LEONG HUP HOLDINGS BERHAD - Announcements

4.6 Salient Terms of the Proposed Disposal of 119.82-Acre Land
(a)
OCBC’s Consent and Agreement
The parties will procure OCBC, as the existing chargee of the Budiman Land,
to:-
(i)
(ii)
(iii)
Consent to the Proposed Disposal of 119.82-Acre Land;
Accept RM10 million as the agreed redemption sum for the 119.82-Acre
Land; and
Grant to Bukit Gambir a loan of not less than RM10 million (“Bukit
Gambir Loan 2”) towards completion of the Proposed Disposal of
119.82-Acre Land and settlement of the agreed redemption sum.
(b)
Budiman’s Undertakings
Budiman agrees to undertake with OCBC to:-
(i)
(ii)
Procure the Land Registry of Johor to release and deliver to OCBC the
block titles and master titles to the 119.82-Acre Land once such titles
have been issued; and
Execute any third party charges or such other security documents as may
be required by OCBC for securing the Bukit Gambir Loan 2 subject to:-
(A)
(B)
OCBC agreeing that Budiman will not be held liable for the
repayment of the Bukit Gambir Loan 2; and
Bukit Gambir indemnifying Budiman against any loss arising
from such security arrangement.
(c)
Premium and Surveyors’ Fees
The premium and surveyors’ fees in respect of the 119.82-Acre Land, which are
estimated to amount to RM0.738 million, will be borne by Bukit Gambir.
(d)
Power of Attorney
As it is the intention of Bukit Gambir not to have the subdivided lots comprised in
the 119.82-Acre Land transferred to Bukit Gambir after the separate individual
titles thereto have been issued, and to develop, sell and transfer such subdivided
lots without Bukit Gambir being first registered as the proprietor thereof, Budiman
shall upon completion of the Proposed Disposal of 119.82-Acre Land, grant to
Bukit Gambir an irrevocable power of attorney empowering Bukit Gambir to do all
acts in relation to the 119.82-Acre Land as fully and effectually in all respects as
Budiman itself could do.
(e)
Mode of Satisfaction of Disposal Consideration
The disposal consideration shall be satisfied by Bukit Gambir in the following
manner:-
(i)
The Bukit Gambir Loan 2 within three (3) months from the date on which
the Sale and Purchase Agreement in respect of the Proposed Disposal of
119.82-Acre Land becomes unconditional; and
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