LEONG HUP HOLDINGS BERHAD - Announcements

3.4 Proposed Disposal of 132.395-Acre Land
3.4.1 Information on 132.395-Acre Land
The 132.395-Acre Land forms part of the Budiman Land. Information on the
Budiman Land has been provided in Section 3.3.1 above.
3.4.2 Salient Terms
(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 132.395-Acre Land;
Accept RM12.646 million as the agreed redemption sum for the
132.395-Acre Land; and
Grant to Bukit Gambir a loan of not less than RM12.646 million
(“Bukit Gambir Loan 1”) towards completion of the Proposed
Disposal of 132.395-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 all the separate individual titles to the subdivided lots
comprised in the 132.395-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
1 subject to:-
(A)
(B)
OCBC agreeing that Budiman will not be held liable for
the repayment of the Bukit Gambir Loan 1; 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 132.395-Acre Land,
which are estimated to amount to RM0.790 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 132.395-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 132.395-Acre Land, grant to Bukit Gambir an
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