| Type | Announcement |
| Subject | MEMORANDUM OF UNDERSTANDING |
| Description | MEMORANDUM OF UNDERSTANDING |
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The Board of Directors of KKB Engineering Berhad ("KKB") wishes to announce that KKB has on 30 November 2011 entered into a Memorandum of Understanding (“MOU”) with Brooke Dockyard & Engineering Works Corporation (“Brooke Dockyard”) to set out its intention and mutual understanding in connection with: (i) a Proposed Strategic Alliance between KKB and Brooke Dockyard to identify projects for joint collaboration and to undertake jacket and other structural Steel Fabrication activities in the offshore Oil and Gas industry and Marine sectors strictly located at the proposed Lot 777, Block 5, Muara Tebas Land District, 93050 Kuching, Sarawak (“the said location”) (“Proposed Strategic Alliance”); and (ii) a Proposed Joint-Venture or any other similar form of collaboration between KKB and Brooke Dockyard to conduct businesses identified or to be agreed upon pursuant to the MOU at the said location (“Proposed Joint-Venture”). The salient terms of the MOU, amongst others, are as follows: (a) The MOU is valid for a period of six (6) months from the date of the MOU or such further period(s) as may be mutually agreed upon by both parties (“Exclusivity Period”) (b) During the Exclusivity Period, both parties shall negotiate with each other in respect of but not limited to the followings:
ii) upon the successful negotiation of the Proposed Strategic Alliance including the terms and conditions governing the Proposed Strategic Alliance, the formation of a Joint-Venture or similar form of collaboration between both parties subject to approval of the Board of Directors of mutual parties and which may be conditional upon, amongst others, the approval of shareholders of both parties, all statutory and relevant regulatory approvals including (without limitation) approvals from the State Government of Sarawak and other relevant governmental authorities, Securities Commission and Bursa Malaysia Securities Berhad. The Board of Directors of KKB is of the opinion that the above understanding, once formalized, will be in the best long-term interest of KKB Group of Companies. To the best of our knowledge, none of the Directors or major shareholders or persons connected with them has any interest in the above MOU. This announcement is dated 30 November 2011. |
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| Company Name | KKB ENGINEERING BERHAD |
| Stock Name | KKB |
| Date Announced | 30 Nov 2011 |
| Category | General Announcement |
| Reference No | CCS-111129-FF61B |
