General Announcement

Reference MI-140331-61159

Company Name

:

IRE-TEX CORPORATION BERHAD

Stock Name

:

IRETEX

Date Announced

:

31/03/2014

 
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): NON RELATED PARTY TRANSACTIONS IRE-TEX CORPORATION BERHAD (ITCB) PROPOSED DISPOSAL

IRE-TEX CORPORATION BERHAD

 

Type

:

Announcement

 

Subject

:

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS

 

Description

  : IRE-TEX CORPORATION BERHAD (ITCB)

PROPOSED DISPOSAL

 

Announcement Details/Table Section:

For consistency purposes, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in ITCBs announcement dated 18 November 2013 in relation to, amongst others, the Proposed Disposal.

On behalf of the Board of Directors of ITCB, KAF Investment Bank Berhad wishes to announce that following the approval of ITCBs shareholders for the Proposed Disposal at the EGM held on 28 March 2014 and the receipt of the Balance Disposal Consideration of RM22,050,000 from TPSB on 31 March 2014 (Payment Date), the ITCB Group is agreeable to accede to TPSBs request to escalate the completion of the Proposed Disposal by varying the only remaining condition precedent to the SPA 1, which remains unfulfilled as at the date of this announcement:-

 

Condition Precedent 1.3(ii)

Agreed to be varied to

The grant by the State Authority of its approval to the acquisition of the Disposal Property by TPSB upon terms acceptable to TPSB and IMSB.

 

Upon completion of the SPA 1, IMSB undertakes (Undertaking) that it will procure the same within a period of 90 days from the Payment Date, subject to extension of a further period of 30 days,:-

 

(a) to procure the approval of the State Authority for TPSBs acquisition of the Disposal Property which has been submitted and currently pending; and

 

(b) IMSB further undertakes to procure a release of the Disposal Property from its current financier.

 

IMSB further undertakes that IMSB shall refund the Disposal Consideration to TPSB in the event IMSB is unable to perform its Undertaking as stated above.

 

In relation thereto, the Proposed Disposal has been completed today following the settlement of the Balance Disposal Consideration by TPSB.

 

This announcement is dated 31 March 2014.