Malaysian Resources Corp Bhd executive director Mohd Imran Salim at a briefing on its RM1.63bil privatisation deal to refurbish and upgrade the Bukit Jalil National Sports Complex.
KUALA LUMPUR: Malaysian Resources Corp Bhd’s (MRCB) 85%-owned indirect subsidiary Rukun Juang Sdn Bhd has fulfilled the conditions precedent under the RM1.63bil Kuala Lumpur Sports City deal signed in October last year.
The Youth and Sports Ministry had given Rukun Juang two deadline extensions to meet the conditions precedent, with the latest deadline coming up on Wednesday next week. After giving the second extension, the ministry inked a supplemental agreement with MRCB and Syarikat Tanah dan Harta Sdn Bhd modifying certain deliverables.
In a filing with Bursa Malaysia on Friday, MRCB said it had met all the conditions precedent set out in the privatisation agreement, as amended by the Jan 29 supplemental agreement.
“The privatisation agreement has become unconditional on Feb 4,” the company said.
Among the conditions precedent is getting MRCB’s shareholders approval, which was fulfilled in December.
Other conditions precedent under the original agreement included to submit to the Government’s satisfaction that Rukun Juang had a paid-up capital of no less than RM5mil, neither Rukun Juang nor any of its directors had secured the Government’s approval through illegal means, all information and documents given to the Government were correct, and none of Rukun Juang directors had been an undischarged bankrupt or committed any offence under the Companies Act 1965.
MRCB shares closed unchanged at RM1.16 on Friday.
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