Entry Into Joint Development Agreement
The Board of Directors (the “Board”) of Regal International Group Ltd. (the “Company”, together with its subsidiaries, the “Group”) refers the circular issued by the Company dated 24 September 2014 relating to, amongst others, the proposed acquisition of the entire issued share capital of Regal International Holdings Pte. Ltd. (the “Circular”). Capitalised terms not defined herein shall have the meanings as ascribed to them in the Circular.
In Section B6.7 of the Circular titled “Joint Development Process”, the background description and rationale for the usage of Development Rights Arrangements had been set out. In addition, it was stated in Section B6.7 of the Circular that moving forward, the Company will make an announcement of every Development Rights Agreement that is entered into and such announcement will contain the salient terms of the respective Development Rights Agreement.
The Company wishes to announce that Arena Wiramaju Sdn Bhd (“Arena”), a subsidiary of the Company, has entered into a Joint Development Agreement (“JDA”) on 16 March 2020 with the co-owner holding 176430/182212th share of Lot 843 Block 6 Senggi-Poak Land District, situated at Tondong, Bau, Sarawak, Malaysia comprising an area of 8.818 acres more or less (the “said Land”). Prior to this JDA, development rights in respect of 5782/182212th share of the said Land has been granted to Arena.
Pursuant to the agreements with the landowners, the said Land will be developed into commercial and residential units of properties, subject to Arena securing all the necessary approvals, licenses and permits from the relevant government and regulatory authorities. Further, an irrevocable power of attorney has been granted by the landowners of the said Land to Arena to authorize Arena to exercise such rights of a land owner as are necessary for the development of the said Land, including the right to make all necessary applications to the relevant authorities for the various approvals required to develop the said Land. In return for the development rights on the said Land, the considerations to the landowners are in the form of sub-divided units and cash entitlement.
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