CNI - General Announcement
Announcement Type: General Announcement
Company Name: CNI HOLDINGS BERHAD
Stock Name: CNI
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Principal Officers' Disclosure of Dealings in Securities pursuant to Chapter 14 of the Listing Requirements of Bursa Malaysia Securities Berhad
Contents: Pursuant to Paragraph 14.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"), CNI Holdings Berhad (the "Company") wishes to notify Bursa Securities that the Company has on 8 July 2010 received notification from the Principal Officers in relation to their dealing in securities of the Company. Details are set out in the table below.
This announcement is dated 8 July 2010.
Company Name: CNI HOLDINGS BERHAD
Stock Name: CNI
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Principal Officers' Disclosure of Dealings in Securities pursuant to Chapter 14 of the Listing Requirements of Bursa Malaysia Securities Berhad
Contents: Pursuant to Paragraph 14.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"), CNI Holdings Berhad (the "Company") wishes to notify Bursa Securities that the Company has on 8 July 2010 received notification from the Principal Officers in relation to their dealing in securities of the Company. Details are set out in the table below.
This announcement is dated 8 July 2010.
CNI - General Announcement
Announcement Type: General Announcement
Company Name: CNI HOLDINGS BERHAD
Stock Name: CNI
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Director's Disclosure of Dealings in Securities pursuant to Chapter 14 of the Listing Requirements of Bursa Malaysia Securities Berhad
Contents: Pursuant to Paragraph 14.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"), CNI Holdings Berhad (the "Company") wishes to notify Bursa Securities that the Company has on 8 July 2010 received notification from a Director, Cheong Chin Tai, in relation to his dealing in securities of the Company. Details are set out in the table below.
This announcement is dated 8 July 2010.
Company Name: CNI HOLDINGS BERHAD
Stock Name: CNI
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Director's Disclosure of Dealings in Securities pursuant to Chapter 14 of the Listing Requirements of Bursa Malaysia Securities Berhad
Contents: Pursuant to Paragraph 14.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities"), CNI Holdings Berhad (the "Company") wishes to notify Bursa Securities that the Company has on 8 July 2010 received notification from a Director, Cheong Chin Tai, in relation to his dealing in securities of the Company. Details are set out in the table below.
This announcement is dated 8 July 2010.
KENCANA - KENCANA PETROLEUM BERHAD ("KENCANA PETROLEUM" OR "COMPANY") NOTICE OF EXTRAORDINARY GENERAL MEETING
Announcement Type: General Announcement
Submitting Merchant Bank: AMINVESTMENT BANK BERHAD
Company Name: KENCANA PETROLEUM BERHAD
Stock Name: KENCANA
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: KENCANA PETROLEUM BERHAD ("KENCANA PETROLEUM" OR "COMPANY")
NOTICE OF EXTRAORDINARY GENERAL MEETING
Contents: -
Attachments: Kencana Petroleum Berhad_Notice of Extraordinary General Meeting.pdf
Submitting Merchant Bank: AMINVESTMENT BANK BERHAD
Company Name: KENCANA PETROLEUM BERHAD
Stock Name: KENCANA
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: KENCANA PETROLEUM BERHAD ("KENCANA PETROLEUM" OR "COMPANY")
NOTICE OF EXTRAORDINARY GENERAL MEETING
Contents: -
Attachments: Kencana Petroleum Berhad_Notice of Extraordinary General Meeting.pdf
OGAWA - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: PUBLIC INVESTMENT BANK BERHAD
Company Name: OGAWA WORLD BERHAD
Stock Name: OGAWA
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: OGAWA WORLD BERHAD ("OWB" or "COMPANY")
PROPOSED ESTABLISHMENT OF AN EXECUTIVES' SHARE OPTION SCHEME ("ESOS" OR "SCHEME") OF UP TO FIFTEEN PERCENT (15%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF OWB ("PROPOSED ESOS")
Contents: On behalf of the Board of Directors of OWB, Public Investment Bank Berhad wishes to announce that the Company proposes to establish and implement the Proposed ESOS.
Further details on the Proposed ESOS are set out in the attachment.
This announcement is dated 8 July 2010.
Attachments: Proposed ESOS.doc
Submitting Merchant Bank: PUBLIC INVESTMENT BANK BERHAD
Company Name: OGAWA WORLD BERHAD
Stock Name: OGAWA
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: OGAWA WORLD BERHAD ("OWB" or "COMPANY")
PROPOSED ESTABLISHMENT OF AN EXECUTIVES' SHARE OPTION SCHEME ("ESOS" OR "SCHEME") OF UP TO FIFTEEN PERCENT (15%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF OWB ("PROPOSED ESOS")
Contents: On behalf of the Board of Directors of OWB, Public Investment Bank Berhad wishes to announce that the Company proposes to establish and implement the Proposed ESOS.
Further details on the Proposed ESOS are set out in the attachment.
This announcement is dated 8 July 2010.
Attachments: Proposed ESOS.doc
KOBAY - General Announcement
Announcement Type: General Announcement
Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Quarterly disclosure pursuant to Paragraph 8.23(2)(e) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad in relation to the financial assistance provided by Kobay Group for the 4th quarter of financial year ending 30 June 2010
Contents: Pursuant to paragraph 8.23(2)(e) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Kobay Technology Bhd. ("Kobay") wishes to announce the financial assistance provided by Kobay Group for the fourth quarter of financial year ending 30 June 2010, as set out in the annexure.
Attachments: Kobay_BMQ4FY2010.pdf
Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Quarterly disclosure pursuant to Paragraph 8.23(2)(e) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad in relation to the financial assistance provided by Kobay Group for the 4th quarter of financial year ending 30 June 2010
Contents: Pursuant to paragraph 8.23(2)(e) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Kobay Technology Bhd. ("Kobay") wishes to announce the financial assistance provided by Kobay Group for the fourth quarter of financial year ending 30 June 2010, as set out in the annexure.
Attachments: Kobay_BMQ4FY2010.pdf
YUNKONG - NOTICE OF EXTRAORDINARY GENERAL MEETING ("EGM")
Announcement Type: General Announcement
Submitting Merchant Bank: AMINVESTMENT BANK BERHAD
Company Name: YUNG KONG GALVANISING INDUSTRIES BHD
Stock Name: YUNKONG
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: NOTICE OF EXTRAORDINARY GENERAL MEETING ("EGM")
Contents: On behalf of the Board of Directors of Yung Kong Galvanising Industries Berhad ("YUNKONG"), AmInvestment Bank Berhad (a member of AmInvestment Bank Group), is pleased to announce that YUNKONG will be holding its EGM at Giza, Level 2, Pullman Kuching, No. 1A, Jalan Mathies, 93100 Kuching, Sarawak on Saturday, 31 July 2010 at 11.30 a.m. or any adjournment, to consider and if thought fit, to pass the following special resolution and ordinary resolutions, with or without modifications: -
- PROPOSED ISSUANCE OF 21,726,100 REDEEMABLE CONVERTIBLE PREFERENCE SHARES OF YUNKONG OF RM0.50 EACH AT AN ISSUE PRICE OF RM0.60 TO NIPPON STEEL CORPORATION; AND
- PROPOSED AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF YUNKONG ("PROPOSED AMENDMENTS")
The full text of the notice of the EGM is attached herewith for your attention.
This announcement is dated 8 July 2010.
Attachments: EGM0907103.pdf
Submitting Merchant Bank: AMINVESTMENT BANK BERHAD
Company Name: YUNG KONG GALVANISING INDUSTRIES BHD
Stock Name: YUNKONG
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: NOTICE OF EXTRAORDINARY GENERAL MEETING ("EGM")
Contents: On behalf of the Board of Directors of Yung Kong Galvanising Industries Berhad ("YUNKONG"), AmInvestment Bank Berhad (a member of AmInvestment Bank Group), is pleased to announce that YUNKONG will be holding its EGM at Giza, Level 2, Pullman Kuching, No. 1A, Jalan Mathies, 93100 Kuching, Sarawak on Saturday, 31 July 2010 at 11.30 a.m. or any adjournment, to consider and if thought fit, to pass the following special resolution and ordinary resolutions, with or without modifications: -
- PROPOSED ISSUANCE OF 21,726,100 REDEEMABLE CONVERTIBLE PREFERENCE SHARES OF YUNKONG OF RM0.50 EACH AT AN ISSUE PRICE OF RM0.60 TO NIPPON STEEL CORPORATION; AND
- PROPOSED AMENDMENTS TO THE MEMORANDUM AND ARTICLES OF ASSOCIATION OF YUNKONG ("PROPOSED AMENDMENTS")
The full text of the notice of the EGM is attached herewith for your attention.
This announcement is dated 8 July 2010.
Attachments: EGM0907103.pdf
GTRONIC - General Announcement
Announcement Type: General Announcement
Company Name: GLOBETRONICS TECHNOLOGY BERHAD
Stock Name: GTRONIC
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Globetronics Technology Bhd ("GTB" or "the Company")
- Notification of dealings by Directors of GTB during closed period
Contents: In accordance with paragraph 14.08(d) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce that Ng Kweng Chong and Ng Kok Khuan, the Directors of GTB had transacted dealings in the securities of GTB during closed period via Glencare Sdn Bhd which they are deemed interested. The details as set out in Table 1 and 2 below.
This announcement is dated 08 July 2010.
Company Name: GLOBETRONICS TECHNOLOGY BERHAD
Stock Name: GTRONIC
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Globetronics Technology Bhd ("GTB" or "the Company")
- Notification of dealings by Directors of GTB during closed period
Contents: In accordance with paragraph 14.08(d) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce that Ng Kweng Chong and Ng Kok Khuan, the Directors of GTB had transacted dealings in the securities of GTB during closed period via Glencare Sdn Bhd which they are deemed interested. The details as set out in Table 1 and 2 below.
This announcement is dated 08 July 2010.
KENMARK - Kenmark Industrial Co (M) Berhad ("the Company or Kenmark") - Update on status of business divisions
Announcement Type: General Announcement
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Kenmark Industrial Co (M) Berhad ("the Company or Kenmark")
- Update on status of business divisions
Contents: Kenmark wishes to update the status of the following business divisions :-
a. Trading Division (Trading in LCD TVs and other furniture) - No trading is done at this moment as the Company is not able to contact the end customers directly. Management will continue to try to make contact with the end customers.
b. Printing Division - Most of the important parts from the machinery have been located and is awaiting installation. We have successfully negotiated with the machine repairers to commence repairs and subsequently conduct a test run of the machinery. The Company has a limited stock of raw materials for production and will need to purchase new raw materials to meet future orders. Some of our local suppliers had indicated their willingness to continue supplying the Company with raw materials subject to payments made to overdue accounts. As some raw materials are imported from Thailand, Taiwan and Europe, the Company would need to raise funds and/or secure trade financing to secure these raw materials for future orders. The average sales for the Printing Division is RM800,000 per month and in light of the recent developments, most of our customers have switched their orders to other manufacturers. The Management of the Company is now attempting to persuade these customers to place orders with the Company and we expect 20% of the orders to return. On the manpower front, 67 of the 125 employees previously employed had returned to work with the Company.
c. Plastic Moulding Division -The principal activity of the mould division is to inject plastic parts for the manufacture of wooden furniture, as well as plastic components to buyers outside of the Group. In-house sales (sales within the Group) took up 85% of the total production capacity of the division, while the remaining 15% is for sales to outside buyers. In the absence of fresh orders for the wood division, the production activity is expected to reduce by at least 85%. As for the remaining 15% to the outside buyers, Management is anticipating to lose a further 10% as customers are losing confidence in the Company's ability to supply further. As for the division's workforce, there are currently 26 employees and this will be sufficient to start production again. Some of the raw material stock was found to be missing and is in the process of being replaced.
d. Vietnam operation - All machineries in Vietnam are intact but operations cannot re-commence as the Taiwanese key management staff have not returned to Vietnam. Management have been trying to contact Mr Chang Chin-Chuan on his handphone but to no avail. The raw materials in Vietnam premises are prohibited by the bank's security to be taken out from the country without authorization from the Taiwanese key management staff. The workers in Vietnam have been released with no liability incurred.
The Board of Directors is exploring options to increase the utilization of the capacity of all its operations.
The above reply is made on the collective approval of the Malaysian Directors of the Kenmark only, namely Dato' Abd Gani bin Yusof, Mr Ho Soo Woon, En Ahmed Azhar bin Abdullah and Mr Woon Wai En.
This announcement is dated 8 July 2010
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: Kenmark Industrial Co (M) Berhad ("the Company or Kenmark")
- Update on status of business divisions
Contents: Kenmark wishes to update the status of the following business divisions :-
a. Trading Division (Trading in LCD TVs and other furniture) - No trading is done at this moment as the Company is not able to contact the end customers directly. Management will continue to try to make contact with the end customers.
b. Printing Division - Most of the important parts from the machinery have been located and is awaiting installation. We have successfully negotiated with the machine repairers to commence repairs and subsequently conduct a test run of the machinery. The Company has a limited stock of raw materials for production and will need to purchase new raw materials to meet future orders. Some of our local suppliers had indicated their willingness to continue supplying the Company with raw materials subject to payments made to overdue accounts. As some raw materials are imported from Thailand, Taiwan and Europe, the Company would need to raise funds and/or secure trade financing to secure these raw materials for future orders. The average sales for the Printing Division is RM800,000 per month and in light of the recent developments, most of our customers have switched their orders to other manufacturers. The Management of the Company is now attempting to persuade these customers to place orders with the Company and we expect 20% of the orders to return. On the manpower front, 67 of the 125 employees previously employed had returned to work with the Company.
c. Plastic Moulding Division -The principal activity of the mould division is to inject plastic parts for the manufacture of wooden furniture, as well as plastic components to buyers outside of the Group. In-house sales (sales within the Group) took up 85% of the total production capacity of the division, while the remaining 15% is for sales to outside buyers. In the absence of fresh orders for the wood division, the production activity is expected to reduce by at least 85%. As for the remaining 15% to the outside buyers, Management is anticipating to lose a further 10% as customers are losing confidence in the Company's ability to supply further. As for the division's workforce, there are currently 26 employees and this will be sufficient to start production again. Some of the raw material stock was found to be missing and is in the process of being replaced.
d. Vietnam operation - All machineries in Vietnam are intact but operations cannot re-commence as the Taiwanese key management staff have not returned to Vietnam. Management have been trying to contact Mr Chang Chin-Chuan on his handphone but to no avail. The raw materials in Vietnam premises are prohibited by the bank's security to be taken out from the country without authorization from the Taiwanese key management staff. The workers in Vietnam have been released with no liability incurred.
The Board of Directors is exploring options to increase the utilization of the capacity of all its operations.
The above reply is made on the collective approval of the Malaysian Directors of the Kenmark only, namely Dato' Abd Gani bin Yusof, Mr Ho Soo Woon, En Ahmed Azhar bin Abdullah and Mr Woon Wai En.
This announcement is dated 8 July 2010
SEEHUP - General Announcement
Announcement Type: General Announcement
Company Name: SEE HUP CONSOLIDATED BERHAD
Stock Name: SEEHUP
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: SEE HUP CONSOLIDATED BERHAD ("SEE HUP" OR "�??THE COMPANY")
DISPOSAL AND ACQUISITION OF EQUIPMENT BY SUBSIDIARIES
Contents: 1.INTRODUCTION
The Board of Directors of See Hup wishes to inform that, Agriplex (M) Sdn Bhd, a 70% owned subsidiary of See Hup, proposes to sell to Prosper Power Sdn Bhd, a 54% owned subsidiary of See Hup, two (2) units of used 50 ton P&H 550 crawler crane (the "Equipment") for a total consideration of Ringgit Malaysia Seven Hundred Thousand (RM700,000.00) Only (the "Transaction").
2.INFORMATION ON SUBSIDIARY COMPANIES AND THE EQUIPMENT
Prosper Power Sdn Bhd ("Prosper Power") was incorporated in Malaysia under the Companies Act, 1965 on 7 October 2003 and is principally engaged in the provision of bulk cargo handling services. Its present authorised share capital is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each whilst its present issued and fully paid-up share capital is RM700,000.00 comprising 700,000 ordinary shares of RM1.00 each.
Agriplex (M) Sdn Bhd ("Agriplex") was incorporated in Malaysia under the Companies Act, 1965 on 8 August 2005 and is principally engaged in forwarding and crane services. Its present authorised share capital is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each whilst its present issued and fully paid-up share capital is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each.
The Equipment was acquired by Agriplex in 2008 at a total cost of RM790,000. The Net Book Value of the Equipment as at 30 June 2010 was RM502,645.
3.CONSIDERATION
The Equipment will be sold on an "as is where is basis" free from all encumbrances and the consideration of RM700,000.00 was arrived at after taking into the cost of investment of the Equipment net of accumulated depreciation and its market value at arms-length on a "willing buyer willing seller" basis.
The consideration will be settled by Prosper Power from internal generated funds.
4.RATIONALE
The Equipment is no longer required by Agriplex for its use whereas the acquisition by Prosper Power will further add capacity to its existing fleet of machinery and equipment.
5.RISK FACTORS
The Board is unaware of any risks arising from the Transaction.
6.FINANCIAL EFFECTS OF THE TRANSACTION
The Transaction will not have any effect on the issued and paid up share capital of the Company and has no material effect on the earnings, net assets and gearing of the Group for the financial year ending 31 March 2011.
The highest percentage ratio applicable to the Transaction as per paragraph 10.02(g) of the Main Market Listing Requirements is 1.32%.
7.APPROVAL OF SHAREHOLDERS AND RELEVANT GOVERNMENT AUTHORITIES
The Transaction is not subject to approval of the Company's shareholders and relevant authorities.
8.SALIENT FEATURES OF AGREEMENT
There is no agreement to be entered into for the Transaction.
9.ESTIMATED TIME FRAME FOR THE COMPLETION
The Transaction is expected to be completed within 3 months from this announcement.
10.INTEREST OF DIRECTORS AND/OR MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH DIRECTORS OR MAJOR SHAREHOLDERS
Save as disclosed below, none of the directors and / or major shareholders and / or
person connected with a director or major shareholder have any interest, direct or
indirect, in the Transaction.
See Hup is a major shareholder and holding company of Agriplex and Prosper Power with 70% and 54% interests respectively.
PM Logistic Sdn Bhd, is a major shareholder with 30% and 46% interests in Agriplex and Prosper Power respectively.
11.STATEMENT BY AUDIT COMMITTEE AND THE BOARD OF DIRECTORS
The Audit Committee and the Board of Directors having considered all aspects of the Disposal, are of the view that the Disposal is fair, reasonable and on normal commercial terms and it is in the best interest of the Company and not detrimental to the interest of the minority shareholders on the basis that the consideration of RM700,000.00 was arrived at after taking into the cost of investment of the Equipment net of accumulated depreciation and its market value at arms-length on a "willing buyer willing seller" basis.
12.TOTAL AMOUNT TRANSACTED WITH THE SAME RELATED PARTY FOR THE PRECEDING TWLEVE (12) MONTHS
There were no transactions entered into between Prosper Power and Agriplex for the preceding twelve (12) months.
This announcement is dated 8 July 2010.
Company Name: SEE HUP CONSOLIDATED BERHAD
Stock Name: SEEHUP
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: SEE HUP CONSOLIDATED BERHAD ("SEE HUP" OR "�??THE COMPANY")
DISPOSAL AND ACQUISITION OF EQUIPMENT BY SUBSIDIARIES
Contents: 1.INTRODUCTION
The Board of Directors of See Hup wishes to inform that, Agriplex (M) Sdn Bhd, a 70% owned subsidiary of See Hup, proposes to sell to Prosper Power Sdn Bhd, a 54% owned subsidiary of See Hup, two (2) units of used 50 ton P&H 550 crawler crane (the "Equipment") for a total consideration of Ringgit Malaysia Seven Hundred Thousand (RM700,000.00) Only (the "Transaction").
2.INFORMATION ON SUBSIDIARY COMPANIES AND THE EQUIPMENT
Prosper Power Sdn Bhd ("Prosper Power") was incorporated in Malaysia under the Companies Act, 1965 on 7 October 2003 and is principally engaged in the provision of bulk cargo handling services. Its present authorised share capital is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each whilst its present issued and fully paid-up share capital is RM700,000.00 comprising 700,000 ordinary shares of RM1.00 each.
Agriplex (M) Sdn Bhd ("Agriplex") was incorporated in Malaysia under the Companies Act, 1965 on 8 August 2005 and is principally engaged in forwarding and crane services. Its present authorised share capital is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each whilst its present issued and fully paid-up share capital is RM1,000,000.00 comprising 1,000,000 ordinary shares of RM1.00 each.
The Equipment was acquired by Agriplex in 2008 at a total cost of RM790,000. The Net Book Value of the Equipment as at 30 June 2010 was RM502,645.
3.CONSIDERATION
The Equipment will be sold on an "as is where is basis" free from all encumbrances and the consideration of RM700,000.00 was arrived at after taking into the cost of investment of the Equipment net of accumulated depreciation and its market value at arms-length on a "willing buyer willing seller" basis.
The consideration will be settled by Prosper Power from internal generated funds.
4.RATIONALE
The Equipment is no longer required by Agriplex for its use whereas the acquisition by Prosper Power will further add capacity to its existing fleet of machinery and equipment.
5.RISK FACTORS
The Board is unaware of any risks arising from the Transaction.
6.FINANCIAL EFFECTS OF THE TRANSACTION
The Transaction will not have any effect on the issued and paid up share capital of the Company and has no material effect on the earnings, net assets and gearing of the Group for the financial year ending 31 March 2011.
The highest percentage ratio applicable to the Transaction as per paragraph 10.02(g) of the Main Market Listing Requirements is 1.32%.
7.APPROVAL OF SHAREHOLDERS AND RELEVANT GOVERNMENT AUTHORITIES
The Transaction is not subject to approval of the Company's shareholders and relevant authorities.
8.SALIENT FEATURES OF AGREEMENT
There is no agreement to be entered into for the Transaction.
9.ESTIMATED TIME FRAME FOR THE COMPLETION
The Transaction is expected to be completed within 3 months from this announcement.
10.INTEREST OF DIRECTORS AND/OR MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH DIRECTORS OR MAJOR SHAREHOLDERS
Save as disclosed below, none of the directors and / or major shareholders and / or
person connected with a director or major shareholder have any interest, direct or
indirect, in the Transaction.
See Hup is a major shareholder and holding company of Agriplex and Prosper Power with 70% and 54% interests respectively.
PM Logistic Sdn Bhd, is a major shareholder with 30% and 46% interests in Agriplex and Prosper Power respectively.
11.STATEMENT BY AUDIT COMMITTEE AND THE BOARD OF DIRECTORS
The Audit Committee and the Board of Directors having considered all aspects of the Disposal, are of the view that the Disposal is fair, reasonable and on normal commercial terms and it is in the best interest of the Company and not detrimental to the interest of the minority shareholders on the basis that the consideration of RM700,000.00 was arrived at after taking into the cost of investment of the Equipment net of accumulated depreciation and its market value at arms-length on a "willing buyer willing seller" basis.
12.TOTAL AMOUNT TRANSACTED WITH THE SAME RELATED PARTY FOR THE PRECEDING TWLEVE (12) MONTHS
There were no transactions entered into between Prosper Power and Agriplex for the preceding twelve (12) months.
This announcement is dated 8 July 2010.
SILVER - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: KAF INVESTMENT BANK BERHAD
Company Name: SILVER BIRD GROUP BERHAD
Stock Name: SILVER
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: SILVER BIRD GROUP BERHAD ("SILVER BIRD" OR THE "COMPANY")
- PROPOSED PRIVATE PLACEMENT OF UP TO TEN PERCENT (10%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF SILVER BIRD ("PROPOSED PRIVATE PLACEMENT")
Contents: SILVER BIRD GROUP BERHAD ("SILVER BIRD" OR THE "COMPANY")
Submitting Merchant Bank: KAF INVESTMENT BANK BERHAD
Company Name: SILVER BIRD GROUP BERHAD
Stock Name: SILVER
Date Announced: 08/07/2010
Announcement Detail:
Type: Announcement
Subject: SILVER BIRD GROUP BERHAD ("SILVER BIRD" OR THE "COMPANY")
- PROPOSED PRIVATE PLACEMENT OF UP TO TEN PERCENT (10%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF SILVER BIRD ("PROPOSED PRIVATE PLACEMENT")
Contents: SILVER BIRD GROUP BERHAD ("SILVER BIRD" OR THE "COMPANY")
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