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INTERIM MATERIAL UPDATE
As announced by the Company on 28 March 2024, the SPA with MK Mustafa had been unconditional and MK Mustafa will pay an additional deposit of RM30,000,000 to CCPSB (&ldquo Additional Deposit&rdquo ). CCPSB received the first RM5,000,000 on 5 June 2024, the second RM5,000,000 on 13 August 2024 and the third RM3,000,000 on 3 October 2024 from MK Mustafa as partial payment of the Additional Deposit. The remaining Additional Deposit of RM17,000,000 is scheduled to be paid by MK on or before 31 December 2024. The total deposit received till date by CCPSB was RM93,000,000, representing approximately 25% of the Purchase Price
Updates on the 5 Towers
As announced by the Company on 30 October 2023, the Company was planning to complete the construction of Towers A, B, C, D and E (the &ldquo 5 Towers&rdquo ). However, the Company had assessed that the benefits of selling the development and construction rights of the 5 Towers to a third party outweighs the benefits of the Company constructing the 5 Towers. As such, the Company will be selling the development and construction rights of the 5 Towers to a third party. Till date, the Company is still in negotiations with various interested buyers to sell the development and construction rights of the 5 Towers. The Company will update shareholders as and when there are material developments on the sale of the development and construction rights of the 5 Towers.
https://links.sgx.com/1.0.0/corporate-announcements/SYQJ0HOKUT9IX4ZF/89110fc7fd15b4f9133d7b0685f8f4bf4421a4664d1d6e2dde3f641518d888eb
What is the rationale for MK Mustafa paying a sum of RM30,000,000 to CCPSB, on or before 30 June 2024?
Company&rsquo s response
MK Mustafa has agreed to provide an additional deposit of
RM30 million to CCPSB as a goodwill gesture and also to show MK Mustafa&rsquo s commitment towards the completion of the SPA.
To date, MK Mustafa has paid a deposit of RM80 million to CCPSB. By aggregating the amount of deposit paid and additional deposit to be paid, CCPSB would have received a total deposit of RM110 million from MK Mustafa, representing 29.9% of the purchase consideration of RM386 million. Based on the terms of the SPA, CCPSB would be entitled to forfeit the deposit paid by MK Mustafa and claim for remedies in the event of non-completion of the Waived CPs by MK Mustafa.
Ai Lai Ai Lai Liao!
Positive Development.
Got Chance To Cheong Next Week!
DYODD As Always!
Genset ( Date: 14-Jun-2024 08:27) Posted:
| Any chances to move up up today.... |
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Any chances to move up up today....
Si going down instead
Johnsnow ( Date: 10-Jun-2024 07:55) Posted:
See can clear 4 today
Johnsnow ( Date: 09-Jun-2024 15:32) Posted:
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See can clear 4 today
Johnsnow ( Date: 09-Jun-2024 15:32) Posted:
Target 5
tofudidi ( Date: 07-Jun-2024 15:22) Posted:
| Another micro penny for the run? walk hand in hand with Jasper? race to 10?. |
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Target 5
tofudidi ( Date: 07-Jun-2024 15:22) Posted:
| Another micro penny for the run? walk hand in hand with Jasper? race to 10?. |
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Another micro penny for the run? walk hand in hand with Jasper? race to 10?.
Is it due to the 85,000,000.00 RINGGIT flowing into this company
Chansenghoe1971 ( Date: 07-Jun-2024 14:00) Posted:
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Mustafa buying?
Small pennies stirring up because of Jasper. Someone just scoop up 13 mil @ $0.003SmallSmall ( Date: 06-Jun-2024 20:43) Posted:
Capital World (SGX:1D5) said its Capital City Property subsidiary received a further 5.0 million ringgit as part of the 30.0 million additional deposit for the disposal of certain assets in the Capital City Mall to MK Mustafa Centre, according to a filing with the Singapore Exchange on Wednesday.
The parties entered into the sale and purchase deal worth 368.0 million ringgit in January 2023.
As of June 5, Capital City Property has received a total 85.0 million ringgit from the buyer, the filing said. |
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Capital World (SGX:1D5) said its Capital City Property subsidiary received a further 5.0 million ringgit as part of the 30.0 million additional deposit for the disposal of certain assets in the Capital City Mall to MK Mustafa Centre, according to a filing with the Singapore Exchange on Wednesday.
The parties entered into the sale and purchase deal worth 368.0 million ringgit in January 2023.
As of June 5, Capital City Property has received a total 85.0 million ringgit from the buyer, the filing said.
Highly suspect director. Captain of a ship jump ship first. Shake head... ... Forumers, we have been warned.
See how developments unfold.
That fella is an architect and was the former Chief of the company . Simply drove the share price down and sold off assets to his cronies for RM2? and then announced trading suspension. Until Mustafa came knocking on his doors. They not interested in enriching you and me. They just milk the system and become rich themselves. Just look at the amount of shares given to insiders last month.
MrBear12 ( Date: 26-Apr-2024 10:00) Posted:
| Some Siow guy sold abt 4% of shareholding. Maybe we should follow suit. |
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Some Siow guy sold abt 4% of shareholding. Maybe we should follow suit.
What happens after approvals are given isn?t going to benefit the shareholders or the company. It?s Mustafa that stands to gain.
Management isn?t pushing Mustafa to pay up and is simply dancing to his tune . And he ain?t going to disburse the full sum anytime soon.
MrBear12 ( Date: 25-Apr-2024 21:05) Posted:
release of retail units reserved for sales to Bumiputra individual or entities (?Bumi Reserved Units?) from being required to be sold to only Bumiputera individuals and/or entities and/or permitting the Bumi Reserved Units to be sold or transferred to any non-Bumiputera individuals and/or entities
Hoping to make 50-100% profit on this |
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release of retail units reserved for sales to Bumiputra individual or entities (?Bumi Reserved Units?) from being required to be sold to only Bumiputera individuals and/or entities and/or permitting the Bumi Reserved Units to be sold or transferred to any non-Bumiputera individuals and/or entities
Hoping to make 50-100% profit on this
All completed except for (c) .. since EPU under PMO has issued ? no objection ? letter, let?s see how swiftly the Johor officials give their blessings too.
a) the CCPSB?s receipt of the letter from the relevant authorities granting a release of the retail units reserved for sales to Bumiputra individual or entities (?Bumi Reserved Units?) from being required to be sold to only Bumiputera individuals and/or entities and/or permitting the Bumi Reserved Units to be sold or transferred to any non-Bumiputera individuals and/or entities
(b) the Purchaser obtaining the written confirmation from the Economic Planning Unit within the Prime Minister?s Department of Malaysia (the ?EPU?) stating that no approval from the EPU is required for the sale and purchase of the Property under this Agreement
(c) the Purchaser obtaining the approval from the governmental authority of Johor in respect of the acquisition of the Property by the Purchaser from the CCPSB pursuant to Section 433B of the National Land Code (Revised, 2020)
(d) the Purchaser obtaining a loan or credit facility from the a licensed bank or financial institution or lending house, unless waived by the parties in writing and
(e) the discharge of first fixed charge over the Collateral Units (defined below) in favour of and for the benefit of Achwell Property Sdn Bhd (?APSB?) as security for the payment of the outstanding amount of RM40 million (?Settlement Sum?) due from CCPSB to APSB and the redemption of the 101 retails units within the Retail Podium (the ?Collateral Units?) served as collateral to secure the Settlement Sum from APSB
Nothing to play until Dec. Just hope Mustaffa don?t drop dead suddenly by then! It?s damn silly to drag drag drag but I guess so long as Malaysian economy is in shit situation, property market isn?t going to recover until 2027.
SmallSmall ( Date: 11-Apr-2024 13:10) Posted:
| Buyers building up for the next Malaysian Play after Hatten? |
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Buyers building up for the next Malaysian Play after Hatten?
