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Novation To Dapan Holdings Sdn Bhd ("DHSB"), A Subsidiary Of Karambunai Corp Bhd ("KCB"), Of The Amount Due And Owing By Beribu Ukiran Sdn Bhd ("BUSB") To FACB Industries Incorporated Berhad ("FASBII"), And To Be Paid By DHSB To FACBIIi ("Novation")

BackOct 07, 2010
Date Announced
:
 07/10/2010  




Type
:
 Announcement
Subject
:
NOVATION TO DAPAN HOLDINGS SDN BHD ("DHSB"), A SUBSIDIARY OF KARAMBUNAI CORP BHD ("KCB"), OF THE AMOUNT DUE AND OWING BY BERIBU UKIRAN SDN BHD ("BUSB") TO FACB INDUSTRIES INCORPORATED BERHAD ("FACBII"), AND TO BE PAID BY DHSB TO FACBII ("NOVATION")

Contents
:
FACBII refers to its announcement to Bursa Malaysia Securities Berhad on 8 December 2009 in respect of the Novation.

Pursuant to the Novation, on a deferred basis subject to a 6.75% interest per annum and an additional interest of 1.5% per annum for late payments, DHSB shall repay the balance amount owing to FACBII via installments, commencing from 6 October 2009 till 6 October 2011.

As DHSB's property launches had been delayed due to economic slowdown and softer property market condition, DHSB requested for the payment of RM16,956,007 due on 6 October 2010 be made latest by 6 October 2011.

Subject to the additional 1.5% per annum interest payable by DHSB calculated on monthly rest on the outstanding amount owing to FACBII for late payment up to the date of settlement, FACBII agrees to DHSB's request. For purposes of clarity, the interest chargeable shall thus be 8.25% per annum.
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