
February 2014 entered into a Novation Cum Supplemental Agreement (Novation Agreement)
with TA First Credit Sdn Bhd (TAFC) and Metro Ingenious Sdn Bhd (MISB), a
wholly-owned subsidiary of TAFC to vary the Sale and Purchase Agreement dated
26 May 2009 made between ECSB and TAFC (SPA) as follows:- (a) to include the excluded
land area of 4.24 acres forming part of
the Property which has been excluded in the SPA ;
(b) by reason of paragraph
(a) above, to vary the Purchase Price of the Property under the SPA from
RM44,890,322.40 to RM45,395,884.56;
(c) to effect the novation
of the rights, interest, title and obligations of TAFC under the SPA in favour
of MISB; and
(d) to effect other
consequential amendments to the SPA.
The variance is not expected to have any material financial effects to TTB
Group.
The SPA was not completed earlier due to the none delivery of
unencumbered title by ECSB to TAFC and the title is currently free of encumbrances.
Barring any unforeseen circumstances, the Proposed Disposal is expected to be completed
within 3 months from the date of the signing of the Novation Agreement.
None of the directors and/or major shareholders of TTB and/or persons connected with them have any interest, direct or indirect in the Proposed Disposal, save and except for Mr U Chin Wei who is an Independent Non-Executive Director of Kumpulan Europlus Berhad, a major shareholder of the Company and is also an Independent Non-Executive Director of TA Global Berhad, the holding company of TAFC and MISB.
The Novation Agreement is
available for inspection at the registered office of the Company at Suite 2.12,
Level 2, Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah, 55100 Kuala
Lumpur between 9.00 a.m. and 5.00 p.m. from Monday to Friday (except public
holidays) for a period of three (3) months from the date of this announcement.
This announcement is dated 13
February 2014.