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OTHERS RADIUM DEVELOPMENT BERHAD ("RADIUM" OR "THE COMPANY") LETTER OF INTENT DATED 6 FEBRUARY 2023 ("LOI") ISSUED BY RADIUM TO N&M CAHAYA SDN. BHD. ("NMCSB") TO JOINTLY DEVELOP ON ALL THAT PIECE OF LAND HELD UNDER H.S.(D) 123157, PT 50174, MUKIM PETALING, DAERAH KUALA LUMPUR, NEGERI WILAYAH PERSEKUTUAN KUALA LUMPUR MEASURING APPROXIMATELY 40,467 SQUARE METERS ("LAND")

RADIUM DEVELOPMENT BERHAD

Type Announcement
Subject OTHERS
Description
RADIUM DEVELOPMENT BERHAD ("RADIUM" OR "THE COMPANY") 
LETTER OF INTENT DATED 6 FEBRUARY 2023 ("LOI") ISSUED BY RADIUM TO N&M CAHAYA SDN. BHD. ("NMCSB") TO JOINTLY DEVELOP ON ALL THAT PIECE OF LAND HELD UNDER H.S.(D) 123157, PT 50174, MUKIM PETALING, DAERAH KUALA LUMPUR, NEGERI WILAYAH PERSEKUTUAN KUALA LUMPUR MEASURING APPROXIMATELY 40,467 SQUARE METERS ("LAND")

Reference is made to Section 5.20(ii) of Radium’s prospectus dated 27 April 2023 in respect of the LOI issued by Radium to NMCSB and the previous announcement made on 4 August 2023.

 

The Board of Directors wishes to announce that upon completion of the due diligence review on NMCSB, it shows that NMCSB is currently implicated in a legal suit involving the Land as subject matter. In view thereof, Radium and NMCSB are agreeable to further extend the period for another eighteen (18) months from 7th February 2024 to 6th August 2025 for NMCSB to resolve the said legal suit which NMCSB is reasonably confident that it has a good chance to defend its position.

 

In addition to the above, the future land use zone of the Land is currently pending the “Pelan Tempatan Kuala Lumpur” (PTKL 2040) to be gazetted. Hence, the extension period of 18 months is not an impediment to the progress as without PTKL 2040 being in force, the development order for the proposed development on the Land is unable to be processed by Kuala Lumpur City Hall.

 

All other terms of the LOI shall remain in force and effect.

 

This announcement is dated 2 February 2024.






Announcement Info

Company Name RADIUM DEVELOPMENT BERHAD
Stock Name RADIUM
Date Announced 02 Feb 2024
Category General Announcement for PLC
Reference Number GA1-29012024-00023



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