The board of directors resolved that the disposal of Tai Xing Construction Co.,Ltd. will be added with tendering sale for land or equity, or self-development.
· Issued by Federal Corp.
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Today's Information
Provided by: FEDERAL CORPORATION
SEQ_NO
2
Date of announcement
2022/04/27
Time of announcement
16:30:18
Subject
The board of directors resolved that the disposal
of Tai Xing Construction Co.,Ltd. will be added with
tendering sale for land or equity, or self-development.
Date of events
2022/04/27
To which item it meets
paragraph 51
Statement
1.Date of occurrence of the event:2022/04/27
2.Company name:Federal Corporation
3.Relationship to the Company (please enter "head office" or
"subsidiaries"):head office
4.Reciprocal shareholding ratios:NA
5.Cause of occurrence:
(a)The resolution by the company's extraordinary
shareholders' meeting on October 15,2021 that the
disposal of the land of our subsidiary Tai Xing
Construction Co.,Ltd. with tendering sale and and
the board of directors of Federal Corporation will
be authorized to handle all related matters".
(b)Article 12 of the " Agreement on the Development
and Establishment of Industrial and Commercial Complex
of Federal Corporation in Zhongli" signed by Federal
Corporation and Tai Xing Construction Co., Ltd. and the
Taoyuan City Government : "Before obtaining a building
use permit,promise not to transfer the licensed
development land to others." and other regulations,
resulting in many restrictions on the disposal of the
land of Tai Xing Construction Co., Ltd., and it is
planned to remove the relevant restrictions as soon as
possible to facilitate the disposal.
6.Countermeasures:
In order to allow the company to have multiple options
for disposal, it is proposed that in addition to the
resolution of the extraordinary shareholders' meeting
on October 15, 2021, additional methods such as
disposal of equity, or independent development by the
company will be added.
The board of directors of Federal Corporation is
authorized to deal with all relevant matters according
to the appropriate time and market conditions.
7.Any other matters that need to be specified:
After the resolution by the board of directors, the
proposal will be submitted to the 2022 Annual General
Shareholders' Meeting for discussion.
