KUALA LUMPUR, April 11 (Bernama) -- SkyWorld Development Bhd’s wholly-owned subsidiary SkyWorld Development (Vietnam) Company Ltd has signed a memorandum of understanding (MoU) with entities from Vietnam in relation to the development of the Project Residential Complex No 13D (13D project).
The group said the MoU with Dong Me Kong Construction Manufacture Trading Service Company Ltd (DMK) and Phu My Development Investment Joint Stock Co (depository) would secure an exclusive negotiation period with the depository prior to the signing of a tripartite conditional joint development agreement for SkyWorld Vietnam to jointly develop the 13D project located at Ho Chi Minh City, Vietnam.
“Upon execution of this MoU, SkyWorld Vietnam will be granted an exclusive negotiation period with the depository on the 13D project for a period of three months, and maybe be extended by mutual consent from both parties from time to time.
“Throughout the negotiation period, the depository commits to negotiate exclusively with SkyWorld Vietnam or its nominee(s) only to jointly develop the 13D project,” SkyWorld said in a filing with Bursa Malaysia today.
It also said that a deposit of VND40 billion (equivalent to RM6.92 million) shall be remitted by SkyWorld Vietnam into the escrow account to be opened and jointly owned by the parties within seven days from the date of signing of this MoU and successfully opening the escrow account.
“Upon signing of the conditional joint development agreement (CJDA), the entire MoU Deposit will continue to be held in the escrow account until the depository meets the conditions as stipulated in the CJDA for releasing of the MoU deposit.
“Specifically, the depository shall provide a bank guarantee of VND440.0 billion (equivalent to RM76.1 million) to SkyWorld Vietnam provided that an approval letter from the Ministry of Finance of Vietnam has been obtained for the joint development on 13D project,” it added.
-- BERNAMA
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