Date: 21 October 2013

OTHERS AmanahRaya Real Estate Investment Trust (“ARREIT”) - Proposed Acquisition by CIMB Islamic Trustee Berhad, the Trustee of ARREIT of Precico Factory for a cash consideration of RM39,186,786.00(“Proposed Acquisition”)

Type Announcement
Subject OTHERS
Description AmanahRaya Real Estate Investment Trust (“ARREIT”)
- Proposed Acquisition by CIMB Islamic Trustee Berhad, the Trustee of ARREIT of Precico Factory for a cash consideration of RM39,186,786.00(“Proposed Acquisition”)

(Unless otherwise stated, the definitions used in this announcement shall carry the same meanings as defined in the announcements dated 22 April 2013, 23 April 2013, 24 April 2013 and 22 May 2013).

We refer to the announcements dated 22 April 2013, 23 April 2013, 24 April 2013 and 22 May 2013 in relation to the Proposed Acquisition.

The Board of Directors of the Manager wishes to announce that the period for the fulfillment of the Conditions Precedent set out in the SPA has lapsed today, 21 October 2013.

In light of the fact that the conditional approval granted by Penang Development Corporation contains conditions which would in the view of the Manager materially and adversely affect the interest of unit holders of ARREIT, after due deliberation, the Manager has decided to reject the conditions imposed by the Penang Development Corporation.  As a consequence thereof, the Conditions Precedent under the SPA cannot be met within the Approval Period. The Trustee for ARREIT, has, on 21 October 2013, issued a letter to the Vendor to notify the Vendor of its intention to terminate the SPA and accordingly, the SPA, the SSPA, the Lease Agreement and the Supplemental Lease Agreement will be terminated with effect from 22 October 2013.

Upon the termination of the SPA, the Vendor shall refund the Deposit and all other monies paid by the Trustee together with any interest earned thereon within seven (7) Business Days from the date of termination and thereafter, the SPA, the SSPA, the Lease Agreement and the Supplemental Lease Agreement shall be null and void and be of no further effect and neither party shall have any further claim against the other in respect of or under the aforementioned agreements or otherwise.

This announcement is dated 21 October 2013.

 

 

 

 

 




Back