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OTHERS GABUNGAN AQRS BERHAD ("GBGAQRS" or "the Company")
- EXECUTION OF A NEW JOINT VENTURE AGREEMENT TO SUPERSEDE THE EXISTING JOINT VENTURE AGREEMENT BETWEEN GBG DEVELOPMENT SDN BHD AND RISING CHARM SDN BHD TO UNDERTAKE AN INTERGRATED COMMERCIAL DEVELOPMENT ON A PIECE OF LAND LOCATED IN PEKAN KAMPUNG SUNGAI TANGKAS, DAERAH ULU LANGAT, NEGERI SELANGOR OR KNOWN AS BANGI, SELANGOR
GABUNGAN AQRS BERHAD
Type
Announcement
Subject
OTHERS
Description
GABUNGAN AQRS BERHAD ("GBGAQRS" or "the Company")
- EXECUTION OF A NEW JOINT VENTURE AGREEMENT TO SUPERSEDE THE EXISTING JOINT VENTURE AGREEMENT BETWEEN GBG DEVELOPMENT SDN BHD AND RISING CHARM SDN BHD TO UNDERTAKE AN INTERGRATED COMMERCIAL DEVELOPMENT ON A PIECE OF LAND LOCATED IN PEKAN KAMPUNG SUNGAI TANGKAS, DAERAH ULU LANGAT, NEGERI SELANGOR OR KNOWN AS BANGI, SELANGOR
We refer to the previous announcement dated 3 December 2025 in relation to the Joint Venture Agreement between GBG Development Sdn Bhd and Rising Charm Sdn Bhd ("Previous Announcement"). Unless otherwise defined, the definitions used in the Previous Announcement shall have the same meanings when used herein.
The Company wishes to announce that the parties have mutually agreed that the existing Joint Venture Agreement shall be superseded by a new Joint Venture Agreement incorporating revised terms and conditions agreed between the parties.
Accordingly, GBG Development Sdn Bhd (formerly known as Grand Meridian Development Sdn Bhd) ("GBGDV" or "Developer") [Registration No. 200901040843 (883991-X)], a wholly-owned subsidiary of GBG Property Sdn Bhd ("GBGPSB") [Registration No. 200301014431 (616851-T)], which in turn is a wholly-owned subsidiary of the Company, has on 15 June 2026 entered into a new Joint Venture Agreement ("JVA") with Rising Charm Sdn Bhd ("RCSB" or "Landowner") [Registration No. 201201036497 (1020979-D)].
The following revised terms under Clause 7 in relation to the Landowner's Unit Allocation from the Existing Development under the new JVA is as follows:-
7.1
Landowner's Units from Existing Development
(b) The Parties agree that the Landowner's Units from Existing Development shall be delivered in two (2) separate listings:-
(i)
37 units of E'island Lake Haven Listing 1 to execute Sales and Purchase Agreement 14 days from unconditional date.
(ii)
7 units of E'island Lake Haven Listing 2 to execute Sales and Purchase Agreement 14 days from completion of project.
The E'island Lake Haven project has obtained its Certificate of Completion and Compliance (CCC) and is free from encumbrances.
The revision to the above terms under the JVA is expected to significantly ease the project's cash flow position.
Save for the revisions set out above, the terms and conditions of the JVA remain substantially unchanged from those disclosed in the Previous Announcement.