Country View enters supplemental deal with UEM Sunrise

PETALING JAYA: Country View Bhd is entering into a supplemental agreement with UEM Sunrise Bhd with regards to a piece of land it acquired last year.

On Oct 31 last year, UEM Sunrise via its wholly owned subsidiary Bandar Nusajaya Development Sdn Bhd (BNDSB), inked a sale and purchase agreement (SPA) with Country View Resources Sdn Bhd (CVRSB), a wholly owned subsidiary of Country View, for the sale of 163.9 acres in Iskandar Puteri, Johor, for RM310mil.

Yesterday, CVRSB entered a supplemental agreement with BNDSB, where both parties have mutually agreed to vary and supplement the terms of the acquisition.

In a filing with Bursa Malaysia, Country View said that the acquisition’s balance sum would be paid to BNDSB by June 29, which is a period not later than eight months from the day the acquisition agreement was signed.

The acquisition balance sum of RM279mil will be paid in two tranches.

The first sum of RM62mil will be paid on or before June 29, while the remainder sum of RM217mil will be paid within the completion period.

In the event Country View is unable to pay any part of the acquisition balance sum within the completion period, then the completion period shall be automatically extended for a further five months, subject to payment of an interest of 8% per annum on the unpaid balance sum.

This late payment interest will be paid with the acquisition balance sum upon the comple- tion of the acquisition SPA.

Despite the acquisition balance sum yet to be paid in full, Country View will take delivery of vacant possession of the land on June 29.

BNDSB will also undertake at its own cost and expenses to vacate Saratoga Greens Sdn Bhd, one of the tenants on the piece of land in Iskandar Puteri, by the extended completion period.

Should BNDSB fail to vacate Saratoga Greens from the land in Iskandar Puteri by the end of the extended completion period, CVRSB will be entitled to suspend and withhold payment of the final payment until Saratoga Greens has vacated the land. No interest on the final payment will also be payable, calculated from the expiry of the extended completion period.