HENG HUAT RESOURCES GROUP BERHAD ( HENG HUAT OR COMPANY ) (Company No D) (Incorporated in Malaysia under the Companies Act, 1965)

Transcription

1 HENG HUAT RESOURCES GROUP BERHAD ( HENG HUAT OR COMPANY ) (Company No D) (Incorporated in Malaysia under the Companies Act, 1965) STATUS UPDATE ON REMEDIAL ACTIONS TAKEN BY HENG HUAT TO COMPLY WITH BURSA MALAYSIA SECURITIES BERHAD S CONDITONS FOR THE PROPERTIES IDENTIFIED AS PLANT 3 AND PLANT 5 (AS DEFINED BELOW) Reference is made to the earlier announcement dated 20 January 2015 in relation to the above. The Board of Directors of Heng Huat wish to announce the status update on the remedial actions taken by Heng Huat to comply with the conditions imposed by Bursa Malaysia Securities Berhad ( Bursa Securities ) in Bursa Securities approval letter dated 10 December 2013 ( Approval Letter ) on the properties identified as Plant 3 and Plant 5 (as defined below) pursuant to the Company s listing on the ACE Market of Bursa Securities ( Listing ). Based on the Approval Letter and as disclosed in Section 9.1 of Heng Huat s Prospectus dated 30 June 2014, the approval for the Listing is subject to, inter alia, the following: No Property Conditions 1. PM 513, Lot 1223, Mukim 11, Jawi Village, Daerah Seberang (i) To obtain the Certificate of Completion and Compliance ( CCC )/Certificate of Fitness for Occupation ( OC ) Perai Selatan, Pulau Pinang within twelve (12) months from the date of the Approval ( Plant 3 ) Letter ( Condition ). 2. Lot 713, Mukim Sungai Batu, Daerah Bandar Baharu, Selama, Kedah ( Plant 5 ) (ii) Adviser/Heng Huat to make half yearly announcements to Bursa Securities on the remedial actions taken to comply with the above condition. As announced on 17 December 2014, Bursa Securities had, vide its letter dated 17 December 2014, approved the Company s application for an extension of time of two (2) years up to 10 December 2016 to comply with the Condition, subject to the condition that Kenanga Investment Bank Berhad/ Heng Huat is to make half-yearly announcements to Bursa Securities on the remedial actions taken to obtain the

2 The status update on remedial actions taken by Heng Huat to comply with the Condition for Plant 3 and Plant 5 are set out below: (i) Plant 3 Since the receipt of the conditional approval from Majlis Perbandaran Seberang Perai ( MPSP ) on 4 March 2013 for the planning permission, efforts have been undertaken by Heng Huat Furniture Sdn Bhd, the landlord of Plant 3, to fulfil the conditions imposed on the planning permission through its appointed consultant, GCA Planning Sdn Bhd ( GCA ). The approval for the planning permission is conditional upon clearance being obtained from the relevant departments/units of MPSP, Jabatan Pengairan dan Saliran, Jabatan Bomba dan Penyelamat Malaysia ( Jabatan Bomba ), Jabatan Kerja Raya ( JKR ), Perbadanan Bekalan Air Pulau Pinang Sdn Bhd, Suruhanjaya Komunikasi dan Multimedia Malaysia ( SKMM ), Indah Water Konsortium Sdn Bhd ( IWK ), Tenaga Nasional Berhad ( TNB ), Pejabat Daerah dan Tanah, Jabatan Perancang Bandar dan Desa, and Jabatan Alam Sekitar ( JAS ). GCA had in its letter dated 18 June 2015 informed that the application for planning permission has been approved by MPSP and the technical departments/other relevant government agencies as mentioned above. However, the approval letter for the approved planning permission has yet to be issued by MPSP as it is currently pending signing by the Yang Di Pertua of MPSP. The tentative timeline required for the submission of the application for the building plan approval and thereafter the CCC/OC for Plant 3 is anticipated to be as follows: Submission Process Support letter obtained from the Engineering Department of MPSP Approval obtained for the planning permission Submission of application for building plan approval to MPSP Tentative Timing First quarter of 2015 Status update as at the date of this announcement Support letter obtained Second quarter of 2015 Application for planning permission has been approved, but pending issuance of the approval letter and approved plan Third quarter of 2015 Pending. Submission is expected to be made in third quarter of Second quarter of 2016 Pending Approval obtained for building plan (Note 1) Submission of application for CCC/OC CCC/OC obtained (Note 2) Fourth quarter of 2016 Pending

3 Note 1 The submission of the application for the building plan will be based on the existing structures of the factory building. The application for the building plan approval will generally be subject to the assessment/ comments by the various departments/ units as set out below: Building Department of MPSP; Civil and Structure Department of MPSP; Jabatan Bomba; JAS; TNB; and Telekom Malaysia Berhad. As the factory building is already constructed, GCA expects a longer time will be required for the communication with the various departments/ units to meet their respective requirements. At this juncture, GCA is unable to advise on the requirements/ conditions which may be imposed by MPSP. Further details can only be provided subsequent to the submission of the building plan and the receipt of the relevant feedback from the respective department/ unit. On a conservative basis, GCA has estimated that the approval should be obtained by the second quarter of Note 2 Upon receipt of the building plan approval and subject to the requirements/ conditions imposed by MPSP, there may be certain modifications/alterations required to be made to the existing structure of the factory building, in which the modifications/ alternations (if applicable) are required to made prior to the submission of the application for the At this juncture, GCA is unable to advise whether any modification/alteration will be required to be made to the factory building, as the details can only be made available at a later stage upon receipt of the building plan approval. Hence, on a conservative basis, GCA has estimated that a time frame of approximately six (6) months is required from the date of submission of application to obtain the (ii) Plant 5 Since the receipt of the conditional approval from Majlis Daerah Bandar Baru ( MDBB ) on 5 March 2013 for the planning permission, efforts have been undertaken by HK Palm Fibre Manufacturer Sdn Bhd to fulfil the conditions imposed on the planning permission through its appointed consultant, namely GCA. The approval for the planning permission is conditional upon clearance being obtained from the relevant departments/units of MDBB, Pejabat Tanah Bandar Baharu, Jabatan Perancangan Bandar dan Desa, JKR, Jabatan Pengairan dan Saliran, Syarikat Air Darul Aman Sdn Bhd, IWK, SKMM, JAS, Jabatan Mineral dan Geosains, TNB and Perbadanan Pengurusan Sisa Pepejal dan Pembersihan Awam, Kementerian Kesejahteraan Bandar, Perumahan dan Kerajaan Tempatan. GCA had in its letter dated 18 June 2015 informed that the application for planning permission has been approved by the Jabatan Perancang Bandar, MDBB. Subsequent to this, GCA received a letter dated 30 June 2015 from MDBB, informing that the application for the planning permission

4 has been approved by MDBB, subject to the conditions as imposed by the technical department/other relevant government agencies as mentioned above. The approval for the said planning permission was granted on 18 March 2015 and shall be valid for a period of twelve (12) months from 18 March 2015 to 17 March The tentative timeline required for the submission of the application for the building plan approval and thereafter the CCC/OC for Plant 5 is anticipated to be as follows: Submission Process Support letters obtained from JKR and IWK Tentative Timing First quarter of 2015 Status update as at the date of this announcement Support letter obtained Approval obtained for the planning permission Submission of application for building plan approval to MDBB Approval obtained for building plan (Note 1) Submission of application for CCC/OC Second quarter of 2015 Approval for planning permission obtained Third quarter of 2015 Pending. Submission is expected to be made in third quarter of 2015 Second quarter of 2016 Pending CCC/OC obtained (Note 2) Fourth quarter of 2016 Pending Note 1 The submission of the application for the building plan will be based on the existing structures of the factory building. The application for the building plan approval will generally be subject to the assessment/ comments by the various departments/ units as set out below: Building Department of MDBB; Civil and Structure Department of MDBB; Jabatan Bomba; JAS; TNB; and Telekom Malaysia Berhad. As the factory building is already constructed, GCA expects a longer time will be required for the communication with the various departments/ units to meet their respective requirements. At this juncture, GCA is unable to advise on the requirements/ conditions which may be imposed by MDBB. Further details can only be provided subsequent to the submission of the building plan and the receipt of the relevant feedback from the respective department/ unit. On a conservative basis, GCA has estimated that the approval for the building plan should be obtained by the second quarter of Note 2 Upon receipt of the building plan approval and subject to the requirements/ conditions imposed by MDBB, there may be certain modifications/alterations required to be made to the existing structure of

5 the factory building, in which the modifications/ alternations (if applicable) are required to made prior to the submission of the application for the At this juncture, GCA is unable to advise whether any modification/alteration will be required to be made to the factory building, as the details can only be made available at a later stage upon receipt of the building plan approval. On a conservative basis, GCA has estimated that a time frame of approximately six (6) months is required from the date of submission of application to obtain the This announcement is dated 16 July 2015.