News
Transactions (Chapter 10 Of Listing Requirements) : Related Party Transactions
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS |
| Description | ADVANCE SYNERGY BERHAD ("ASB" or the "Company") TERMINATION OF HOTEL MANAGEMENT AGREEMENT DATED 1 JANUARY 2017 ("HOTEL MANAGEMENT AGREEMENT") AND THE LETTER OF VARIATION DATED 7 MAY 2021 TO THE HOTEL MANAGEMENT AGREEMENT BETWEEN LANGKAWI HOLIDAY VILLA SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF ASB, AND HOLIDAY VILLA HOTELS & RESORTS SDN BHD (HEREINAFTER REFERRED TO AS "TERMINATION") |
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The Board of Directors of ASB ("Board") wishes to announce that upon the completion of the termination of Renewal Lease Agreement between Langkawi Holiday Villa Sdn Bhd ("LHV") and Pacific Trustees Berhad (acting as trustee for AmanahRaya Real Estate Investment Trust) for the lease of the Hotel (as defined in section 2 below) as announced by the Company on 2 January 2024, LHV ceased its business and operations at the Hotel after 31 December 2023 onwards and consequently, a notice of termination dated 31 December 2023 ("Notice of Termination") was served to Holiday Villa Hotels & Resorts Sdn Bhd ("HVHR" or "Management Company") for the Termination. Pursuant to the Termination, by the letter dated 14 March 2024, LHV and HVHR have mutually agreed that liquidated damages of RM4,283,653 ("Liquidated Damages") shall be paid in cash by LHV to the Management Company.
Further details of the Termination are set out in the ensuing sections.
This announcement is dated 14 March 2024. |
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Please refer attachment below.
Announcement Info
| Company Name | ADVANCE SYNERGY BERHAD |
| Stock Name | ASB |
| Date Announced | 14 Mar 2024 |
| Category | General Announcement for PLC |
| Reference Number | GA1-07022024-00009 |
Attachments
- ASB_Announcement_-_Termination_of_Hotel_Management_Agreement_14_03_2024_20240314.pdf (Size: 693,412 bytes)