CIMBA40 - CIMB FTSE ASEAN 40 Malaysia - Valuation Point as at 22-Oct-10
Announcement Type: General Announcement
Submitting Merchant Bank: DEUTSCHE BANK (MALAYSIA) BERHAD
Company Name: CIMB FTSE ASEAN 40 MALAYSIA
Stock Name: CIMBA40
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: CIMB FTSE ASEAN 40 Malaysia - Valuation Point as at 22-Oct-10
Contents: Fund: CIMB FTSE ASEAN 40 Malaysia
NAV per unit (RM): 1.5716
Units in circulation (units): 8,100,000.00
Management Fee (% p.a.): 0.00
Trustee Fee (% p.a.): 0.08
Index Licence Fee (% p.a.): 0.00
FTSE/ASEAN 40 Index: 10,204.44
Attachments: ASEAN 40- 22102010.pdf
Submitting Merchant Bank: DEUTSCHE BANK (MALAYSIA) BERHAD
Company Name: CIMB FTSE ASEAN 40 MALAYSIA
Stock Name: CIMBA40
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: CIMB FTSE ASEAN 40 Malaysia - Valuation Point as at 22-Oct-10
Contents: Fund: CIMB FTSE ASEAN 40 Malaysia
NAV per unit (RM): 1.5716
Units in circulation (units): 8,100,000.00
Management Fee (% p.a.): 0.00
Trustee Fee (% p.a.): 0.08
Index Licence Fee (% p.a.): 0.00
FTSE/ASEAN 40 Index: 10,204.44
Attachments: ASEAN 40- 22102010.pdf
KBUNAI - ANNOUNCEMENT BY KARAMBUNAI CORPORATION BERHAD ("KBUNAI") DATED 18 OCTOBER 2010 ("ANNOUNCEMENT")
Announcement Type: General Announcement
Submitting Merchant Bank: N/A
Company Name: KARAMBUNAI CORP BHD
Stock Name: KBUNAI
Date Announced: 22/10/2010
Announcement Detail:
Type: Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID: RS-101022-57490
Subject: ANNOUNCEMENT BY KARAMBUNAI CORPORATION BERHAD ("KBUNAI") DATED 18 OCTOBER 2010 ("ANNOUNCEMENT")
Contents: Karambunai Corp Bhd ("KCB" or "the Company") refers to the letter from Bursa Malaysia Berhad dated 22 October 2010 and clarified as follows:-
It was mentioned in the 2011 Budget Speech that there are plans to develop an integrated eco-nature resort in Karambunai.
The promoter is a Special Purpose Vehicle ("SPV") specifically incorporated to assess the feasibility of investing in the Karambunai Peninsula. The originator of the SPV is the controlling shareholder of the Company together with a Beijing based contractor. Together with its local and overseas consultants including its financial consultant China Construction Bank International, SPV aims at bringing in Foreign Direct Investments to Malaysia and has presented proposals to the Malaysian government to assess the relevance & importance of developing Karambunai, Sabah to spearhead the growth of tourism in the Eastern corridor of Malaysia.
Up to date, KCB has no shareholding in the SPV, nor has it received any official notification from the government or signed any MOU or agreement with the SPV to develop Karambunai yet. However, both the management of KCB and SPV have concrete, specific, clear time-line plans and commitments to the Malaysian government to attain the desired results under Economic Transformation programs as envisaged by the Government.
The Board of Directors of KCB is of the opinion that there are not yet corporate developments which merit disclosure.
This announcement is dated 22 October 2010.
Query Letter content: In relation to the aforesaid Announcement, kindly clarify the following,
immediately:-
(i) The statement "Karambunai Corp Bhd ("KCB") is honored that its property has
been included in the Budget ..."
(ii) The statement "the controlling shareholder, in his private capacity, has
acted as a promoter to invite interested parties to invest in Karambunai"
(iii) In relation to the 3 billion eco-nature intergrated resort project
mentioned in the Budget 2011, please clarify:-
(a) How KBUNAI, as a listed issuer, is involved;
(b) The party that is being awarded the project.
KBUNAI must consult its Board Of Directors and those involved or familiar with
the above matter before furnishing Bursa Securities with your reply.
Yours faithfully
KHOO KAY KWAN
Head, Issuers
Listing Division
Regulation
KKK/RSA
cc: General Manager & Head, Market Surveillance Department, Securities
Commission (via fax)
Submitting Merchant Bank: N/A
Company Name: KARAMBUNAI CORP BHD
Stock Name: KBUNAI
Date Announced: 22/10/2010
Announcement Detail:
Type: Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID: RS-101022-57490
Subject: ANNOUNCEMENT BY KARAMBUNAI CORPORATION BERHAD ("KBUNAI") DATED 18 OCTOBER 2010 ("ANNOUNCEMENT")
Contents: Karambunai Corp Bhd ("KCB" or "the Company") refers to the letter from Bursa Malaysia Berhad dated 22 October 2010 and clarified as follows:-
It was mentioned in the 2011 Budget Speech that there are plans to develop an integrated eco-nature resort in Karambunai.
The promoter is a Special Purpose Vehicle ("SPV") specifically incorporated to assess the feasibility of investing in the Karambunai Peninsula. The originator of the SPV is the controlling shareholder of the Company together with a Beijing based contractor. Together with its local and overseas consultants including its financial consultant China Construction Bank International, SPV aims at bringing in Foreign Direct Investments to Malaysia and has presented proposals to the Malaysian government to assess the relevance & importance of developing Karambunai, Sabah to spearhead the growth of tourism in the Eastern corridor of Malaysia.
Up to date, KCB has no shareholding in the SPV, nor has it received any official notification from the government or signed any MOU or agreement with the SPV to develop Karambunai yet. However, both the management of KCB and SPV have concrete, specific, clear time-line plans and commitments to the Malaysian government to attain the desired results under Economic Transformation programs as envisaged by the Government.
The Board of Directors of KCB is of the opinion that there are not yet corporate developments which merit disclosure.
This announcement is dated 22 October 2010.
Query Letter content: In relation to the aforesaid Announcement, kindly clarify the following,
immediately:-
(i) The statement "Karambunai Corp Bhd ("KCB") is honored that its property has
been included in the Budget ..."
(ii) The statement "the controlling shareholder, in his private capacity, has
acted as a promoter to invite interested parties to invest in Karambunai"
(iii) In relation to the 3 billion eco-nature intergrated resort project
mentioned in the Budget 2011, please clarify:-
(a) How KBUNAI, as a listed issuer, is involved;
(b) The party that is being awarded the project.
KBUNAI must consult its Board Of Directors and those involved or familiar with
the above matter before furnishing Bursa Securities with your reply.
Yours faithfully
KHOO KAY KWAN
Head, Issuers
Listing Division
Regulation
KKK/RSA
cc: General Manager & Head, Market Surveillance Department, Securities
Commission (via fax)
HUNZPTY - Final Dividend
Announcement Type: Entitlements (Notice of Book Closure)
Company Name: HUNZA PROPERTIES BERHAD
Stock Name: HUNZPTY
Date Announced: 22/10/2010
Announcement Detail:
EX-date: 31/12/2010
Entitlement date: 04/01/2011
Entitlement time: 05:00:00 PM
Entitlement subject: Final Dividend
Entitlement description: A final single tier dividend of RM0.056 per share of RM1.00 each
Period of interest payment: to
Financial Year End: 30/06/2010
Share transfer book & register of members will be: to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no: Bina Management (M) Sdn. Bhd.
Lot 10, The Highway Centre
Jalan 51/205, 46050 Petaling Jaya
Selangor Darul Ehsan
Tel : 03-7784 3922
Fax : 03-7784 1988
Payment date: 17/01/2011
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 04/01/2011
Entitlement indicator: Currency
Currency: Malaysian Ringgit (MYR)
Entitlement in Currency: 0.056
Company Name: HUNZA PROPERTIES BERHAD
Stock Name: HUNZPTY
Date Announced: 22/10/2010
Announcement Detail:
EX-date: 31/12/2010
Entitlement date: 04/01/2011
Entitlement time: 05:00:00 PM
Entitlement subject: Final Dividend
Entitlement description: A final single tier dividend of RM0.056 per share of RM1.00 each
Period of interest payment: to
Financial Year End: 30/06/2010
Share transfer book & register of members will be: to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no: Bina Management (M) Sdn. Bhd.
Lot 10, The Highway Centre
Jalan 51/205, 46050 Petaling Jaya
Selangor Darul Ehsan
Tel : 03-7784 3922
Fax : 03-7784 1988
Payment date: 17/01/2011
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 04/01/2011
Entitlement indicator: Currency
Currency: Malaysian Ringgit (MYR)
Entitlement in Currency: 0.056
HUNZPTY - Hunza Properties Berhad - Proposed Amendment to the Articles of Association of the Company
Announcement Type: General Announcement
Company Name: HUNZA PROPERTIES BERHAD
Stock Name: HUNZPTY
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: Hunza Properties Berhad
- Proposed Amendment to the Articles of Association of the Company
Contents: Hunza Properties Berhad ("HUNZPTY" or the "Company")
- Proposed Amendment to the Articles of Association of the Company (the "Proposed Amendment to the Articles")
Company Name: HUNZA PROPERTIES BERHAD
Stock Name: HUNZPTY
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: Hunza Properties Berhad
- Proposed Amendment to the Articles of Association of the Company
Contents: Hunza Properties Berhad ("HUNZPTY" or the "Company")
- Proposed Amendment to the Articles of Association of the Company (the "Proposed Amendment to the Articles")
HUNZPTY - Quarterly rpt on consolidated results for the financial period ended 30/9/2010
Announcement Type: Financial Results
Company Name: HUNZA PROPERTIES BERHAD
Stock Name: HUNZPTY
Date Announced: 22/10/2010
Announcement Detail:
Financial Year End: 30/06/2011
Quarter: 1
Quarterly report for the financial period ended: 30/09/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
Company Name: HUNZA PROPERTIES BERHAD
Stock Name: HUNZPTY
Date Announced: 22/10/2010
Announcement Detail:
Financial Year End: 30/06/2011
Quarter: 1
Quarterly report for the financial period ended: 30/09/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
BJRTAIL - General Announcement
Announcement Type: General Announcement
Company Name: BERJAYA RETAIL BERHAD
Stock Name: BJRTAIL
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: Dealings in Securities of Berjaya Retail Berhad ("Company") outside closed period pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad
Contents: Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce the dealing in the securities of the Company by Tan Sri Dato' Seri Vincent Tan Chee Yioun, the Director/Chairman of 7-Eleven Malaysia Sdn Bhd, a major subsidiary of the Company, as set out in the table below.
Company Name: BERJAYA RETAIL BERHAD
Stock Name: BJRTAIL
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: Dealings in Securities of Berjaya Retail Berhad ("Company") outside closed period pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad
Contents: Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce the dealing in the securities of the Company by Tan Sri Dato' Seri Vincent Tan Chee Yioun, the Director/Chairman of 7-Eleven Malaysia Sdn Bhd, a major subsidiary of the Company, as set out in the table below.
EONCAP - General Announcement
Announcement Type: General Announcement
Company Name: EON CAPITAL BERHAD
Stock Name: EONCAP
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: EON CAPITAL BERHAD ("Company")
HIGH COURT OF MALAYA AT KUALA LUMPUR (COMMERCIAL DIVISION) PETITION NO. D-26NCC-59-2010 ("PETITION") FILED BY PRIMUS (MALAYSIA) SDN BHD
Contents: We refer to our announcement dated 1 October 2010.
The Company wishes to announce that the High Court Judge has today given further dates for the hearing of the Petition on 1 November 2010 and 12 November 2010. The trial date of 28 October 2010 has been vacated.
The Company will make such further announcements on relevant information for this matter at the appropriate time.
This announcement is dated 22 October 2010.
Company Name: EON CAPITAL BERHAD
Stock Name: EONCAP
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: EON CAPITAL BERHAD ("Company")
HIGH COURT OF MALAYA AT KUALA LUMPUR (COMMERCIAL DIVISION) PETITION NO. D-26NCC-59-2010 ("PETITION") FILED BY PRIMUS (MALAYSIA) SDN BHD
Contents: We refer to our announcement dated 1 October 2010.
The Company wishes to announce that the High Court Judge has today given further dates for the hearing of the Petition on 1 November 2010 and 12 November 2010. The trial date of 28 October 2010 has been vacated.
The Company will make such further announcements on relevant information for this matter at the appropriate time.
This announcement is dated 22 October 2010.
KONSORT - General Announcement
Announcement Type: General Announcement
Company Name: KONSORTIUM LOGISTIK BERHAD
Stock Name: KONSORT
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: KONSORTIUM LOGISTIK BERHAD ("KONSORTIUM" OR THE "COMPANY")
- APPOINTMENT OF INDEPENDENT ADVISER IN RELATION TO THE NOTICE OF UNCONDITIONAL TAKE-OVER OFFER FROM BENDAHARA 1 SDN BHD ("OFFER")
Contents: The Board of Directors of Konsortium hereby announce that the Company has today agreed to the appointment of MIMB Investment Bank Berhad, subject to approval of the Securities Commission, as the Company's Independent Adviser to advise the Independent Directors and minority shareholders of Konsortium in relation to the Offer by Bendahara 1 Sdn Bhd pursuant to the Malaysian Code on Take-Overs and Mergers, 1998.
This announcement is dated 22 October 2010.
Company Name: KONSORTIUM LOGISTIK BERHAD
Stock Name: KONSORT
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: KONSORTIUM LOGISTIK BERHAD ("KONSORTIUM" OR THE "COMPANY")
- APPOINTMENT OF INDEPENDENT ADVISER IN RELATION TO THE NOTICE OF UNCONDITIONAL TAKE-OVER OFFER FROM BENDAHARA 1 SDN BHD ("OFFER")
Contents: The Board of Directors of Konsortium hereby announce that the Company has today agreed to the appointment of MIMB Investment Bank Berhad, subject to approval of the Securities Commission, as the Company's Independent Adviser to advise the Independent Directors and minority shareholders of Konsortium in relation to the Offer by Bendahara 1 Sdn Bhd pursuant to the Malaysian Code on Take-Overs and Mergers, 1998.
This announcement is dated 22 October 2010.
KONSORT - Change in Boardroom
Announcement Type: Change in Boardroom
Company Name: KONSORTIUM LOGISTIK BERHAD
Stock Name: KONSORT
Date Announced: 22/10/2010
Announcement Detail:
Date of change: 22/10/2010
Type of change: Redesignation
Previous Position: Executive Director
New Position: Director & Chief Exec. Officer
Directorate: Executive
Name: Che Azizuddin bin Che Ismail
Age: 52
Nationality: Malaysian
Qualifications: 1) Bachelor of Science (Ecology) Degree from the University of Malaya
2) Diploma in Marketing Studies from the Institute of Marketing Birkshire, United Kingdom
Working experience and occupation: He started his career in the logistics industry in 1987 as a management trainee with Shapadu Transystem before joining Tenaga Sabaka Sdn Bhd as General Manager in 1988. He formed KP Asia Auto Logistics Sdn Bhd in 1991 (now a wholly-owned subsidiary of Konsortium Logistik Berhad) where he was the Managing Director until 1998. He was the Senior Vice President of the Auto division of Konsortium Logistik Berhad before he was appointed as a Director of the Company.
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: 226,466 ordinary shares of RM1.00 each
Company Name: KONSORTIUM LOGISTIK BERHAD
Stock Name: KONSORT
Date Announced: 22/10/2010
Announcement Detail:
Date of change: 22/10/2010
Type of change: Redesignation
Previous Position: Executive Director
New Position: Director & Chief Exec. Officer
Directorate: Executive
Name: Che Azizuddin bin Che Ismail
Age: 52
Nationality: Malaysian
Qualifications: 1) Bachelor of Science (Ecology) Degree from the University of Malaya
2) Diploma in Marketing Studies from the Institute of Marketing Birkshire, United Kingdom
Working experience and occupation: He started his career in the logistics industry in 1987 as a management trainee with Shapadu Transystem before joining Tenaga Sabaka Sdn Bhd as General Manager in 1988. He formed KP Asia Auto Logistics Sdn Bhd in 1991 (now a wholly-owned subsidiary of Konsortium Logistik Berhad) where he was the Managing Director until 1998. He was the Senior Vice President of the Auto division of Konsortium Logistik Berhad before he was appointed as a Director of the Company.
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: 226,466 ordinary shares of RM1.00 each
KENMARK - General Announcement
Announcement Type: General Announcement
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: Kenmark Industrial Co. (M) Berhad (In Liquidation ) (the "Company" or "Kenmark")
- Disposal of Property
Contents: The Company has on 22 October 2010 entered into the Sale and Purchase Agreement ("the Agreement") with Goldwing Venture Sdn Bhd ("the Purchaser") to dispose of two pieces of adjacent land in Meru, Klang ("the Property") for a total cash consideration of Ringgit Malaysia Fifteen Million only (RM15,000,000.00) ("Sale Consideration") ("the Disposal").
INFORMATION ON THE PROPERTY
The Property is a vacant freehold industrial land measuring approximately 23,455 square metres, held under Individual Titles GRN 24380 & 24381 Lot 7283 & 7285, Mukim Kapar, Daerah Klang, Negeri Selangor located at Meru, Klang. The Property is charged to EON Bank Berhad (EBB) to secure the banking facilities granted earlier.
The redemption sum due on the Property is RM14,250,000-00 (the "Redemption Sum") and in the event the Redemption Sum is not paid by the redemption date, the redemption date shall be extended (the "Extended Redemption Date") and the redemption sum due on the Property shall be equivalent to the Redemption Sum plus any late payment interest charges payable by the Purchaser(the "Revised Redemption Sum").
INFORMATION ON PURCHASER
Goldwing Venture Sdn Bhd is a Malaysian incorporated private limited company which carries on business of general trading, investment holding company and property and construction. The Directors and Shareholders of Goldwing Venture Sdn Bhd are :
Directors
1. Ong Koh Hou @ Won Kok Fong.
2. Lim Swee Choo
Shareholders
1. Ong Koh Hou @ Won Kok Fong (1 Share, 50%)
2. Lim Swee Choo (1 Share, 50%)
BASIS OF ARRIVING AT THE SALE CONSIDERATION
The Sale Consideration of RM15,000,000.00 was arrived at as a result of the public tender exercise to sell the property initiated by the Company via an open tender exercise conducted by Henry Butcher Real Estate Sdn Bhd on 12 August 2010 and the Purchaser is the successful bidder for the purchase of the Property.
MODE OF SETTLEMENT
The Sale Consideration will be settled entirely by cash in the following manner :
(i) An earnest deposit of RM1,300,000-00 only (the "Earnest Deposit"), had been paid by the Purchaser to EBB towards the credit of the Redemption Sum before the execution of the Agreement.
(ii) Upon the execution of the Agreement, the Purchaser shall pay the sum of RM200,000-00 only (the "Balance Deposit Sum") to EBB towards the credit of the Redemption Sum, all payments are acknowledged receipt by the Company as payment of deposit, and in the event of the completion of the sale and purchase herein, the Company shall treat the deposit as part payment towards the account of the Sale Consideration;
(iii) Within 3 months from the date of the Agreement or such extended period of 30 days, the balance Redemption Sum or the Revised Redemption Sum (after taking into account the Earnest Deposit and the Balance Deposit Sum) shall be paid to EBB and the balance thereof shall be paid to Kenmark's solicitors as stakeholders.
COMPLETION OF THE DISPOSAL
The Disposal is estimated to be completed by February 2011.
UTILIZATION OF PROCEEDS
The proceeds will be used to settle the redemption sum of RM14,250,000 or the Revised Redemption Sum due to EBB for the redemption of the Property.
The net proceeds of RM750,000 will be used by the Liquidators in accordance with the provisions of the Companies Act, 1965 and the High Court order to settle outstanding due by the Company in accordance with priorities.
COST OF INVESTMENT AND GAIN ON DISPOSAL
The Property was acquired in 1988 and the original cost of investment was RM2.50 million. The net book value of the Property as at 31 March 2009 was RM2.50 million. The Company expects a gain of RM12.50 million from the Disposal.
FINANCIAL EFFECTS
The Disposal will have no effect on the share capital and substantial shareholders' shareholdings of the Company as this is a cash transaction.
LIABILITIES TO BE ASSUMED
Goldwing Venture Sdn Bhd will not assume any liability from the Disposal.
RATIONALE FOR DISPOSAL
The Disposal is to partially settle the total amount owing to EBB under the charge
APPROVAL REQUIRED
The Disposal is not subject to the approval of the shareholders of Kenmark.
SALIENT FEATURES OF THE SALE & PURCHASE AGREEMENT
The salient features of the Agreement are as follows :
(a) The Purchaser's obligations shall be deemed to have been satisfied and discharged in full upon the receipt by Kenmark's Solicitors of the full Sale Consideration together with all interest due, if any, and the apportionment of outgoings, if any and less any deductions as required under the Agreement. All payments made to EBB towards the Redemption Sum or the Revised Redemption Sum for the purpose of redeeming the Property shall be deemed to be payments made to the Vendor towards the account of the Sale Consideration and the Vendor expressly acknowledges and confirms that a valid receipt issued by EBB for all such monies shall be a good and valid discharge of the Purchaser in respect thereof.
(b) Kenmark's obligations shall be deemed to have been satisfied and discharged in full upon Kenamrk causing EBB to forward the discharge documents to the Purchaser's Solicitor after payment of the Balance Sum and the delivery of vacant possession on an "as is where is" basis of the Property to the Purchaser.
(c) On the date of delivery of vacant possession of the Property to the Purchaser, all rights, title and interests in the Property and risk in the Property shall pass from the Vendor to the Purchaser.
(d) In the event that the transfer of the Property cannot be registered by the appropriate authority for any reason whatsoever even after resubmission or appeal to the appropriate authority, the Agreement shall be deemed to be terminated and the parties hereto shall be entitled to exercise their rights at law arising from such a termination.
(e) If the Purchaser fails, refuses and/or neglects to pay the Balance Sum and/or comply with any terms and conditions in the Agreement, Kenmark shall be at liberty, without in any way affecting any rights which the Vendor may have to rescind the sale whereupon a sum equivalent to 10% of the Sale Consideration shall be forfeited absolutely to Kenmark as agreed liquidated damages and Kenmark shall have the right to resell the Property either by public auction or by tender or by private treaty or by other manner and subject to such stipulations as Kenmark may think fit.
PERCENTAGE RATIO
The highest percentage ratio applicable to the Disposal pursuant to paragraph 10.02(g) of the Listing Requirements is 4.397%.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
The Company has obtained the confirmation from the Malaysian Directors of the Company and confirmed that none of them and persons connected to them have any interest, direct or indirect, in the Disposal.
The Company is unable to obtain the confirmation from the Taiwanese Directors, Taiwanese Major Shareholders and persons connected to the Taiwanese Directors or Taiwanese Major Shareholders of the Company, on their interest, direct or indirect, in the Disposal as they have not responded. However, the Company has received confirmation from the Purchaser that none of its directors and or shareholders are in anyway related to or connected to Kenmark, its directors or its major shareholders.
STATEMENT BY THE LIQUIDATORS
Having taken into consideration of all aspects of the Disposal, the Liquidators are of the opinion that the Disposal is in the best interest of Kenmark.
DOCUMENTS FOR INSPECTION
The SPA is available for inspection at the Company's registered office at 312, 3rd Floor, Block C, Kelana Square, 17 Jalan SS 7/26, 47301 Petaling Jaya, Selangor Darul Ehsan during office hours.
This announcement is dated 22 October 2010.
Company Name: KENMARK INDUSTRIAL CO. (M) BERHAD
Stock Name: KENMARK
Date Announced: 22/10/2010
Announcement Detail:
Type: Announcement
Subject: Kenmark Industrial Co. (M) Berhad (In Liquidation ) (the "Company" or "Kenmark")
- Disposal of Property
Contents: The Company has on 22 October 2010 entered into the Sale and Purchase Agreement ("the Agreement") with Goldwing Venture Sdn Bhd ("the Purchaser") to dispose of two pieces of adjacent land in Meru, Klang ("the Property") for a total cash consideration of Ringgit Malaysia Fifteen Million only (RM15,000,000.00) ("Sale Consideration") ("the Disposal").
INFORMATION ON THE PROPERTY
The Property is a vacant freehold industrial land measuring approximately 23,455 square metres, held under Individual Titles GRN 24380 & 24381 Lot 7283 & 7285, Mukim Kapar, Daerah Klang, Negeri Selangor located at Meru, Klang. The Property is charged to EON Bank Berhad (EBB) to secure the banking facilities granted earlier.
The redemption sum due on the Property is RM14,250,000-00 (the "Redemption Sum") and in the event the Redemption Sum is not paid by the redemption date, the redemption date shall be extended (the "Extended Redemption Date") and the redemption sum due on the Property shall be equivalent to the Redemption Sum plus any late payment interest charges payable by the Purchaser(the "Revised Redemption Sum").
INFORMATION ON PURCHASER
Goldwing Venture Sdn Bhd is a Malaysian incorporated private limited company which carries on business of general trading, investment holding company and property and construction. The Directors and Shareholders of Goldwing Venture Sdn Bhd are :
Directors
1. Ong Koh Hou @ Won Kok Fong.
2. Lim Swee Choo
Shareholders
1. Ong Koh Hou @ Won Kok Fong (1 Share, 50%)
2. Lim Swee Choo (1 Share, 50%)
BASIS OF ARRIVING AT THE SALE CONSIDERATION
The Sale Consideration of RM15,000,000.00 was arrived at as a result of the public tender exercise to sell the property initiated by the Company via an open tender exercise conducted by Henry Butcher Real Estate Sdn Bhd on 12 August 2010 and the Purchaser is the successful bidder for the purchase of the Property.
MODE OF SETTLEMENT
The Sale Consideration will be settled entirely by cash in the following manner :
(i) An earnest deposit of RM1,300,000-00 only (the "Earnest Deposit"), had been paid by the Purchaser to EBB towards the credit of the Redemption Sum before the execution of the Agreement.
(ii) Upon the execution of the Agreement, the Purchaser shall pay the sum of RM200,000-00 only (the "Balance Deposit Sum") to EBB towards the credit of the Redemption Sum, all payments are acknowledged receipt by the Company as payment of deposit, and in the event of the completion of the sale and purchase herein, the Company shall treat the deposit as part payment towards the account of the Sale Consideration;
(iii) Within 3 months from the date of the Agreement or such extended period of 30 days, the balance Redemption Sum or the Revised Redemption Sum (after taking into account the Earnest Deposit and the Balance Deposit Sum) shall be paid to EBB and the balance thereof shall be paid to Kenmark's solicitors as stakeholders.
COMPLETION OF THE DISPOSAL
The Disposal is estimated to be completed by February 2011.
UTILIZATION OF PROCEEDS
The proceeds will be used to settle the redemption sum of RM14,250,000 or the Revised Redemption Sum due to EBB for the redemption of the Property.
The net proceeds of RM750,000 will be used by the Liquidators in accordance with the provisions of the Companies Act, 1965 and the High Court order to settle outstanding due by the Company in accordance with priorities.
COST OF INVESTMENT AND GAIN ON DISPOSAL
The Property was acquired in 1988 and the original cost of investment was RM2.50 million. The net book value of the Property as at 31 March 2009 was RM2.50 million. The Company expects a gain of RM12.50 million from the Disposal.
FINANCIAL EFFECTS
The Disposal will have no effect on the share capital and substantial shareholders' shareholdings of the Company as this is a cash transaction.
LIABILITIES TO BE ASSUMED
Goldwing Venture Sdn Bhd will not assume any liability from the Disposal.
RATIONALE FOR DISPOSAL
The Disposal is to partially settle the total amount owing to EBB under the charge
APPROVAL REQUIRED
The Disposal is not subject to the approval of the shareholders of Kenmark.
SALIENT FEATURES OF THE SALE & PURCHASE AGREEMENT
The salient features of the Agreement are as follows :
(a) The Purchaser's obligations shall be deemed to have been satisfied and discharged in full upon the receipt by Kenmark's Solicitors of the full Sale Consideration together with all interest due, if any, and the apportionment of outgoings, if any and less any deductions as required under the Agreement. All payments made to EBB towards the Redemption Sum or the Revised Redemption Sum for the purpose of redeeming the Property shall be deemed to be payments made to the Vendor towards the account of the Sale Consideration and the Vendor expressly acknowledges and confirms that a valid receipt issued by EBB for all such monies shall be a good and valid discharge of the Purchaser in respect thereof.
(b) Kenmark's obligations shall be deemed to have been satisfied and discharged in full upon Kenamrk causing EBB to forward the discharge documents to the Purchaser's Solicitor after payment of the Balance Sum and the delivery of vacant possession on an "as is where is" basis of the Property to the Purchaser.
(c) On the date of delivery of vacant possession of the Property to the Purchaser, all rights, title and interests in the Property and risk in the Property shall pass from the Vendor to the Purchaser.
(d) In the event that the transfer of the Property cannot be registered by the appropriate authority for any reason whatsoever even after resubmission or appeal to the appropriate authority, the Agreement shall be deemed to be terminated and the parties hereto shall be entitled to exercise their rights at law arising from such a termination.
(e) If the Purchaser fails, refuses and/or neglects to pay the Balance Sum and/or comply with any terms and conditions in the Agreement, Kenmark shall be at liberty, without in any way affecting any rights which the Vendor may have to rescind the sale whereupon a sum equivalent to 10% of the Sale Consideration shall be forfeited absolutely to Kenmark as agreed liquidated damages and Kenmark shall have the right to resell the Property either by public auction or by tender or by private treaty or by other manner and subject to such stipulations as Kenmark may think fit.
PERCENTAGE RATIO
The highest percentage ratio applicable to the Disposal pursuant to paragraph 10.02(g) of the Listing Requirements is 4.397%.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
The Company has obtained the confirmation from the Malaysian Directors of the Company and confirmed that none of them and persons connected to them have any interest, direct or indirect, in the Disposal.
The Company is unable to obtain the confirmation from the Taiwanese Directors, Taiwanese Major Shareholders and persons connected to the Taiwanese Directors or Taiwanese Major Shareholders of the Company, on their interest, direct or indirect, in the Disposal as they have not responded. However, the Company has received confirmation from the Purchaser that none of its directors and or shareholders are in anyway related to or connected to Kenmark, its directors or its major shareholders.
STATEMENT BY THE LIQUIDATORS
Having taken into consideration of all aspects of the Disposal, the Liquidators are of the opinion that the Disposal is in the best interest of Kenmark.
DOCUMENTS FOR INSPECTION
The SPA is available for inspection at the Company's registered office at 312, 3rd Floor, Block C, Kelana Square, 17 Jalan SS 7/26, 47301 Petaling Jaya, Selangor Darul Ehsan during office hours.
This announcement is dated 22 October 2010.
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