The Company wishes to announce that its wholly-owned subsidiary, LFC has on 16 February 2016, entered into a joint venture cum shareholders’ agreement (“JVA”) with UEML, a wholly-owned subsidiary of UEMS and JVASB, the intended joint venture company for the proposed collaboration between LFC and UEML.

Both LFC and UEML wish to work together as strategic joint development partners to jointly develop and optimise the value of 38 parcels of freehold lands located in Gerbang Nusajaya and near the Leisure Farm Resort within Mukim Pulai, District of Johor Bahru, Johor (“Proposed JV”). LFC owns 36 land parcels measuring a total of 91.22 acres (“LFC Lands”) whilst the balance land parcels are owned by NSSB and NRSB measuring 98.24 acres and 41.89 acres respectively (“ENT 1” and “ENT 2” respectively or collectively as “UEMS Lands”). (Both LFC Lands and UEMS Lands are collectively referred as “JV Lands”).

The Company also wishes to announce that LFC has on even date, entered into a master agreement (“Master Agreement”) with NSSB and NRSB, both being indirect wholly-owned subsidiaries of UEMS, and JVASB to record the agreed framework and parameters for the disposal of the JV Lands by LFC, NSSB and NRSB (“Landowners”) to JVASB and subject to terms and conditions in the JVA and Master Agreement.  

Kindly refer to the attached document for the complete announcement.

This announcement is dated 17 February 2016.