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Proposed disposal of all that parcel of the freehold land held under Individual Title Hakmilik Sementara Daftar 123441 PT 50158, Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur bearing postal address of Lot No. 48650, Jalan 29/70A, Sri Hartamas, 50480 Kuala Lumpur for total consideration of Ringgit Malaysia Thirty-Nine Million (RM39,000,000) only

RAPID SYNERGY BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-30012024-00002
Subject Proposed disposal of all that parcel of the freehold land held under Individual Title Hakmilik Sementara Daftar 123441 PT 50158, Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur bearing postal address of Lot No. 48650, Jalan 29/70A, Sri Hartamas, 50480 Kuala Lumpur for total consideration of Ringgit Malaysia Thirty-Nine Million (RM39,000,000) only
Description
Letter Subject or Reference - Query by Bursa Malaysia Securities Berhad 
Proposed disposal of all that parcel of the freehold land held under Individual Title Hakmilik Sementara Daftar 123441 PT 50158, Mukim Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur bearing postal address of Lot No. 48650, Jalan 29/70A, Sri Hartamas, 50480 Kuala Lumpur for total consideration of Ringgit Malaysia Thirty-Nine Million (RM39,000,000) only

Reference Number: IQL-30012024-00002
Query Letter Contents

We refer to your Company's announcement dated 23 January 2024, in respect of the aforesaid matter.

 

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

 

1. In respect of the Sale Consideration to be paid partially by way of contra of properties for the sum of RM12.5 million, please indicate in greater detail the type of properties envisaged to be involved.

 

2. To disclose the recourse available to RSB in the event the RM12.5 million to be settled by way of contra of properties from the units within the Project is not materialised or delayed.

 

3. In this regard, please provide the view of the Board of Directors on whether the mode of settlement of the Sale Consideration (which comprises Cash Portion and Contra Portion) is in the best interest of the Company as well as the rationale/justification thereof. 

 

4. To provide details of the loan by CIMB Islamic in relation to the Three (3) Lands and the outstanding amount to CIMB Islamic.

 

5. To indicate the timeline involved for RSB to effect the discharge of the Property from CIMB Islamic.

 

6. To also provide further clarity on how will RSB deliver the Property to EPPSB free from encumbrances when there will be a re-registration of the Charge to the Property in favour of CIMB Islamic and the redemption of the loan from CIMB Islamic is to be undertaken as part of the utilisation of proceeds upon completion of the Proposed Sri Hartamas Disposal.

 

7. To disclose the details of Conditions Precedent, if any, for the transaction and the timeline involved to fulfil the Conditions Precedent.

 

8. For greater clarity, please quantify clearly the consideration amount that the Purchaser shall be entitled to exercise the option to sell back the Property to the Company.

 

9. To provide the rationale and justification for the Company to agree on the liquidated damages of RM12.5 million for reason not attributable to any default, neglect or omission of the Company and/or the Purchaser. In this regard, please provide the Board of Directors’ view on the salient terms of the SPA under Section 2.5.

 

10. To disclose the default/termination and penalty clauses of the SPA.

 

11. To clarify whether the Redemption Sum of RM16 million refers to the redemption of the loan from CIMB Islamic of RM16 million to be undertaken as part of the utilisation of proceeds. If so, please explain the rationale for EPPSB to pay RSB’s financier for loan undertaken by RSB.

 

12. To define “Retention Sum”.

 

13. To explain how the excess or shortfall will be addressed in the event the total value of the Shortlisted Units deviates from the total amount of RM12.5 million.

 

14. To provide further explanation on the computation and breakdown of the Estimated RPGT of RM3.1 million. In Note (1) of Section 2.8, please explain the statement: “out of the Cash Portion”.  

 

15. To provide the breakdown for the utilisation of proceeds for working capital amounting to RM6.12 million and the relevant timeline.

 

16. To furnish separately to the Exchange the computation of percentage ratios applicable to the Proposed Sri Hartamas Disposal pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements.  

 

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 23 January 2024 in relation to the Proposed Sri Hartamas Disposal (as defined). All definitions in this announcement, unless otherwise stated, shall have the same meaning as defined in the earlier announcement dated 23 January 2024.

 

The Board of Directors (“Board”) of Rapid Synergy Berhad (“RSB” or “the Company”) refer to Bursa Malaysia Securities Berhad’s (“Bursa Securities”) query dated 30 January 2024 in relation to the Proposed Sri Hartamas Disposal and wishes to response to the queries of Bursa Securities detailed of which as listed in the attachment file enclosed herewith.

 

Kindly refer to the attachment file for the responses from RSB.

 

 

This announcement is dated 31 January 2024.



Please refer attachment below.



Announcement Info

Company Name RAPID SYNERGY BERHAD
Stock Name RAPID
Date Announced 01 Feb 2024
Category General Announcement for PLC
Reference Number GA1-10102023-00079



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