Bursa Announcements

Second Supplemental Letter To The Joint Venture Agreement Between Tan Chong Construction (Labuan) Pte. Ltd., An Indirect Wholly-Owned Subsidiary Of Tan Chong Motor Holdings Berhad, And An Tam Construction And Trading Co., Ltd. Dated 13 March 2020 As Supplemented By Supplemental Letter Dated 10 June 2020

We refer to our announcements dated 13 March 2020 and 12 June 2020 pertaining to the Joint Venture Agreement dated 13 March 2020 as supplemented by Supplemental Letter dated 10 June 2020, (collectively, “JV Agreement”) executed by Tan Chong Construction (Labuan) Pte. Ltd., an indirect wholly-owned subsidiary of Tan Chong Motor Holdings Berhad (“Company”), with An Tam Construction and Trading Co., Ltd. (“Antaco Vietnam”), to regulate the arrangement relating to the management, operations, affairs and the rights and obligations of the parties as members of a joint venture company (“JV Co.”) to be incorporated in Vietnam under the name of TAN CHONG ANTACO Construction Co., Ltd. or any other name agreed in writing by the parties and approved by the Department of Planning and Investment under the People’s Committee of City at place of registration, to carry out construction business activities.

The Board of Directors of the Company wishes to announce that Antaco Vietnam had on 13 October 2020 accepted the Second Supplemental Letter to the JV Agreement from Tan Chong Construction (Labuan) Pte. Ltd. for the revision of the following salient terms of the JV Agreement, among others:

a)    the extension of the term for the setting up of the JV Co. in Vietnam from 31 October 2020 to 12 March 2021; 

b) the extension of the term for obtaining the Investment Registration Certificate, the Enterprise Registration Certificate and/or other approval(s) from the relevant authorities in Vietnam required to operate the business, from within nine (9) months from the date of the JV Agreement to within twelve (12) months from the date of the JV Agreement; and

c)   the revision to the initial Charter Capital of the JV Co. from VND22,000,000,000.00 to VND5,500,000,000.00 following a review in the investments required for the JV Co., shall be contributed by the parties in cash in the following proportion within 90 days from the date on which the JV Co. is issued with the Enterprise Registration Certificate:

Based on exchange rate from Bank Negara Malaysia on 13 October 2020 of USD1 : VND23,178

This announcement is dated 14 October 2020.

Announcement Info