Signing of Memorandum Of Understanding

BackJan 21, 2011
Date Announced
:
 21/01/2011  




Type
:
 Announcement
Subject
:
SIGNING OF MEMORANDUM OF UNDERSTANDING

Contents
:
1) Introduction

Naim Holdings Berhad ("Naim” or “the Company”) is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") on 21 January 2011 with the following parties:-

a) Lembaga Amanah Kebajikan Masjid Negeri Sarawak (“LAKMNS”), a body incorporated under the provisions of the Charitable Trusts Ordinance 1994 (Cap. 7); and,

b) Tabung Baitulmal Sarawak, (“Baitulmal”), a body incorporated under the provisions of the Ordinan Majlis Islam Sarawak (Pemerbadanan)(Pindaan) 1984

(herein collectively referred to as “the Parties”)

for the purpose of recording certain basic principles and understanding reached between the Parties in participating in the mixed development on the land described as Lot 3287 Block 10 Kuching Central Land District measuring approximately 13.597 hectares situate at Jalan Batu Lintang, Kuching, Sarawak registered under Peranan Makmur Sdn. Bhd. (“PMSB”), a wholly-owned subsidiary of Naim Cendera Sdn. Bhd., which in turn is a wholly-owned subsidiary of Naim.

2) Duration of the MOU

The MOU shall take effect from the date of the signing of the MOU and shall terminate:-

a) Upon the execution of Shareholders’ or other detailed agreements; or,
b) by mutual written agreement by the parties at any time

whichever shall first occur.

3) Equity and Obligations of the Parties

The equity structure of the Parties in PMSB shall be as follows:-

a) Naim : 70%
b) LAKMNS : 15%
c) Baitulmal : 15%

4) Financial Effects of the MOU
The execution of the MOU will not have any material effect on the earnings or net assets of the Company for the year ending 31 December 2011.

5) Directors’ and Major Shareholders’ interest
None of the Directors, major shareholders and/or persons connected with them has any interest, whether direct or indirect, in the said MOU.


Dated this 21 January 2011

Announcement Details :