Highlights:
add free Download App
premium Premium Account

Last Price Change Volume
KLSE Market Watch
Open: Day Range: Prev Close:


LETTER OF AWARD FROM ONINE ALLIANCE (M) SDN BHD TO TANCO BUILDERS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TANCO DEVELOPMENT SDN BHD, WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF TANCO HOLDINGS BERHAD

TANCO HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-23092021-00001
Subject LETTER OF AWARD FROM ONINE ALLIANCE (M) SDN BHD TO TANCO BUILDERS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TANCO DEVELOPMENT SDN BHD, WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF TANCO HOLDINGS BERHAD
Description
LETTER OF AWARD FROM ONINE ALLIANCE (M) SDN BHD TO TANCO BUILDERS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TANCO DEVELOPMENT SDN BHD, WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF TANCO HOLDINGS BERHAD ("TANCO" OR "COMPANY")
Query Letter Contents

We refer to your Company's announcement dated 21 September 2021, in respect of the aforesaid matter.

 

In this connection, kindly furnish Bursa Malaysia Securities Berhad (“Bursa Securities”) with the following additional information for public release:-

 

1. Date of agreement between OAMSB and Kumpulan Melaka Berhad, including but not limited to, the following:-

(i) salient terms and conditions of the reclamation of land;

(ii) total size of the approved reclamation area;

(iii) reclamation and development rights;

(iv) conditions precedent;

(v) commencement and duration of reclamation works; and

(vi) entitlements by respective parties   

 

2. Name of directors and substantial shareholders of OAMSB together with their shareholdings in OAMSB.

 

3. Salient terms and conditions of the Letter of Award (“LOA”), including but not limited to, the following:-

(i) roles and responsibilities of TBSB and OAMSB during the entire reclamation project;

(ii) terms of cost and profit sharing between TBSB and OAMSB;

(iii) whether the acceptance of LOA from OAMSB is subject to the consent/approval by Kumpulan Melaka Berhad or State Government of Melaka;

(iv) detailed terms of termination and compensation clauses by the respective parties in the LOA; and

(iv) further information on the allotment of OAMSB preference shares to TBSB in relation to the Advance Payment.  

 

4. In respect of the Contract Sum of RM99,469,168, please provide the following:-

(i) Basis in how the contract sum is determined;

(ii) Name of party that will pay the contract sum; and

(iii) It is stated that the contract sum shall be paid progressively in accordance with the completion of the respective work phases. Please clarify whether TBSB or OAMSB will bear the cost of the reclamation work and to specify with clarify the source of funding by TBSB, upon taking into consideration the financial condition of the Company.

 

5. It is disclosed under the Section 3.2 (Due Diligence) of the Announcement which, among others, states “including proof of confirmed interest to purchase 42 acres of reclaimed land for at least RM70 million or any other extended period as TBSB may decide”. Please provide greater granularity on the abovementioned statement i.e. how the 42 acres and RM70 million came about when the details of the reclamation of work is still at the LOA stage.  

 

6. It is noted that Tanco Holdings Berhad and its subsidiaries are principally involved in the property development, tourism, leisure and entertainment businesses. In this regard, please provide detailed elaboration/computation of the following:-

(i) to demonstrate whether your company has the requisite experiences, expertise and capability to undertake the engineering, procurement, construction and completion of the proposed reclamation of land, of which your company has no prior experiences in this area; and

(ii) quantification of the expected benefits or profit that your company or TBSB is envisaged to derive from the reclamation works taking into consideration the contract sum and various payment and expenses involved.       

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

 

Yours faithfully

 

 

 

 

Listing

Regulation

 

cc:-   Market Surveillance, Securities Commission (via fax)

For consistency purposes, the abbreviations and definitions used throughout this announcement, unless otherwise stated, shall have the same meanings as those previously defined in the announcement dated 21 September 2021 in relation to the Letter of Award (“LOA”).

 

Further to the previous announcement dated 21 September 2021 and the Query Letter dated 23 September 2021 from Bursa Malaysia Securities Berhad in relation to the LOA, please refer to the attached file for more details of the announcement.

 

This announcement is dated 24 September 2021.



Please refer attachment below.

Attachments

Tanco_Reply Queries_LOA.pdf
308.8 kB



Announcement Info

Company Name TANCO HOLDINGS BERHAD
Stock Name TANCO
Date Announced 24 Sep 2021
Category General Announcement for PLC
Reference Number GA1-24092021-00013




Close