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OTHERS DPS RESOURCES BERHAD ("DPS" OR THE "COMPANY") PROPOSED JOINT VENTURE BETWEEN SHANTAWOOD PROPERTY MANAGEMENT SDN BHD ("SPM" OR THE "DEVELOPER") A WHOLLY-OWNED SUBSIDIARY OF DPS AND LEN CHEONG RESOURCES SDN BHD (LCR OR THE "LANDOWNER") TO DEVELOP AND COMPLETE A RESIDENTIAL DEVELOPMENT IN THE STATE OF MELAKA ("PROPOSED JV")

DPS RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
DPS RESOURCES BERHAD ("DPS" OR THE "COMPANY")

PROPOSED JOINT VENTURE BETWEEN SHANTAWOOD PROPERTY MANAGEMENT SDN BHD ("SPM" OR THE "DEVELOPER") A WHOLLY-OWNED SUBSIDIARY OF DPS AND LEN CHEONG RESOURCES SDN BHD (LCR OR THE "LANDOWNER") TO DEVELOP AND COMPLETE A RESIDENTIAL DEVELOPMENT IN THE STATE OF MELAKA ("PROPOSED JV")

Reference is made to the Company’s announcements dated 23 August 2022, 2 September 2022 and 7 September 2022 in relation to the Proposed JV between SPM and LCR (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

 

The Board of Directors of DPS wishes to announce that SPM has on 12 September 2022 received a letter from LCR terminating the Joint Venture Agreement executed on 23 August 2022.

 

SPM and the Landowner (collectively the "Parties") had mutually agreed to terminate the Proposed JV dated 12 September 2022 due to the processes to execute the Proposed JV which will take at approximately 12 months to commence the project development on the JV Land. As of to-date, the deposits of RM1,294,000.00 has not been paid to the Landowner pursuant to the Proposed JV. Upon the termination of the Proposed JV, the Parties shall be fully discharged all duties, covenant, and liabilities and shall not have any claim against each other. 

 

The termination of the Proposed JV is not expected to have any effect on the consolidated earnings and net assets per share of the Company for the financial year ending 31 March 2023. 

 

This announcement is dated 12 September 2022. 






Announcement Info

Company Name DPS RESOURCES BERHAD
Stock Name DPS
Date Announced 12 Sep 2022
Category General Announcement for PLC
Reference Number GA1-12092022-00019



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