HARVEST COURT INDUSTRIES BERHAD (¿HCIB¿ or ¿the Company¿) - PROPOSED DIVERSIFICATION AND PROPOSED RELATED PARTY TRANSACTIONS (¿PROPOSALS¿) You are advised to read the full announcement at http://www.bursamalaysia.com.
Reference is made to the Company’s announcements made on 19 December 2011, 25 June 2012, 29 June 2012, 11 October 2012, 31 December 2012, 31 January, 2013, 4 February 2013, 29 March 2013, 31 May 2013, 4 June 2013 and 20 June 2014. The Board of Directors of Harvest Court Industries Berhad (“HCIB” or “the Company”) wishes to announce that Harvest Court Construction Sdn Bhd (“HCCSB”), a wholly-owned subsidiary of the Company had on 25 July 2014 entered into a Cancellation Agreement with 1Green Enviro Sdn Bhd (“1Green”) to terminate the Letter of Award dated the 21 November 2011 issued by 1Green to HCCSB (hereinafter referred to as “LOA”) in relation to the appointment of HCCSB for the Design, Procurement, Manufacture, Construction and Commissioning of the proposed pulp and paper plant to process oil palm empty fruit bunches at Mukim Serting Ulu, Daerah Jempol, Negeri Sembilan (“1GE Project”) by way of mutual consent with no claim against the other for any expenses, costs or charges that may have been incurred or arisen by reason of the said LOA.
HCCSB had also via its letter dated 25 July 2014 informed Sagajuta (Sabah) Sdn Bhd (“Sagajuta”) that HCCSB has no longer wish to participate in the construction of the proposed mixed development on Lot TL017546879 at Teluk Likas, Kota Kinabalu, Sabah (“1 Likas Project”) as per the Letter of Undertaking dated 23 November 2011 issued by Sagajuta to HCCSB (hereinafter referred to as “LOU”).
The LOA and LOU was terminated due to majority of the shareholders of the Company have at its Annual General Meeting held on 20 June 2014 voted against the resolution pertaining to the renewal of the Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature. At the same time, both 1GE Project and 1 Likas Project have not commenced the work as of to date.
The termination of LOA and LOU is not expected to have any material effect on the earnings, net asset and gearing of HCIB Group for the financial year ending 31 Decembe
Vizione Holdings Bhd Executive Director, Datuk Chai Woon Chet has resigned after just two years in the post, citing his intention to pursue other interests. Chai was appointed to the company's board of directors on 5th March 2014 and was re-designated as an Executive Director on 29th May 2015. Chai is also the Group Managing Director of XOX Bhd and Anzo Holdings Bhd and sits on the board of various other listed and private companies. (The Edge Daily)
Be hollad already. 40% loss by 3 days only.. my money
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