Memorandum of Understanding

BackMay 11, 2010
Date Announced
:
 11/05/2010  




Type
:
 Announcement
Subject
:
Memorandum of Understanding

Contents
:
We refer to the newspaper articles in the following newspapers:-

1) “Naim, CMS and BDA in JV” in Starbiz
2) “Naim, Cahya Mata in RM1.5b project” in New Straits Times

and our announcement entitled Signing of Memorandum of Understanding (“MOU”) dated 10 May 2010, the Company wishes to clarify that the MOU was entered into between the Company’s wholly owned subsidiary, Naim Cendera Sdn. Bhd., Cahya Mata Sarawak Bhd and Bintulu Development Authority with the intention to explore the possibility of entering into a joint venture arrangement for the purpose of developing the Samalaju new township which is yet to be proposed to the State Government of Sarawak. In the course of entering into the MOU, the parties hereto have considered certain preliminary estimates such as :-


1) the estimated Gross Development Value for the initial development of RM1.5 billion for at least 5,000 units of houses to be built in the Samalaju new township
2) assuming that the development encompassed the 2,200 ha land, earmarked by the Government for the purpose.
3) the Samalaju new township shall eventually cater for an estimated population of 50,000 people

However, the above are merely estimates and further studies need to be undertaken. For this reason, the above information cannot be included in the MOU as these are merely preliminary figures and the parties have not come to a definitive agreement in respect of the above terms.

The Company will make the necessary announcements as and when definitive terms have been agreed upon or significant developments materialize.



Dated this 11 May 2010

Announcement Details :