Mudajaya, Thriven extend settlement period to Sept 1

PETALING JAYA: Mudajaya Group Bhd’s wholly-owned subsidiary MJC Development Sdn Bhd has mutually agreed in writing with Thriven Global Bhd and Mayfair Ventures Sdn Bhd to extend the settlement agreement’s completion date to Sept 1, 2017 for the parties to conclude the disposal of Mayfair, which was the initially the vehicle to develop Lumi Tropicana in Petaling Jaya.
Thriven was previously required to pay the sale consideration of RM1.03 million to MJC by July 20, 2017, being 30 days from the date the settlement agreement became unconditional.
“Save as stated above and the extension of the cut-off date as announced on May 12, 2017, all the terms and conditions of the settlement agreement shall continue to apply and to have full force and effect,” Mudajaya said in a stock exchange filing today.
MJC had on Dec 2, 2016, entered into a settlement agreement with Thriven and Mayfair to mutually terminate the subscription and shareholders’ agreement it had inked in 2013 for the subscription of equity interest in Mayfair together with the redeemable preference shares of Mayfair. This means that Thriven will undertake the Lumi Tropicana development on its own, rather than a joint venture.
The proposal was previously undertaken following the mutual agreement between MJC and Thriven to exit Mayfair. The proposal was viewed to be providing MJC with the opportunity to realise its investment in Mayfair as part of the Mudajaya group’s ongoing streamlining of its assets/investments via the disposal of non-core assets/investments.