DETAILS OF THE PROPOSED VARIATION. The Proposed Variation is carried out pursuant to CCPSB’s request for APSB to transfer the Said Land to CCPSB in order for it to raise financing for the Revised Project and the operations of the Retail Podium through a charge on the Said Land to a Financier, such that it can fulfil its obligations to APSB under the Joint Venture Agreement including the payment of the APSB Entitlement Sum. To facilitate the above, the Parties have entered into the Agreements with the intention of varying the terms and conditions of the Joint Venture Agreement and the Supplemental Agreements (collectively referred to as the “JVAs”). A comparison of the key revised terms contained in the JVAs and the terms set out in the Agreements are summarised below:
DETAILS OF THE PROPOSED VARIATION. In view that the APSB Entitlement Sum would be revised from the Original APSB Entitlement Sum to RM190.00 million only pursuant to the terms of the FSA and since the JVAs will be terminated on the Unconditional Date and the Development Land will be transferred to CCPSB upon its full settlement of the Final Settlement Sum to APSB, the Proposed Variation is considered a material variation under Paragraph 8.22(2)(b) of the Listing Requirements. Further details on the Proposed Variation (including the FSA) are set out below.
DETAILS OF THE PROPOSED VARIATION. SHIB had on 11 November 2019 entered into the Supplemental Agreement to amend, modify, substitute, vary and alter the terms, conditions and provisions of the Subscription Agreement. Pursuant to the Supplemental Agreement, SHIB and the Subscriber have agreed to, amongst others, the followings:
