LHH - General Announcement
Announcement Type: General Announcement
Company Name: LEONG HUP HOLDINGS BERHAD
Stock Name: LHH
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: Leong Hup Holdings Berhad ("LHH" or "the Company")
-Recurrent Related Party Transaction exceeds 10% or more
Contents: Pursuant to the Paragraph 10.09(2)(e) of Main Market Listing Requirements, the Board of Directors wishes to announce that the actual value of a Recurrent Related Party Transaction ("RRPT") entered into by the LHH Group, exceeds the estimated value of RRPT disclosed in the Circular dated 4 September 2009 by 10% or more. Further detail is provided in the below Table A.
The difference for the variation between the Actual Value and the Estimated Value of RRPT was mainly due to the increase in purchase of eggs by Lee Say Egg Prodcuts Pte Ltd (formerly known as One n One Investment Pte Ltd), an indirect subsidiary of LHH from Teo Seng Farming Sdn Bhd,a wholly subsidiary of Teo Seng Capital Berhad.
This announcement is made on 4 August 2010
Company Name: LEONG HUP HOLDINGS BERHAD
Stock Name: LHH
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: Leong Hup Holdings Berhad ("LHH" or "the Company")
-Recurrent Related Party Transaction exceeds 10% or more
Contents: Pursuant to the Paragraph 10.09(2)(e) of Main Market Listing Requirements, the Board of Directors wishes to announce that the actual value of a Recurrent Related Party Transaction ("RRPT") entered into by the LHH Group, exceeds the estimated value of RRPT disclosed in the Circular dated 4 September 2009 by 10% or more. Further detail is provided in the below Table A.
The difference for the variation between the Actual Value and the Estimated Value of RRPT was mainly due to the increase in purchase of eggs by Lee Say Egg Prodcuts Pte Ltd (formerly known as One n One Investment Pte Ltd), an indirect subsidiary of LHH from Teo Seng Farming Sdn Bhd,a wholly subsidiary of Teo Seng Capital Berhad.
This announcement is made on 4 August 2010
TAANN - WITHDRAWAL OF CHINA PROJECT
Announcement Type: General Announcement
Company Name: TA ANN HOLDINGS BERHAD
Stock Name: TAANN
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: WITHDRAWAL OF CHINA PROJECT
Contents: The Board of Directors of Ta Ann Holdings Berhad ("Ta Ann" or the "Company") wishes to announce that Ta Ann has notified the Chinese authorities of its intention to withdraw from investing in Yang Zhou, China.
In 2008, the Company incorporated Ta Ann Eco-Timber Industries Pty Ltd ("TAET") planning to set up a plywood mill in Yang Zhou, China, for processing and supplying eco container flooring to China market. Due to the impact of global financial crisis, the plywood market in China was adversely affected, which made it not feasible to proceed with the plywood mill project.
An initial downsizing proposal on further review has been replaced by a total withdrawal decision of the China venture as the container flooring market is not expected to be conducive for the establishment of a plywood mill in the short to medium term.
The Company has invested a total USD 4 million in the China project mainly for the purchase of land and machineries for the plywood mill.
The Chinese authorities has approved our earlier application to return partially the land purchased in line with our downsizing proposal. We are now applying to the authorities,
(1) to return to them the remaining land,
(2) to return the machineries back to mill in Malaysia for own use, and
(3) to repatriate back to Malaysia the bank balance (RMB 4,721,523 as at 30 June 2010) and proceeds from land returned to the Chinese authorities.
Thereafter, winding up of TAET would be initiated.
Assuming that the Chinese authorities would take back the land at the original purchase cost, only marginal loss would be expected in relation to the withdrawal of China project, in addition to the loss of RM1.469 million which has been taken up in the audited financial statements for the year ended 31 December 2009.
Since the contribution from the China subsidiary is relatively small, the withdrawal of China venture will not have any material impact on the Group operation, earnings, net assets or gearing of Ta Ann Group, as can be seen from the following financial information based on audited financial statements for the year ended 31 December 2009:
Company Name: TA ANN HOLDINGS BERHAD
Stock Name: TAANN
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: WITHDRAWAL OF CHINA PROJECT
Contents: The Board of Directors of Ta Ann Holdings Berhad ("Ta Ann" or the "Company") wishes to announce that Ta Ann has notified the Chinese authorities of its intention to withdraw from investing in Yang Zhou, China.
In 2008, the Company incorporated Ta Ann Eco-Timber Industries Pty Ltd ("TAET") planning to set up a plywood mill in Yang Zhou, China, for processing and supplying eco container flooring to China market. Due to the impact of global financial crisis, the plywood market in China was adversely affected, which made it not feasible to proceed with the plywood mill project.
An initial downsizing proposal on further review has been replaced by a total withdrawal decision of the China venture as the container flooring market is not expected to be conducive for the establishment of a plywood mill in the short to medium term.
The Company has invested a total USD 4 million in the China project mainly for the purchase of land and machineries for the plywood mill.
The Chinese authorities has approved our earlier application to return partially the land purchased in line with our downsizing proposal. We are now applying to the authorities,
(1) to return to them the remaining land,
(2) to return the machineries back to mill in Malaysia for own use, and
(3) to repatriate back to Malaysia the bank balance (RMB 4,721,523 as at 30 June 2010) and proceeds from land returned to the Chinese authorities.
Thereafter, winding up of TAET would be initiated.
Assuming that the Chinese authorities would take back the land at the original purchase cost, only marginal loss would be expected in relation to the withdrawal of China project, in addition to the loss of RM1.469 million which has been taken up in the audited financial statements for the year ended 31 December 2009.
Since the contribution from the China subsidiary is relatively small, the withdrawal of China venture will not have any material impact on the Group operation, earnings, net assets or gearing of Ta Ann Group, as can be seen from the following financial information based on audited financial statements for the year ended 31 December 2009:
HYTEXIN - General Announcement
Announcement Type: General Announcement
Company Name: HYTEX INTEGRATED BERHAD
Stock Name: HYTEXIN
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: Hytex Integrated Berhad ("Hytex" or "the Company")
Practice Note No. 1/2001 ("PN 1") - Default in Payments
Contents: Further to the announcement on 3 August 2010 in relation to the Company's default in the partial deferment of an interest payment on a collateralized loan obligation (CLO) due on 21 July 2010 , the Board of Directors of Hytex wishes to inform that Hytex has on 4 August 2010 settled the balance of RM557,550.68.
With the full settlement to the defaulted amount, Hytex shall cease to be an affected listed issuer under PN1.
Company Name: HYTEX INTEGRATED BERHAD
Stock Name: HYTEXIN
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: Hytex Integrated Berhad ("Hytex" or "the Company")
Practice Note No. 1/2001 ("PN 1") - Default in Payments
Contents: Further to the announcement on 3 August 2010 in relation to the Company's default in the partial deferment of an interest payment on a collateralized loan obligation (CLO) due on 21 July 2010 , the Board of Directors of Hytex wishes to inform that Hytex has on 4 August 2010 settled the balance of RM557,550.68.
With the full settlement to the defaulted amount, Hytex shall cease to be an affected listed issuer under PN1.
PUNCAK - General Announcement
Announcement Type: General Announcement
Company Name: PUNCAK NIAGA HOLDINGS BERHAD
Stock Name: PUNCAK
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: PUNCAK NIAGA HOLDINGS BERHAD (416087-U)("PUNCAK" OR THE "COMPANY")
Kuala Lumpur High Court Suit No. D4-22-1452-2006 Between JAKS-KDEB Consortium Sdn Bhd ("Plaintiff") - V -
1. Perbadanan Urus Air Selangor Berhad ("PUAS Berhad") (1st Defendant)
2. Syarikat Bekalan Air Selangor Sdn Bhd ("SYABAS") (2nd Defendant)
3. Kerajaan Negeri Selangor Darul Ehsan (3rd Defendant )
(hereinafter referred to as the "Suit")
Contents: Reference is made to the Company's earlier announcements dated 20 October 2006, 7 November 2006, 17 November 2006, 20 November 2006, 22 November 2006, 15 January 2007, 13 February 2007, 22 March 2007, 4 April 2007, 14 June 2007, 20 August 2007, 21 August 2007, 3 October 2007, 6 December 2007, 27 February 2008, 21 May 2008, 15 July 2008, 7 August 2008, 19 November 2008, 17 December 2008, 14 January 2009, 23 January 2009, 9 April 2009, 20 May 2009, 6 July 2009, 7 July 2009, 22 July 2009, 11 August 2009, 8 October 2009, 2 November 2009, 13 November 2009, 18 November 2009, 12 January 2010, 25 March 2010, 5 April 2010, 10 May 2010 and 4 June 2010 in relation to the Suit.
The Company would like to update the Exchange that at the Case Management held today, the Kuala Lumpur High Court has fixed the matter for further Case Management on 29 September 2010.
This announcement is dated 4 August 2010.
Company Name: PUNCAK NIAGA HOLDINGS BERHAD
Stock Name: PUNCAK
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: PUNCAK NIAGA HOLDINGS BERHAD (416087-U)("PUNCAK" OR THE "COMPANY")
Kuala Lumpur High Court Suit No. D4-22-1452-2006 Between JAKS-KDEB Consortium Sdn Bhd ("Plaintiff") - V -
1. Perbadanan Urus Air Selangor Berhad ("PUAS Berhad") (1st Defendant)
2. Syarikat Bekalan Air Selangor Sdn Bhd ("SYABAS") (2nd Defendant)
3. Kerajaan Negeri Selangor Darul Ehsan (3rd Defendant )
(hereinafter referred to as the "Suit")
Contents: Reference is made to the Company's earlier announcements dated 20 October 2006, 7 November 2006, 17 November 2006, 20 November 2006, 22 November 2006, 15 January 2007, 13 February 2007, 22 March 2007, 4 April 2007, 14 June 2007, 20 August 2007, 21 August 2007, 3 October 2007, 6 December 2007, 27 February 2008, 21 May 2008, 15 July 2008, 7 August 2008, 19 November 2008, 17 December 2008, 14 January 2009, 23 January 2009, 9 April 2009, 20 May 2009, 6 July 2009, 7 July 2009, 22 July 2009, 11 August 2009, 8 October 2009, 2 November 2009, 13 November 2009, 18 November 2009, 12 January 2010, 25 March 2010, 5 April 2010, 10 May 2010 and 4 June 2010 in relation to the Suit.
The Company would like to update the Exchange that at the Case Management held today, the Kuala Lumpur High Court has fixed the matter for further Case Management on 29 September 2010.
This announcement is dated 4 August 2010.
KOBAY - Inter-company loan granted by Kewjaya Sdn. Bhd. to KWH Technology Sdn. Bhd.
Announcement Type: General Announcement
Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 04/08/2010
Announcement Detail:
Type: Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID: NS-100803-36241
Subject: Inter-company loan granted by Kewjaya Sdn. Bhd. to KWH Technology Sdn. Bhd.
Contents: Further to our announcement dated 30 July 2010 and Bursa Malaysia Securities Berhad's letter dated 3 August 2010, pertaining to the inter-company loan granted by Kewjaya Sdn. Bhd. to KWH Technologies Sdn. Bhd., the Board of Kobay Technolog Bhd. wishes to disclose the additional information as attached.
Query Letter content: We refer to your Company's announcement dated 30 July 2010 in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-
1. A statement whether the audit committe of Kobay Technology Berhad ("Kobay")
is of the view that the Loan is the best interest of Kobay.
2. The basis for the audit committee's views.
3. The total amount transacted with the same related party for the preceding 12
months.
4. A statement by the board of directors, excluding the interested director
stating whether the Loan is in the best interests of Kobay and where a director
disagrees with such statement, a statement by the director setting out the
reasons and the factors taken into consideration in forming that opinion.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
TAN YEW ENG
Head, Issuers
Listing Division
Regulation
TYE/NZ
c.c:- General Manager & Head, Market Surveillance Department, Market
Supervision Buisness Group, Securities Commission (via fax)
Attachments: Kobay-Inter co loan _Kew & KWH 0710 Bursa reply.pdf
Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 04/08/2010
Announcement Detail:
Type: Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID: NS-100803-36241
Subject: Inter-company loan granted by Kewjaya Sdn. Bhd. to KWH Technology Sdn. Bhd.
Contents: Further to our announcement dated 30 July 2010 and Bursa Malaysia Securities Berhad's letter dated 3 August 2010, pertaining to the inter-company loan granted by Kewjaya Sdn. Bhd. to KWH Technologies Sdn. Bhd., the Board of Kobay Technolog Bhd. wishes to disclose the additional information as attached.
Query Letter content: We refer to your Company's announcement dated 30 July 2010 in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-
1. A statement whether the audit committe of Kobay Technology Berhad ("Kobay")
is of the view that the Loan is the best interest of Kobay.
2. The basis for the audit committee's views.
3. The total amount transacted with the same related party for the preceding 12
months.
4. A statement by the board of directors, excluding the interested director
stating whether the Loan is in the best interests of Kobay and where a director
disagrees with such statement, a statement by the director setting out the
reasons and the factors taken into consideration in forming that opinion.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
TAN YEW ENG
Head, Issuers
Listing Division
Regulation
TYE/NZ
c.c:- General Manager & Head, Market Surveillance Department, Market
Supervision Buisness Group, Securities Commission (via fax)
Attachments: Kobay-Inter co loan _Kew & KWH 0710 Bursa reply.pdf
INGRESS - Change of Address
Announcement Type: Change of Address
Company Name: INGRESS CORPORATION BERHAD
Stock Name: INGRESS
Date Announced: 04/08/2010
Announcement Detail:
Change description: Registered
Old address: Lot 1M, 1st Floor, No.2, Tasik Ampang, Jalan Hulu Kelang, 68000 Ampang, Selangor.
New address: Lot 2778, Fifth Floor, Jalan Damansara, Sungai Penchala, 60000 Kuala Lumpur.
Telephone no: 03-77255565
Facsimile no: 03-77255560
Effective date: 03/08/2010
Company Name: INGRESS CORPORATION BERHAD
Stock Name: INGRESS
Date Announced: 04/08/2010
Announcement Detail:
Change description: Registered
Old address: Lot 1M, 1st Floor, No.2, Tasik Ampang, Jalan Hulu Kelang, 68000 Ampang, Selangor.
New address: Lot 2778, Fifth Floor, Jalan Damansara, Sungai Penchala, 60000 Kuala Lumpur.
Telephone no: 03-77255565
Facsimile no: 03-77255560
Effective date: 03/08/2010
INGRESS - General Announcement
Announcement Type: General Announcement
Company Name: INGRESS CORPORATION BERHAD
Stock Name: INGRESS
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: DIVESTMENT OF 11.2% SHARES IN INGRESS AUTOVENTURES CO., LTD. ("IAV") BY INGRESS PRECISION SDN BHD ("IPSB")
Contents: 1. INTRODUCTION
On behalf of the Board of Directors of Ingress, we wish to announce that IPSB, our 90%-owned subsidiary, has executed a Share Purchase Agreement ("SPA") dated 29 July 2010 to divest its 268,994 ordinary shares of THB100 each ("Sale Shares") in IAV, to our joint venture partner in Thailand, Katayama Kogyo Co. Ltd. ("KK"). KK owns 10% shares in IPSB as well as 20.2% shares in IAV.
2. DETAILS ON THE DIVESTMENT
2.1 Background Information on IAV
IAV is a company incorporated in Thailand. The Company has an authorised share capital of 2,400,000 ordinary shares of THB100 each. Its current issued and paid-up share capital is THB240,000,000 comprising 2,400,000 ordinary shares of THB100 each, or equivalent to RM24.7 million based on the prevailing exchange rate as at 31 January 2010, being the date of the last audited account of the Company.
Ingress' equity participation in IAV is through its wholly-owned subsidiary Ingress Engineering Sdn Bhd with 1,500,001 shares or 62.5% and its 90% subsidiary, IPSB with 268,994 shares or 11.2%.
IAV's principal activity is the manufacturing of automotive components in Thailand.
2.2 Background Information on KK
KK was incorporated under the laws of Japan and having its principal office at 10005-1, Nishiebara-Cho, Ibara City, Okayama Perfecture, 715 8502 Japan. KK's main activity is manufacturing of automotive components based on roll forming technology and has operations in Asia, Europe as well as the United States of America. KK is the technology partner for the Ingress Group.
2.3 Liabilities Assumed by KK
Subsequent to the Divestment, KK will emerge with a 31.4% equity shareholding in IAV and, as such, will only assume the liabilities of IAV limited by its shareholdings.
2.4 Basis of Arriving at the Sales Consideration
The Consideration of THB66,710,512 (or equivalent to RM6.9 million based on the exchange rate as at 31 January 2010) was arrived at on a willing buyer-willing seller basis based on the unaudited net tangible assets ("NTA") per share of IAV as at 31 January 2010.
2.5 Cost of Investment and Gain/Loss on Disposal
The cost of investment in IAV in the Sale Shares by IPSB was THB26.9 million or RM2.8 million.
For illustrative purposes, based on the audited consolidated results of the Ingress Group for the financial year ended 31 January 2010, the Divestment will result in a loss on disposal of RM0.24 million. At the company level, however, the Divestment will result in RM4.2 million gain in disposal for IPSB based on audited 31 January 2010 results.
2.6 Salient Terms of the SPA
(i) The Sale Shares are sold free from any encumbrances whatsoever together with all rights, interest attached or deemed attached hereto and all dividends, rights and distributions, declared paid or made in respect thereof from the Closing Date.
(ii) The Purchase Price was agreed upon on a willing buyer and willing seller basis and determined based on the audited NTA of IAV as at 31 January 2010 of THB248 per Sale Share.
(iii) Purchase Price shall be paid by the Purchaser on the Closing Date subject to the satisfaction of conditions precedent, within a period of three (3) months from the date of the SPA or such extended period as mutually agreed by both parties.
3. BASIS OF ARRIVING AT THE PURCHASE CONSIDERATION
The Purchase Price was agreed upon on a willing buyer and willing seller basis and determined based on the audited NTA of IAV as at 31 January 2010 of THB248 per Sale Share.
4. UTILISATION OF PURCHASE CONSIDERATION
The RM6.9 million Purchase Price will be utilised as working capital for IPSB as well as for capital expenditures on current and potential projects.
5. RATIONALE FOR THE DIVESTMENT
IAV supply components to major international automakers operating in Thailand such as Honda, Mitsubishi, Nissan, Mazda, Ford, General Motors. The Thailand automotive industry has evolved to be the hub both for domestic assembly as well as global supplier for parts and components. The larger equity participation by KK and its greater involvement in the business development of IAV is a strategic decision that augurs well amongst IAV's customers in Thailand.
6. EFFECTS OF THE DIVESTMENT
(a) Share Capital and Substantial Shareholding
The Divestment will not have any effect on the share capital and substantial shareholding of the Company.
(b) Earnings
The Divestment is not expected to have a material impact on the earnings of the Ingress Group for the financial year ending 31 January 2011.
(c) Dividends
The Divestment is not expected to affect the dividend policy of the Company as future dividend payable by the Company would be dependent, inter-alia, on the future profitability and cash flow position of the Ingress Group.
7. APPROVALS AND APPLICATION TO AUTHORITIES
The Divestment is not subject to the approval of the shareholders of the Company and any authority. However, the Divestment may require the consents from certain local and/or Thai financial institutions, in which the Ingress Group has borrowings, which are currently being procured.
8. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS AND PERSON CONNECTED TO DIRECTORS AND MAJOR SHAREHOLDERS
None of the Directors and/or major shareholders and/or persons connected with a director or major shareholders of Ingress have any interest, direct and indirect, in the Divestment.
9. STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors of Ingress, having considered the rationale for the Divestment and after careful deliberation, is of the opinion that the Divestment is in the best interest of the Ingress Group and its shareholders.
The Board is not aware of any departure from the Securities Commission's Policies and Guidelines on Issue/Offer of Securities pertaining to the Divestment.
10. HIGHEST PERCENTAGE RATIO APPLICABLE TO THE DIVESTMENT
The highest percentage ratio applicable to the Divestment pursuant to paragraph 10.02(g) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements is 4.3%.
11. DOCUMENTS FOR INSPECTION
The SPA will be made available for inspection at the Registered Office of Ingress at Lot 2778, Fifth Floor, Jalan Damansara, Sungai Penchala, 60000 Kuala Lumpur during normal working hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.
This announcement is dated 4 August 2010.
Company Name: INGRESS CORPORATION BERHAD
Stock Name: INGRESS
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: DIVESTMENT OF 11.2% SHARES IN INGRESS AUTOVENTURES CO., LTD. ("IAV") BY INGRESS PRECISION SDN BHD ("IPSB")
Contents: 1. INTRODUCTION
On behalf of the Board of Directors of Ingress, we wish to announce that IPSB, our 90%-owned subsidiary, has executed a Share Purchase Agreement ("SPA") dated 29 July 2010 to divest its 268,994 ordinary shares of THB100 each ("Sale Shares") in IAV, to our joint venture partner in Thailand, Katayama Kogyo Co. Ltd. ("KK"). KK owns 10% shares in IPSB as well as 20.2% shares in IAV.
2. DETAILS ON THE DIVESTMENT
2.1 Background Information on IAV
IAV is a company incorporated in Thailand. The Company has an authorised share capital of 2,400,000 ordinary shares of THB100 each. Its current issued and paid-up share capital is THB240,000,000 comprising 2,400,000 ordinary shares of THB100 each, or equivalent to RM24.7 million based on the prevailing exchange rate as at 31 January 2010, being the date of the last audited account of the Company.
Ingress' equity participation in IAV is through its wholly-owned subsidiary Ingress Engineering Sdn Bhd with 1,500,001 shares or 62.5% and its 90% subsidiary, IPSB with 268,994 shares or 11.2%.
IAV's principal activity is the manufacturing of automotive components in Thailand.
2.2 Background Information on KK
KK was incorporated under the laws of Japan and having its principal office at 10005-1, Nishiebara-Cho, Ibara City, Okayama Perfecture, 715 8502 Japan. KK's main activity is manufacturing of automotive components based on roll forming technology and has operations in Asia, Europe as well as the United States of America. KK is the technology partner for the Ingress Group.
2.3 Liabilities Assumed by KK
Subsequent to the Divestment, KK will emerge with a 31.4% equity shareholding in IAV and, as such, will only assume the liabilities of IAV limited by its shareholdings.
2.4 Basis of Arriving at the Sales Consideration
The Consideration of THB66,710,512 (or equivalent to RM6.9 million based on the exchange rate as at 31 January 2010) was arrived at on a willing buyer-willing seller basis based on the unaudited net tangible assets ("NTA") per share of IAV as at 31 January 2010.
2.5 Cost of Investment and Gain/Loss on Disposal
The cost of investment in IAV in the Sale Shares by IPSB was THB26.9 million or RM2.8 million.
For illustrative purposes, based on the audited consolidated results of the Ingress Group for the financial year ended 31 January 2010, the Divestment will result in a loss on disposal of RM0.24 million. At the company level, however, the Divestment will result in RM4.2 million gain in disposal for IPSB based on audited 31 January 2010 results.
2.6 Salient Terms of the SPA
(i) The Sale Shares are sold free from any encumbrances whatsoever together with all rights, interest attached or deemed attached hereto and all dividends, rights and distributions, declared paid or made in respect thereof from the Closing Date.
(ii) The Purchase Price was agreed upon on a willing buyer and willing seller basis and determined based on the audited NTA of IAV as at 31 January 2010 of THB248 per Sale Share.
(iii) Purchase Price shall be paid by the Purchaser on the Closing Date subject to the satisfaction of conditions precedent, within a period of three (3) months from the date of the SPA or such extended period as mutually agreed by both parties.
3. BASIS OF ARRIVING AT THE PURCHASE CONSIDERATION
The Purchase Price was agreed upon on a willing buyer and willing seller basis and determined based on the audited NTA of IAV as at 31 January 2010 of THB248 per Sale Share.
4. UTILISATION OF PURCHASE CONSIDERATION
The RM6.9 million Purchase Price will be utilised as working capital for IPSB as well as for capital expenditures on current and potential projects.
5. RATIONALE FOR THE DIVESTMENT
IAV supply components to major international automakers operating in Thailand such as Honda, Mitsubishi, Nissan, Mazda, Ford, General Motors. The Thailand automotive industry has evolved to be the hub both for domestic assembly as well as global supplier for parts and components. The larger equity participation by KK and its greater involvement in the business development of IAV is a strategic decision that augurs well amongst IAV's customers in Thailand.
6. EFFECTS OF THE DIVESTMENT
(a) Share Capital and Substantial Shareholding
The Divestment will not have any effect on the share capital and substantial shareholding of the Company.
(b) Earnings
The Divestment is not expected to have a material impact on the earnings of the Ingress Group for the financial year ending 31 January 2011.
(c) Dividends
The Divestment is not expected to affect the dividend policy of the Company as future dividend payable by the Company would be dependent, inter-alia, on the future profitability and cash flow position of the Ingress Group.
7. APPROVALS AND APPLICATION TO AUTHORITIES
The Divestment is not subject to the approval of the shareholders of the Company and any authority. However, the Divestment may require the consents from certain local and/or Thai financial institutions, in which the Ingress Group has borrowings, which are currently being procured.
8. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS AND PERSON CONNECTED TO DIRECTORS AND MAJOR SHAREHOLDERS
None of the Directors and/or major shareholders and/or persons connected with a director or major shareholders of Ingress have any interest, direct and indirect, in the Divestment.
9. STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors of Ingress, having considered the rationale for the Divestment and after careful deliberation, is of the opinion that the Divestment is in the best interest of the Ingress Group and its shareholders.
The Board is not aware of any departure from the Securities Commission's Policies and Guidelines on Issue/Offer of Securities pertaining to the Divestment.
10. HIGHEST PERCENTAGE RATIO APPLICABLE TO THE DIVESTMENT
The highest percentage ratio applicable to the Divestment pursuant to paragraph 10.02(g) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements is 4.3%.
11. DOCUMENTS FOR INSPECTION
The SPA will be made available for inspection at the Registered Office of Ingress at Lot 2778, Fifth Floor, Jalan Damansara, Sungai Penchala, 60000 Kuala Lumpur during normal working hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.
This announcement is dated 4 August 2010.
AIKBEE - Change in Boardroom
Announcement Type: Change in Boardroom
Company Name: AIKBEE RESOURCES BERHAD
Stock Name: AIKBEE
Date Announced: 04/08/2010
Announcement Detail:
Date of change: 03/08/2010
Type of change: Resignation
Designation: Director
Directorate: Independent & Non Executive
Name: Dato' Tan Yin Wah
Age: 58
Nationality: Malaysian
Qualifications: Degree in Radio, TV and Electrical Engineering
Working experience and occupation: Dato' Tan has been involved in business for the past 30 years, primarily in property development, construction and electrical and electronic industries.
Directorship of public companies (if any): Nil
Family relationship with any director and/or major shareholder of the listed issuer: Nil
Any conflict of interests that he/she has with the listed issuer: Nil
Details of any interest in the securities of the listed issuer or its subsidiaries: 48,000
Company Name: AIKBEE RESOURCES BERHAD
Stock Name: AIKBEE
Date Announced: 04/08/2010
Announcement Detail:
Date of change: 03/08/2010
Type of change: Resignation
Designation: Director
Directorate: Independent & Non Executive
Name: Dato' Tan Yin Wah
Age: 58
Nationality: Malaysian
Qualifications: Degree in Radio, TV and Electrical Engineering
Working experience and occupation: Dato' Tan has been involved in business for the past 30 years, primarily in property development, construction and electrical and electronic industries.
Directorship of public companies (if any): Nil
Family relationship with any director and/or major shareholder of the listed issuer: Nil
Any conflict of interests that he/she has with the listed issuer: Nil
Details of any interest in the securities of the listed issuer or its subsidiaries: 48,000
YSPSAH - Quarterly rpt on consolidated results for the financial period ended 30/6/2010
Announcement Type: Financial Results
Company Name: Y.S.P.SOUTHEAST ASIA HOLDING BERHAD
Stock Name: YSPSAH
Date Announced: 04/08/2010
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 2
Quarterly report for the financial period ended: 30/06/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
Company Name: Y.S.P.SOUTHEAST ASIA HOLDING BERHAD
Stock Name: YSPSAH
Date Announced: 04/08/2010
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 2
Quarterly report for the financial period ended: 30/06/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
KBB - DEALING DURING CLOSED PERIOD
Announcement Type: General Announcement
Company Name: KBB RESOURCES BERHAD
Stock Name: KBB
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: DEALING DURING CLOSED PERIOD
Contents: Pursuant to Paragraph 14.08 of the Listing Requirements of Bursa Malaysia Securities Berhad, we wish to announce that the following persons have given notices of their dealings in the ordinary shares of KBB Resources Berhad during closed period.
This announcement is dated 4 August 2010.
Company Name: KBB RESOURCES BERHAD
Stock Name: KBB
Date Announced: 04/08/2010
Announcement Detail:
Type: Announcement
Subject: DEALING DURING CLOSED PERIOD
Contents: Pursuant to Paragraph 14.08 of the Listing Requirements of Bursa Malaysia Securities Berhad, we wish to announce that the following persons have given notices of their dealings in the ordinary shares of KBB Resources Berhad during closed period.
This announcement is dated 4 August 2010.
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