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(I) PROPOSED ACQUISITION BY EDELTEQ TECHNOLOGIES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF EDELTEQ HOLDINGS BERHAD ("EDELTEQ") OF A UNIT OF 4 STOREY SEMI-DETACHED FACTORY; AND (II) PROPOSED ACQUISITION BY EDELTEQ VENTURES SDN BHD, A 70%-OWNED SUBSIDIARY OF EDELTEQ, OF A UNIT OF 4 STOREY SEMI-DETACHED FACTORY

EDELTEQ HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-11062024-00001
Subject (I) PROPOSED ACQUISITION BY EDELTEQ TECHNOLOGIES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF EDELTEQ HOLDINGS BERHAD ("EDELTEQ") OF A UNIT OF 4 STOREY SEMI-DETACHED FACTORY; AND (II) PROPOSED ACQUISITION BY EDELTEQ VENTURES SDN BHD, A 70%-OWNED SUBSIDIARY OF EDELTEQ, OF A UNIT OF 4 STOREY SEMI-DETACHED FACTORY
Description
EDELTEQ HOLDINGS BERHAD ("EDELTEQ" OR THE "COMPANY")

I.   PROPOSED ACQUISITION BY EDELTEQ TECHNOLOGIES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF EDELTEQ OF A UNIT OF FOUR (4) STOREY SEMI-DETACHED FACTORY ("PROPOSED ACQUISITION I"); AND 

II.  PROPOSED ACQUISITION BY EDELTEQ VENTURES SDN BHD, A 70%-OWNED SUBSIDIARY OF EDELTEQ, OF A UNIT OF FOUR (4) STOREY SEMI-DETACHED FACTORY ("PROPOSED ACQUISITION II")

(COLLECTIVELY REFERRED TO AS THE "PROPOSED ACQUISITIONS")
Query Letter Contents

We refer to your Company’s announcement dated 10 June 2024 (“Announcement”) in respect of the aforesaid matter. Unless otherwise stated, the terms used herein shall have the same meaning as those defined in the Announcement.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The date(s) of payment of the earnest deposits for the Proposed Acquisitions.
2) The relationship between Innoceria Sdn Bhd (registered proprietor of Property II) and Vendor II, and the circumstances under which Vendor II became the beneficial owner of Property II.
3) The details of the tenancy of Property II (including the tenure and rental income per month/annum).
4) Whether EVSB and Vendor II will enter into a novation agreement for the tenancy of Property II, and if yes, the relevant timeframe.
5) With reference to Clause 1(c) of SPA 1, to clarify the date/timeframe for release of the balance of Purchase Consideration I to Vendor I.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing, 
Regulation

Cc : Market Surveillance Dept. , Securities Commission

We refer to our Company’s announcement dated 10 June 2024, in respect of the above subject.

 

Append below the additional information as requested by Bursa Malaysia Securities Berhad via its letter dated 11 June 2024 (Ref No. IQL-11062024-00001).

 

1.   The date(s) of payment of the earnest deposits for the Proposed Acquisitions.

      Earnest deposits of RM 55,000 were paid on 5 March 2024 for Proposed Acquisition I and Proposed Acquisition II, respectively.

 

2.   The relationship between Innoceria Sdn Bhd (registered proprietor of Property II) and Vendor II, and the circumstances under which Vendor II became the beneficial owner of Property II.

      Innoceria Sdn Bhd is the developer of the development project, i.e. Vortex Business Park, which is the project where Property II is erected on ("Developer"). Vendor II has acquired Property II from the Developer via a Sale and Purchase Agreement dated 1 April 2014 (“the said SPA”) and at that point of time, the separate document of title of Property II have not been issued by the relevant authority. Therefore, Vendor II became the beneficial owner by virtue of the said SPA.

 

     The separate document of title for Property II has been issued thereafter in favour of the Developer but has yet to be transferred in favour of the Vendor II. By virtue of SPA II, it is agreed by the parties therein that a direct transfer from the Developer to EVSB shall be procured by Vendor II. In the event the Developer refuses to grant a direct transfer, the Vendor II shall procure the Developer to transfer the Property in favour of Vendor II and thereafter the Vendor II shall transfer the Property II in favour of EVSB.

 

3.   The details of the tenancy of Property II (including the tenure and rental income per month/annum).

      We wish to clarify that EVSB is not privy to the details of the tenancy of Property II as the existing tenant is a third party to the Proposed Acquisition II and SPA II. For clarification purposes, Property II is sold on an as is where is basis and with vacant possession to be delivered to EVSB pursuant to the terms of the SPA II. Accordingly, the existing tenancy agreement between Vendor II and the existing tenant has no bearing to EVSB as the purchaser of Property II.

 

4.    Whether EVSB and Vendor II will enter into a novation agreement for the tenancy of Property II, and if yes, the relevant timeframe.

       Novation Agreement will not be entered into by EVSB as pursuant to the SPA II, vacant possession shall be delivered to EVSB upon completion of the SPA II.

 

5.    With reference to Clause 1I of SPA 1, to clarify the date/timeframe for release of the balance of Purchase Consideration I to Vendor I.

       Pursuant to the SPA I, ETSB is required to pay the balance of Purchase Consideration to Vendor I within ninety (90) days from the date of SPA I, i.e., on or before 9 September 2024. The balance of the Purchase Consideration shall only be released by the Vendor's solicitors to Vendor I upon the expiry of seven (7) working days from the receipt by the Vendor's solicitors of the receipt evidencing presentation of the memorandum of transfer at the relevant land office or upon the expiry of seven (7) working days from the receipt by the Vendor's solicitors of the balance of Purchase Consideration whichever is later provided always that there shall be no encumbrances against Property I and the vacant possession of Property I has been delivered to ETSB in the manner as stipulated in SPA I.

 

This announcement is dated 12 June 2024.





Announcement Info

Company Name EDELTEQ HOLDINGS BERHAD
Stock Name EDELTEQ
Date Announced 12 Jun 2024
Category General Announcement for PLC
Reference Number GA1-12062024-00056



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