MULTIPLE PROPOSALS LION POSIM BERHAD ("LPB" OR THE "COMPANY") (I) PROPOSED UNINCORPORATED JOINT VENTURE; AND (II) PROPOSED DIVERSIFICATION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
| LION POSIM BERHAD |
| Type | Announcement |
| Subject | MULTIPLE PROPOSALS |
| Description | LION POSIM BERHAD ("LPB" OR THE "COMPANY")
(I) PROPOSED UNINCORPORATED JOINT VENTURE; AND
(II) PROPOSED DIVERSIFICATION
(COLLECTIVELY REFERRED TO AS THE "PROPOSALS") |
|
Reference is made to the Company’s announcements dated 18 May 2022, 25 November 2022, 2 December 2022, 16 February 2023, 16 August 2023, 17 May 2024, 17 February 2025 and 13 August 2025 (“Announcements”), and the Company’s Circular to Shareholders dated 17 November 2022 (“Circular”) in relation to the Proposals. Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meaning as those previously defined in the Announcements and the Circular.
On behalf of the Board, Mercury Securities wishes to announce that Lion Waterfront and Landasan Lumayan had on 12 March 2026 mutually agreed for a final extension of time from 18 February 2026 to 18 May 2026 (“Final EOT”) to satisfy the Conditions Precedent of the Development Agreement.
Upon expiry of the Final EOT, the Development Agreement shall automatically become unconditional, irrespective of the status or outcome of any pending or subsequent appeal(s) in respect of the land premium imposed. Thereafter, the parties shall proceed to implement and perform their respective obligations under the Development Agreement accordingly.
Save for the Final EOT, all remaining terms and conditions of the Development Agreement shall continue to remain in full force and effect.
This announcement is dated 12 March 2026. |
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Announcement Info
| Company Name | LION POSIM BERHAD |
| Stock Name | LIONPSIM |
| Date Announced | 12 Mar 2026 |
| Category | General Announcement for PLC |
| Reference Number | GA1-12032026-00064 |