Thursday, May 19, 2011
DIALOG - JV Agreement
The Board of Directors of Dialog Group Berhad ("DIALOG" or "the Company") is pleased to announce that the Company via its wholly owned subsidiary, Dialog Pengerang Sdn Bhd ("DPgSB"), has on 13 May 2011 entered into a Development Cum Joint Venture Agreement ("DJVA") with the State Government of Johor Darul Ta'zim ("the Johor State Government") and the State Secretary, Johor (Incorporated) ("S.S.I.").
The DJVA is the culmination of the Memorandum of Understanding ("MOU") entered into with the Johor State Government and the S.S.I. on 8 June 2009. (DPgSB, the Johor State Government and S.S.I. are collectively referred to as "the Parties")
The DJVA grants the right to start the reclamation work and the use of the reclaimed land for the construction of the independent deepwater petroleum terminal. The independent deepwater petroleum terminal will serve as a springboard for other industries to be developed and in line with that the Johor State Government will expand its Master Plan to develop Southeast Johor into a regional oil and gas hub.
The independent deepwater petroleum terminal will be developed on contiguous onshore and seabed land located between Tanjung Ayam and Tanjung Kapal, Pengerang, State of Johor, with harbor port, jetty and other marine facilities with water depth up to 26 meters capable of handling Ultra Large Crude Carriers, Very Large Crude Carriers and other vessels, and with tankage facilities for the handling, storage, processing and distribution of crude oil, petroleum, petrochemicals and chemical products in Tanjung Ayam and Tanjung Kapal, Pengerang in Johor ("the Project"). The combined investment in the Project is estimated at RM 5 billion over a 7 year period.
The Project is an Entry Point Project ("EPP") under the Malaysian Government's National Key Economic Areas ("NKEA") and part of the Economic Transformation Program ("ETP").
DIALOG -Pengerang Terminal Sdn Bhd & Independent Terminal Sdn Bhd
We are pleased to announce that Dialog Group Berhad ("DIALOG") has on 31 March 2011 via Dialog Pengerang Sdn Bhd (a wholly-owned subsidiary of DIALOG) ("DPSB? acquired the entire shareholdings of newly incorporated Pengerang Terminals Sdn Bhd ("PTSB") comprising 2 ordinary shares of RM1.00 each at par from unrelated third parties. Subsequently, the issued and paid-up share capital of PTSB was increased to RM500,000 comprising 500,000 ordinary shares of RM1.00 each.
On 31 March 2011, PTSB also acquired the entire shareholdings of newly incorporated Pengerang Independent Terminals Sdn Bhd ("PITSB"), comprising 2 ordinary shares of RM1.00 each at par from unrelated third parties.
Both the companies, PTSB and PITSB, will undertake the development of the independent deepwater petroleum terminal at Pengerang, Johor.
None of the directors and major shareholders of DIALOG and / or persons connected to them have any direct or indirect interest in the said acquisitions and the said acquisitions are not subject to approval of shareholders or any government authorisation.
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