MUTIARA GOODYEAR DEVELOPMENT BERHAD (“MUTIARA” OR “THE COMPANY”)
Related Party Transactions - Sale Of Properties To Directors And/Or Persons Connected With
Directors In Respect Of Mutiara Group’s Property Development Project Known As Taman Nadayu92
Kajang
Introduction
The Company wishes to announce that Regal Form Sdn Bhd (“RFSB”), a wholly-owned subsidiary of
Mutiara Group, has in its ordinary course of business as a property developer, entered into sale and
purchase agreements (“SPA”) with the following Directors and/or persons connected with the Directors
(“Related Parties”) for the sale of properties at RFSB’s residential development project currently under
construction known as Taman Nadayu92 Kajang in Kajang, Selangor for cash consideration (“Sale of
Properties”).
Details of the Sale of Properties are as set out below:Related Parties
Johan Bin Hamidon
Nature of
Relationship
Johan Bin Hamidon
is the son of
Hamidon Bin
Abdullah, a Director
of Mutiara.
Postal address
or Identification
of the properties
Aidan Hamidon
Lew Swan Swan
Sa Chee Ching &
Sa Chee Peng
Aidan Hamidon is
the son of Hamidon
Bin Abdullah, a
Director of Mutiara.
Lew Swan Swan is
the spouse of
Cheang Chee
Leong, a Director of
Mutiara.
Sa Chee Ching is the
sibling of Sa Chee
Peng who is an
Alternate Director in
Mutiara
Parcel No. 80
Taman Nadayu92
Kajang, Mukim
Kajang, Daerah Ulu
Langat, Selangor
Parcel No. 98 &
Parcel No. 100
Taman Nadayu92
Kajang, Mukim
Kajang, Daerah Ulu
Langat, Selangor
Parcel No. 81
Taman Nadayu92
Kajang, Mukim
Kajang, Daerah Ulu
Langat, Selangor
Parcel No. 303
Taman Nadayu92
Kajang, Mukim
Kajang, Daerah Ulu
Langat, Selangor
Date of SPA
29 April 2011
29 April 2011
29 April 2011
29 April 2011
Selling Price
RM402,690
RM402,690 per unit
RM463,000
RM694,000
Brief description
of the properties
- Type
- Residential unit
- Built-up area
- 2,116 sq ft
- Residential unit
- 2,116 sq ft per unit
- Residential unit
- 2,116 sq ft
- Residential unit
- 3,637 sq ft
- Existing use
- NA
- NA
- NA
- Proposed use
- Not Applicable
(“NA”)
- Residential
- Residential
- Residential
- Residential
Approximate age
Terms of tenure
Valuation
Net book value
Encumbrances
NA
Freehold
NA
NA
NA
NA
Freehold
NA
NA
NA
NA
Freehold
NA
NA
NA
NA
Freehold
NA
NA
NA
Salient features of the SPA
The SPA in respect of the Sale of Properties are in accordance with the standard SPA for the properties sold
under the Taman Nadayu92 Kajang project. Payment terms for settlement of the selling price are within 21
working days from date of progressive invoices issued based on work done.
Manner in which selling price will be satisfied
The selling price for the Sale of Properties will be satisfied in cash.
Basis of arriving at selling price and justification for the selling price
The selling price for the Sale of Properties were based on the selling price for the properties under the
Taman Nadayu92 Kajang project less discount generally accorded to eligible employees of the Group. The
aforesaid transactions were carried out in the ordinary course of business of Mutiara Group and under
normal commercial terms and conditions not more favourable than those generally available to other eligible
employees and customers of Mutiara Group.
Effects of the Sale of Properties
There is no impact on the issued and paid-up share capital of the Company and substantial shareholders’
shareholdings arising from the Sale of Properties.
There is no material impact on the net tangible assets and earnings of the Group arising from the Sale of
Properties.
Highest Percentage Ratio
The highest percentage ratio from the respective SPA in accordance with Bursa Malaysia Securities
Berhad’s Main Market Listing Requirements are as follows:SPA with
Johan Bin Hamidon
Highest percentage ratio
0.13%
2 SPA with
SPA with
Aidan Hamidon Lew Swan Swan
0.25%
0.13%
SPA with
Sa Chee Ching &
Sa Chee Peng
0.22%
Approvals required
The aforesaid transactions do not require the approval of the shareholders of Mutiara or any government or
approving authorities.
Directors’ and Substantial Shareholders’ Interest
Save as disclosed above, none of the Directors or substantial shareholders of Mutiara and/or persons
connected with them have any interest, direct or indirect, in the Sale of Properties.
Liabilities to be assumed by the Company from the Sale of Properties
There are no liabilities to be assumed by the Company or Group arising from the Sale of Properties.
Total amount transacted with the same related parties for the preceding 12 months
Nil.
Audit Committee Statement
The Sale of Properties were carried out in the ordinary course of business of the Group as property
developer and under normal commercial terms and conditions not more favourable than those generally
available to eligible employees of the Group. Based on the aforementioned basis, the Audit Committee of
the Company is of the view that the Sale of Properties is in the best interest of the Group, is fair, reasonable
and on normal commercial terms and is not detrimental to the interest of the minority shareholders of the
Company.
Directors’ Statement
The Directors, save and except for the interested Directors, are of the opinion that the Sale of Properties is
in the best interest of the Group.
This announcement is dated 3 May 2011.