News
Disposal by Bursa Malaysia Securities Clearing Sdn. Bhd. to Hwang Enterprises Sdn. Bhd. of property bearing postal address No. 43, Green Hall, Georgetown, 10200 Penang
BackMay 05, 2006
| General Announcement Reference No BM-060505-54264 |
| Company Name | : | BURSA MALAYSIA BERHAD |
| Stock Name | : | BURSA |
| Date Announced | : | 05/05/2006 |
 |
|
|
| Type | : | Announcement |
| Subject | : | Disposal by Bursa Malaysia Securities Clearing Sdn. Bhd. to Hwang Enterprises Sdn. Bhd. of property bearing postal address No. 43, Green Hall, Georgetown, 10200 Penang |
Contents :
Further to the announcement made on 3 March 2006, Bursa Malaysia Berhad is pleased to announce that its wholly-owned subsidiary, Bursa Malaysia Securities Clearing Sdn. Bhd. ("Bursa Securities Clearing" or "Vendor") has entered into a Sale and Purchase Agreement ("SPA") on 5 May 2006 to dispose to Hwang Enterprises Sdn. Bhd. ("HESB" or "Purchaser") the property bearing postal address No. 43, Green Hall, Georgetown, 10200 Penang ("the Property") for a cash consideration of RM4.4 million ("Purchase Price"). The salient terms of the SPA are as follows:- (a) Purchase Price and Terms
Subject to the terms and conditions contained in the SPA, Bursa Securities Clearing agreed to sell and HESB agreed to purchase the Property including all rights, benefits, powers and privileges attached and accruing to the Property free from all encumbrances, at the Purchase Price.
(b) Payment Terms
The Purchase Price is payable by the Purchaser to the Vendor as follows:- (1) Ten per centum (10%) of the Purchase Price amounting to RM440,000.00 upon the execution of the SPA; and (2) Ninety per centum (90%) of the Purchase Price amounting to RM3,960,000.00 within six (6) months from the date of the SPA ("Balance Purchase Price").
(c) Completion
Completion of the sale and purchase of the Property shall take place on the date of actual and full payment of the Balance Purchase Price by the Purchaser to the Vendor, which shall be a date falling not later than six (6) months from the date of the SPA ("Completion Date"). However, if the Purchaser does not pay or is unable to pay the Balance Purchase Price or any part thereof by the Completion Date, the Vendor shall automatically grant to the Purchaser an extension of one (1) month to pay the outstanding Balance Purchase Price provided that the Purchaser shall pay to the Vendor interest at the rate of 10% per annum on the outstanding Balance Purchase Price, calculated daily from the date next following the Completion Date up until the date of full payment of the Balance Purchase Price.
This announcement is dated 5 May 2006.