The termination is due to the fact that the T12A is unable to obtain permission from the competent authorities to divert the river flow within the developing country, for which the owners have agreed that the two parties have agreed that the AIC project is not possible for the developing country. The two parties therefore agreed to terminate the AIC on 30 May 2019. At the end of the AIC, both parties must fully complete all the tasks, pacts and commitments of the AIC and have no claims against each other. Referring to the May 16, 2013 communication regarding the reference number: KT-130516-57893, the Board of Directors of Kobay Technology Bhd. (“Kobay” or “the Company”) wishes to announce that on May 30, 2019 The 12 Avenues Sdn. Bhd. (company no: 1027688-A) (“T12A”), the 70% subsidiary of Kobay Technology Bhd. (“Kobay” or “the company”) has agreed to Mr. P. Doraisamy A/L Gopal (NRIC: 05136631) and Mr. Sudhakaran A/L Gopalan (NRIC 7873309). (hereafter referred to as “owners”), who is the owner of the Joint Enterprise Agreement (JVA) concluded between T12A and its owners on May 16, 2013 to terminate the development of all lands under Geran Mukim Lot 244. Tempat Sungai Renggam, Mukim Damansara, Daerah Petaling, Negeri Selangor Darul Ehsan with about 0.5435 hectares, or 58,501,893 square meters (“the developing country”).
Company Name: KOBAY TECHNOLOGY BERHAD Stock Name: KOBAY Announced Date: May 31, 2019 Category: General Announcement for PLC Reference: GA1-31052019-00089 Type: Announcement Topic: OTHERS Description: Joint Venture Agreement concluded by 70% of subsidiaries.