The Board of Directors of Regal International Group Ltd. ("Company", and together with its subsidiaries, "Group") refers to the circular issued by the Company dated 24 September 2014 relating to, amongst others, the proposed acquisition of the entire issued share capital of Regal International Holdings Pte. Ltd. ("Circular"). Capitalised terms not defined herein shall have the same meanings as ascribed to them in the Circular.

In Section B6.7 of the Circular titled "Joint Development Process", the background description and rational for the usage of Development Rights Arrangements had been set out. In addition, it was stated in Section B6.7 of the Circular that moving forward, the Company will make an announcement of every Development Rights Agreement that is entered into and such announcement will contain the salient terms of the respective Development Rights Agreement.

The Company wishes to announce that Kenyalang Avenue Sdn. Bhd. ("Kenyalang"), a subsidiary of the Company, has entered into a Sub-development Agreement ("SDA") on 29 December 2021 with Twin Revenue Sdn. Bhd. ("Developer") to develop, build and sell the properties on Lot 1954 Block 17 Salak Land District ("Land").

The SDA is a conditional agreement wholly contingent on the Developer to secure all the necessary approvals from the regulatory authorities by the Developer. In connection with the SDA, the Developer of the Land empowers Kenyalang to exercise such rights of land owners as are necessary for the development of the Lands, including the right to make all necessary applications to the relevant authorities for the various approvals required to develop the Land under the SDA. The consideration to the Developer is in the form of cash payment whereas the consideration for the land owners is in the form of a combination of payment of cash and provision of sub-divided units upon completion of the project.

The SDA is not expected to have a material impact on the net tangible assets and earnings per share of the Company for the financial year ending 31 December 2021.

________________________________________________________________________________________________

For further information, kindly download the full announcement(s) as per link(s) below.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Regal International Group Ltd. published this content on 29 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2021 13:16:01 UTC.