Entry into Sub-Development Agreement / 簽訂子開發合同
The Board of Directors of Regal International Group Ltd. (“Company”, and together with its subsidiaries, “Group”) refers to 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. (“Circular”). Capitalised terms not defined herein shall have the same meanings as ascribed to them in the Circular.
In Section B6.7 of the Circular titled “Joint Development Process”, the background description and rational 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 Benua Kenyalang Sdn. Bhd. (“Benua Kenyalang”), a subsidiary of the Company, has entered into a Sub-development Agreement (“SDA”) on 23 January 2019 with an independent third party (“Developer”) to develop, build and sell the properties on Lots 1012 and 1021 Block 14 Sentah-Segu Land District (“Lands”) in Kuching, Sarawak. Development of the said Lands are to be carried out in phases to build residential and commercial units, subject to the approval of the relevant authorities.
In connection with the SDA, an irrevocable deed of substitution of the power of attorney will be granted in due course by the Developer of the Lands to empower Benua Kenyalang to exercise such rights of an attorney and developer as are necessary for the development of the Lands, including the right to make all necessary applications to the relevant authorities for the various approvals required to develop the Land. The consideration to the Developer and land owners under the SDA are in form of a combination of payment of cash and entitlement of sub-divided units upon completion of the project.
Regal International Group Ltd. (簡稱“公司”及旗下所有子公司統稱“集團”) 的董事會茲提述公司於2014年9月24日寄發予股東們之股東通函 (簡稱“通函”)，其中有關Regal International Holdings Pte. Ltd.所有繳足之已發行股本進行全面收購提案。除另有界定或文義另有所指外，本公告所用詞彙具有相同涵義賦予其通函。
本公司僅此宣佈其全資子公司Benua Kenyalang Sdn. Bhd. (簡稱“Benua Kenyalang”) 已於2019年1月23日與獨立的第三方 (簡稱“開發商”) 就位於馬來西亞砂嶗越，Lot 1012 及 Lot 1021 Block 14 Sentah-Segu Land District之土地 (簡稱“所述土地”) 的物業開發、建築與銷售權簽訂了子開發合同 (簡稱“SDA”)。經有關政府機構審批後，於所述土地上住宅與商業單位之開發將分階段進行。
依據SDA，所述土地之開發商將適時將不可撤銷之替代授權書委予Benua Kenyalang，爲開發所述土地之故，授予Benua Kenyalang與開發商及律師相等之權利，包括向相關機構提出開發所述土地必要之核准申請。開發商與地主的對價，按照SDA之條款，將在项目完成时以现金及提供分割单位的组合支付。
For further information, kindly download the full announcement(s) as per link(s) below.