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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS COMPUGATES HOLDINGS BERHAD ("COMPUGATES" OR "COMPANY") - JOINT VENTURE BETWEEN COMPUGATES DEVELOPMENT AND MINING SDN BHD ("CDMSB"), A 70%-OWNED SUB-SUBSIDIARY OF COMPUGATES AND MAIN UPTOWN SDN BHD, TO JOINTLY DEVELOP A PARCEL OF LEASEHOLD LAND IDENTIFIED AS H.S. (D) 13828, PT 26800, MUKIM OF DENGKIL, DISTRICT OF SEPANG, SELANGOR DARUL EHSAN, MEASURING APPROXIMATELY 154,990 SQUARE METRES ("LAND") INTO A MIXED DEVELOPMENT ("JOINT VENTURE")

COMPUGATES HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description
COMPUGATES HOLDINGS BERHAD ("COMPUGATES" OR "COMPANY")
- JOINT VENTURE BETWEEN COMPUGATES DEVELOPMENT AND MINING SDN BHD ("CDMSB"), A 70%-OWNED SUB-SUBSIDIARY OF COMPUGATES AND MAIN UPTOWN SDN BHD, TO JOINTLY DEVELOP A PARCEL OF LEASEHOLD LAND IDENTIFIED AS H.S. (D) 13828, PT 26800, MUKIM OF DENGKIL, DISTRICT OF SEPANG, SELANGOR DARUL EHSAN, MEASURING APPROXIMATELY 154,990 SQUARE METRES ("LAND") INTO A MIXED DEVELOPMENT ("JOINT VENTURE")

Reference is made to the announcements dated 19 August 2015, 13 December 2017, 3 May 2018, 24 May 2018, 15 October 2018, 26 March 2019, 27 March 2019, 8 May 2019, 10 May 2019 and 4 November 2019 (“Announcements”). Unless otherwise stated, the terms used herein shall have the same meaning as defined in the Announcements.

 

The Board of Directors of Compugates wishes to announce that the Court has on 13 January 2021 granted the following orders:

 

(a)  A declaration that CDMSB (“the Plaintiff”) is entitled to the whole compensation sum awarded amounting to RM9,397,400.00 in respect of the land acquisition of 0.9892 hectares of land held under Title No. H.S. (D) 13828, Lot No. PT 26800 (New Lot No.: 30729), Mukim of Dengkil, District of Sepang, Selangor;

 

(b)  The Plaintiff is entitled to claim the whole compensation sum amounting to RM9,397,400.00 which was ordered to be deposited into Court together with all accruing interest vide Originating Summons No. BA-24NCvC-1363 Year 11/2018 to be released to the Plaintiff;

 

(c)  A declaration that the Joint Venture Agreement dated 18 August 2015 (“Joint Venture Agreement”) entered into between the Plaintiff and Main Uptown Sdn Bhd (“the Defendant”) is terminated, not valid and binding and with no effect between the Plaintiff and Defendant;

 

(d)  A declaration that the Plaintiff is entitled to forfeit the sum of RM3,000,000.00 from the deposit paid by the Defendant as agreed liquidated damages as agreed based on the terms of the Joint Venture Agreement;

 

(e)  That the Private Caveat No. 54272/2015 entered by the Defendant dated 22 October 2015 on the land held under Title No. H.S. (D) 13828, Lot No. PT 26800, (New Lot No.: 30729), Mukim of Dengkil, District of Sepang, Selangor be removed/cancelled immediately;

 

(f)  That the Registrar of Titles and all relevant authorities be ordered pursuant to Section 417 of the National Land Code 1965 to give the consequence and effect to this order;

 

(g)  That the Plaintiff refund the sum of RM2,000,000.00 to the Defendant from the deposit paid under the Joint Venture Agreement;

 

(h)  That the counter claim dated 6 December 2019 is dismissed; and

 

(i)  Costs of RM30,000.00 to be paid by the Defendant to the Plaintiff.

 

This announcement is dated 14 January 2022.






Announcement Info

Company Name COMPUGATES HOLDINGS BERHAD
Stock Name COMPUGT
Date Announced 14 Jan 2022
Category General Announcement for PLC
Reference Number GA1-14012022-00041




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