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PROPOSED JOINT VENTURE BETWEEN DPS ENERGY SDN BHD (DPSE OR THE DEVELOPER) A WHOLLY-OWNED SUBSIDIARY OF DPS AND MUTIARA MAHAJUTA SDN BHD (REPRESENTING A GROUP OF INDIVIDUAL LANDOWNERS) (MUTIARA OR THE LANDOWNER) FOR AGRO-TOURISM, CROPS, BIO-FARM, RENEWABLE ENERGY, SOLAR FARM AND AQUA-PHONICS IN THE STATE OF MELAKA (PROPOSED JV)

DPS RESOURCES BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-17112023-00001
Subject PROPOSED JOINT VENTURE BETWEEN DPS ENERGY SDN BHD (DPSE OR THE DEVELOPER) A WHOLLY-OWNED SUBSIDIARY OF DPS AND MUTIARA MAHAJUTA SDN BHD (REPRESENTING A GROUP OF INDIVIDUAL LANDOWNERS) (MUTIARA OR THE LANDOWNER) FOR AGRO-TOURISM, CROPS, BIO-FARM, RENEWABLE ENERGY, SOLAR FARM AND AQUA-PHONICS IN THE STATE OF MELAKA (PROPOSED JV)
Description
DPS RESOURCES BERHAD ("DPS" OR "COMPANY")

PROPOSED JOINT VENTURE BETWEEN DPS ENERGY SDN BHD ("DPSE" OR THE "DEVELOPER") A WHOLLY-OWNED SUBSIDIARY OF DPS AND MUTIARA MAHAJUTA SDN BHD (REPRESENTING A GROUP OF INDIVIDUAL LANDOWNERS) ("MUTIARA" OR THE "LANDOWNER") FOR AGRO-TOURISM, CROPS, BIO-FARM, RENEWABLE ENERGY, SOLAR FARM AND AQUA-PHONICS IN THE STATE OF MELAKA ("PROPOSED JV")
Query Letter Contents

We refer to your Company's announcement dated 15 November 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 substantial shareholder(s) of Mutiara and the substantial shareholding held.

 

2. Please disclose the following information with respect to the collaborative agreements entered into with Mutiara:-

 

(a) The list of Individual Landowners together with the details of land owned by them (land size and plot number) and the respective dates of collaborative agreements entered into with Mutiara.

 

(b) The commencement date and expiry date for the Initial Tenure and Extended Tenure.

 

(c)The salient terms and clauses for the collaborative agreements under both the Initial Tenure and Extended Tenure respectively, of which the details shall include –

(i) The role and responsibilities/obligations of the Individual Landowners and Mutiara;

(ii) The Individual Landowner’s entitlements to any payment and/or other benefits/rewards (be it in cash or in kind form) per month/per annum to be derived by the Individual Landowners for allowing Mutiara to use the Land.

 

(d) A clarification on –

(i)  Whether the collaborative agreements are standardised for all Individual Landowners;

(ii) The details on termination and penalty clauses.

 

3. With respect to the Land, please provide the following information –

(a) To provide the lot/title number of the Land.

(b) To explain further on the Malacca Customary Land by disclosing the relevant details including any restriction/special condition imposed on such land.

(c) To quantify the tenure of the leasehold land.

(d) To specify the type of crops currently planted on the Land and to disclose the monthly production and income generated from such crops.

 

4. To specify the exact duration for Phase I and Phase II of the Project and the rationale for putting the Extended Tenure in place since the Initial Tenure of 30 years is sufficient to cater for the entire duration of the Project covering a period of 21 – 25 years. To also briefly explain the basis in working out the duration of 21 – 25 years for the Project.

 

5. Given that all the terms and conditions of the Project will only be determined during the renewal stage and/or a separate agreement to be signed. Please clarify further on what is meant by the ‘renewal stage’. Given the uncertainty on the Project at this juncture, please explain the need for DPS Group to enter into the JVA now.

 

6. It is disclosed that if the preliminary works are unable to complete within 6 months, an extension of time shall be given to DPSE to complete this works. In this respect, please quantify the duration which has been agreed upon for the extension of time. If yes, please disclose accordingly.

 

7. To provide the rationale and comment on the fairness and reasonableness to DPSE/DPS for agreeing to the arrangement for the earnest deposit not to be refunded in the event the feasibility study concludes that solar energy is not viable for the designated area.

 

8. To also provide the basis determining the sum of RM200,000 earnest deposit.

 

9. To disclose the missing details for item (i) under Section 2.5 of the announcement.

 

10. Given the possibility for the Land to be enlarged with the participation of future individual Landowner as disclosed under Section 2.5(v) of the announcement, please clarify how DPS Group can ensure certainty and control in its planning and implementation of the Project.

 

11. To disclose the basis in determining the deposit at a sum of RM20,000 per acre to Mutiara in the event the feasibility study is completed after 6 months and the feasibility study shows that this project is viable. To also clarify if such deposit is refundable or non-refundable in the event the Parties decide not to proceed with the Project.

 

12. To clarify how DPS Group and Mutiara could combine their skills, expertise, experience, capabilities and resources to do the undertake agro tourism, crops, bio-farm, renewable energy, solar farm, aqua-phonics which are not the principal business of DPS Group and Mutiara. In this respect, please address the following:-

(a) To provide details of the past project(s)/initiatives in such fields and also profile/track record of the relevant key personnel of DPS Group and Mutiara with such skills/expertise/experience/capabilities.

(b) To explain further on the representation that the Proposed JV is in the ordinary course of business of DPRS and its subsidiaries.

 

13. To disclose if the Project requires the approval of any authority. If yes, to specify the type of approval required and the name of such authority(ies) accordingly.

 

14. We take note of the announcement by Sand Nisko Capital Berhad (“SNC”) dated 1 December 2021 on the Proposed JV with Mutiara. Please clarify if the current Proposed JV by DPSE is the same JV as announced by SNC. If yes, to provide the background of events leading to the current Proposed JV.

 

 

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 15 November 2023 in respect of the aforesaid matter (“Announcement”) 

 

(Unless otherwise defined herein, all terms used herein shall be the same as those defined in the Company’s announcement dated 15 November 2023.)

 

The Board wishes to announce the following additional information as required by Bursa Securities via its letter (ref no: IQL-17112023-00001) dated 17 November 2023.

 

Please refer to the attachment for the additional information.

 

 

 



Please refer attachment below.

Attachments

DPS - Reply Query.pdf
306.6 kB



Announcement Info

Company Name DPS RESOURCES BERHAD
Stock Name DPS
Date Announced 21 Nov 2023
Category General Announcement for PLC
Reference Number GA1-20112023-00078



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