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PROPOSED JOINT DEVELOPMENT BETWEEN SHANTAWOOD SDN BHD ("SSB"), A WHOLLY OWNED SUBSIDIARY OF DPS RESOURCES BERHAD ("DPS") AND BIOTREND ASIA (M) SDN BHD ("BIOTREND") TO JOINTLY DEVELOP A FEW PARCELS OF LAND FOR DEVELOPMENT IN THE STATE OF MELAKA MEASURING APPROXIMATELY 52.186 ACRES IN AGGREGATE ("MELAKA LAND") ("PROPOSED JOINT DEVELOPMENT")

DPS RESOURCES BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-23122022-00001
Subject PROPOSED JOINT DEVELOPMENT BETWEEN SHANTAWOOD SDN BHD ("SSB"), A WHOLLY OWNED SUBSIDIARY OF DPS RESOURCES BERHAD ("DPS") AND BIOTREND ASIA (M) SDN BHD ("BIOTREND") TO JOINTLY DEVELOP A FEW PARCELS OF LAND FOR DEVELOPMENT IN THE STATE OF MELAKA MEASURING APPROXIMATELY 52.186 ACRES IN AGGREGATE ("MELAKA LAND") ("PROPOSED JOINT DEVELOPMENT")
Description
DPS RESOURCES BERHAD ("DPS" OR "THE COMPANY")

PROPOSED JOINT DEVELOPMENT BETWEEN SHANTAWOOD SDN BHD ("SSB"), A WHOLLY-OWNED SUBSIDIARY OF DPS RESOURCES BERHAD AND BIOTREND ASIA (M) SDN BHD ("BIOTREND") TO JOINTLY DEVELOP A FEW PARCELS OF LAND FOR DEVELOPMENT IN THE STATE OF MELAKA MEASURING APPROXIMATELY 52.186 ACRES IN AGGREGATE ("MELAKA LAND") ("PROPOSED JOINT DEVELOPMENT")
Query Letter Contents

We refer to your Company’s announcement dated 21 December 2022 in respect of the aforesaid matter.


In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1) To update on the actions/steps taken by SSB/DPS and/or Biotrend as well as the progress of the Proposed Joint Development since the date of the Joint Development Agreement (“JDA”) i.e. 8 April 2022 up to the point they decided to rescind/revoke of the JDA.

 

The information shall include status of application(s) pertaining to the Mixed Developments/Projects made to the relevant authorities, of which the type of each application and the name of each authority and the date of approval obtained (if any) must be specified.


2) Based on the information provided under item no. 3 of the announcement dated 18 April 2022, SSB had already paid a sum of RM1.02 million out of the total RM5.1 million deposit while the remaining RM4.08 million shall be paid within 3 months from the date of the JDA. In this respect, please relook into the accuracy of the statement which reads that “SSB had on 15 August 2022 paid a deposit of RM5.1 million to Biotrend…” and provide a confirmation on the total amount of deposit which has been paid to Biotrend as to-date.

 

For clarity purpose and to facilitate better understanding, please provide the full payment schedule showing the exact amount and number of payments made to each Landowners together with the payment dates.


3) To confirm if there is any actual refund of the RM5.1 million deposit to SSB/DPS. If no actual refund taken place, to also comment on the reasonableness for the RM5.1 million deposit to be considered as refunded and then be treated as amount owing to SSB by Biotrend by explaining why such treatment is not detrimental to SSB/DPS and whether or not the treatment is in the best interest of SSB/DPS.

 

4) To state the date(s) and exact breakdown details on the amount incurred for every stated purpose/category covering the following:

  • Increase in the paid-up capital of Biotrend (note: to explain the rationale for this and to specify/indicate the date of such increase in the paid-up capital);
  • Payment made by Biotrend for the repayment of the deposits for the Landowners [note: to also clarify what is meant by this and to list down the date(s) and payment made to each of the Landowners];
  • Pre-payment of the Landowner Entitlement (note: to also clarify the rationale for such pre-payment);
  • Consultant fees (note: to also specify the nature of consultancy services received together with the respective fees paid);
  • Runner fees; and
  • Authorities’ fees/contributions (note: to specify the name of the authorities involved together with the respective amount involved).

5) To quantify the exact amount of upfront costs incurred by Biotrend in securing the JV Lands.

 

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

Reference is made to the Announcement dated 21 December 2022 in respect of the aforesaid matter (“Announcement”).


(Unless otherwise stated, the words and abbreviations used herein shall have the same meaning as those defined in the Announcement.)


The Board wishes to announce the following additional information as required by Bursa Securities via its letter (ref no: IQL-23122022-00001) dated 27 December 2022.

 

Please refer to the attachment for the additional information.

 

This announcement is dated 29 December 2022. 



Please refer attachment below.



Announcement Info

Company Name DPS RESOURCES BERHAD
Stock Name DPS
Date Announced 29 Dec 2022
Category General Announcement for PLC
Reference Number GA1-29122022-00067



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