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Proposed disposal of 6,653/10,000 undivided share (measuring approximately 303,487 square feet in area) in the parcel of freehold land held under individual title Geran 116449 Lot 15999 Mukim Lumut, Daerah Manjung, Negeri Perak together with a one storey commercial shopping complex and a single storey temporary building comprising of futsal court and a commercial lot erected thereon for total consideration of RM22,892,000.00 only

RAPID SYNERGY BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-19092023-00001
Subject Proposed disposal of 6,653/10,000 undivided share (measuring approximately 303,487 square feet in area) in the parcel of freehold land held under individual title Geran 116449 Lot 15999 Mukim Lumut, Daerah Manjung, Negeri Perak together with a one storey commercial shopping complex and a single storey temporary building comprising of futsal court and a commercial lot erected thereon for total consideration of RM22,892,000.00 only
Description
Proposed disposal of 6,653/10,000 undivided share (measuring approximately 303,487 square feet in area) in the parcel of freehold land held under individual title Geran 116449 Lot 15999 Mukim Lumut, Daerah Manjung, Negeri Perak together with a one storey commercial shopping complex and a single storey temporary building comprising of futsal court and a commercial lot erected thereon for total consideration of RM22,892,000.00 only.
Query Letter Contents

We refer to your Company's announcement dated 15 September 2023, in respect of the aforesaid matter.

 

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

 

1. To disclose the disposal consideration for the transaction entered into with Delivery Evolution Sdn Bhd (“DESB”) via the Sale and Purchase Agreement dated 27 March 2019. To also clarify if DESB is a related party.

 

2. To provide more details on the existing tenancies, which shall include information on the tenure and expiry date of the respective tenancies as well as the total rental income per month received from such tenancies.

 

3. To also indicate the estimated timeline for the Properties to be discharged from PBB.

 

4. To state the date of the valuation report, the name of the independent valuer and the methods used in valuing the Properties.

 

5. To provide the rationale for adopting different approaches with respect to the existing tenancies i.e. by way of a novation agreement for TFVM and by a notice of assignment of tenancies from Rapid Synergy Berhad (“Rapid”) to Yokado Sdn Bhd and explain the difference(s) between the 2 approaches, if any.

 

6. To explain the basis of the reimbursement of RM608,000, being the total monthly rental of the Tenancies for 12 months period in respect of 26.5% of RSB Portion. To also indicate the timeline for such reimbursement to take place.

 

7. To explain the reason for disposing of only 6,653/10,000 of the undivided land and not the entire RSB Portion. To also comment on the impact of the foregone rental income arising from the Proposed Disposal to Rapid moving forward.

 

8. To also disclose the plan for the remaining 2,470/10,000 of the undivided land owned by Rapid (“Balance RSB Portion”) and clarify whether or not the Balance RSB Portion is currently an income-generating asset for Rapid. If yes, please provide the relevant description and amount of such income accordingly.

 

9. To provide the breakdown details for the expenses of the Proposed Disposal amounting to RM569,000.

 

10. To disclose the information set out in Appendix 10A of the Main Market Listing Requirements (“MMLR”) on the transactions with the same party for the preceding 12 months pursuant to Practice Note 14 of the MMLR.

 

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

Bursa Malaysia Securities Berhad ("Bursa Securities") had vide its letter dated 19 September 2023 (Reference No.: IQL-19092023-00001) requested for an announcement to be released by Rapid Synergy Berhad ("the Company") by today, 20 September 2023 after 5.00 p.m. to annouce additional information in relation to the announcement made by the Company on 15 September 2023.

 

Kindly refer to the file attached for details of the additonal information, as requested by Bursa Securities. This announcement will replace the announcement issued yesterday, 20 September 2023.

 

This announcement is dated 21 September 2023.



Please refer attachment below.



Announcement Info

Company Name RAPID SYNERGY BERHAD
Stock Name RAPID
Date Announced 21 Sep 2023
Category General Announcement for PLC
Reference Number GA1-21092023-00059



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