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OTHERS LFE CORPORATION BERHAD ("LFE" or "the Company") JOIN VENTURE AGREEMENT BETWEEN AZIHO TRADING SDN BHD AND LFE DEVELOPMENT SDN BHD, A 60% OWNED SUBSIDIARY OF LFE

Amended Announcements
Please refer to the earlier announcement reference number: GA1-15082023-00037

LFE CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
LFE CORPORATION BERHAD ("LFE" or "the Company")
JOIN VENTURE AGREEMENT BETWEEN AZIHO TRADING SDN BHD AND LFE DEVELOPMENT SDN BHD, A 60% OWNED SUBSIDIARY OF LFE

The Board of Directors of LFE is pleased to announce that LFE Development Sdn Bhd, a 60% owned subsidiary of the Company (“LDSB” or “Developer”) had on 16 August 2023 entered into a Joint Venture (“JV”) Agreement with Aziho Trading Sdn Bhd [Registration no. 198301013792 (109185-M)] (“ATSB” or “Landowner”) for the development, construction and subsequent selling of a housing project namely, Taman Residensi Mesra, Phase 4 (“Development”), on part of a parcel of freehold land known as Geran 85295, Lot 21, Daerah Kuala Muda, Kedah Darul Aman, measuring approximately 175 acres (“Development Land”).

The Landowner shall be entitled to either twenty percent (20%) of the Gross Development Value ("GDV") or twenty percent (20%) of the developed building plots along with the various types of constructed buildings on the land. For low-cost and low-medium cost houses, the Landowner's share would equate to Eighteen Percent (18%) of the total number of units within this category ("the Landowner’s Entitlement").

 

The Landowner’s Entitlement shall be given by the Developer to the Landowner in the following manner:-

 

i. First deposit, second deposit, first payment, second payment, and third payments, totalling RM 9,200,000.00

ii. Monthly progress payments,

iii. Any remaining balance of the Landowner's entitlement will be settled either through cash payment or in the form of unsold units within three (3) months from the issuance of either the Certificate of Fitness for Occupation ("CFO") or the Certificate of Completion and Compliance ("CCC").

 

This announcement is dated 17 August 2023.




Please refer attachment below.



Announcement Info

Company Name LFE CORPORATION BERHAD
Stock Name LFECORP
Date Announced 17 Aug 2023
Category General Announcement for PLC
Reference Number GA1-17082023-00023



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