Share
PETALING JAYA (July 29): Advancecon Holdings Bhd's joint development agreement (JDA) with Perak Corp Bhd for the Silver Valley Technology Park Industrial Hub has become unconditional after the final outstanding condition precedent was waived.
In a Bursa Malaysia filing on Tuesday (July 28), Advancecon said its indirect wholly owned subsidiary, Advancecon Development Sdn Bhd (ADSB), received confirmation from Perak Corp on July 24 that the condition requiring ADSB to obtain financing from financial institution(s) had been waived.
The requirement, stipulated under Clause 4.1.1(e) of the JDA, was the last remaining condition precedent.
With the waiver, the condition is deemed fulfilled, meaning all conditions precedent under Clause 4.1.1 of the JDA have now been satisfied.
As a result, the JDA became unconditional on May 29, 2026, which is recognised as the agreement's unconditional date, Advancecon said.
The company said the update relates to the JDA announced on Nov 27, 2023, and Jan 8, 2024, covering the joint development between Perak Corp and ADSB for the Silver Valley Technology Park Industrial Hub.
The waiver removes the final contractual hurdle for the industrial park joint venture, allowing the parties to proceed with the development under an unconditional agreement. The filing does not alter the commercial terms of the JDA but confirms that all agreed preconditions have now been met.
..........
Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!
