MEMORANDUM OF UNDERSTANDING (MOU)
On 10 January 2017, Versatile Smart Properties Sdn Bhd ("VSPSB"), a wholly owned subsidiary of the VPBSB, which in turn is a wholly-owned subsidiary of VCB entered into MOU with Double Action Ventures Sdn. Bhd. (DAVSB) to explore the feasibility of developing medium cost apartments on a piece of alienated land held under PTD 68889, in Mukim Tebrau , District of Johor Bahru, Johor measuring approximately three point one eight three (3.183) acres with an estimated gross development value ("GDV") of Ringgit Malaysia one hundred and ten million only ("RM110,000,000") prior to entering into a definitive agreement by both parties.
On 10 April 2017, VCB board announced that due diligence exercise ("Due Diligence") was still in progress and VSPSB and DAVSB were in the midst of discussion with YPJ Builders Sdn Bhd for the payment of land conversion cost issue.
In addition , the draft definitive agreement was currently being reviewed by both VSPSB and DAVSB and set to be finalised within the deadline of 4 months.
On 10 July 2017, VCB Board announced that the due diligence had been put on hold due to VSPSB was requested by DAVSB to relook into the land conversion cost payment proposal within the deadline of 2 months.
VSPSB will be seeking extension of MOU from DAVSB and finalising the draft definitive agreement upon finalisation of land conversion payment issue with DAVSB.