MEMS - PUBLIC REPRIMAND ON MEMS TECHNOLOGY BERHAD
Announcement Type: Listing Circular
Company Name: MEMS TECHNOLOGY BERHAD (ACE Market)
Stock Name: MEMS
Date Announced: 10/11/2010
Announcement Detail:
Subject: PUBLIC REPRIMAND ON MEMS TECHNOLOGY BERHAD
Contents: Breaches of Rules 9.03(1) and 9.04(l) of the Bursa Malaysia Securities Berhad ACE Market Listing Requirements ("ACE LR") read together with paragraphs 2.1(d) and (e) of Guidance Note 5 ("GN5")
Bursa Malaysia Securities Berhad ("Bursa Securities") publicly reprimands MEMS Technology Berhad ("MEMS" or "the Company") for breaches of Rules 9.03(1) and 9.04(l) of the Bursa Malaysia Securities Berhad ACE Market Listing Requirements ("ACE LR") read together with paragraphs 2.1(d) and (e) of Guidance Note 5 ("GN5").
Pursuant to Rules 9.03(1) and 9.04(l) of the ACE LR and paragraphs 2.1(d) and (e) of GN5, a listed issuer must make immediate public disclosure of: default in payments of either interest or principal sums or both in respect of a credit facility, where the total amount outstanding of the defaulted credit facility is 5% or more of the net assets of the listed issuer based on the latest published or announced financial statements; and default in payments of either interest or principal sums or both in respect of a credit facility, which is reasonably expected to have a material effect on the price, value or market activity of any of the listed issuer's securities or the decision of a listed corporation's securities holder or investor in determining his choice of action. MEMS had breached Rules 9.03(1) and 9.04(l) of the ACE LR read together with paragraphs 2.1(d) and (e) of GN5 as MEMS failed to make an immediate announcement in respect of the various defaults in payment of credit facilities by the Company and its wholly-owned subsidiaries, SensFab Pte Ltd and Senzpak (M) Sdn Bhd. Please refer to the Company's announcements dated 30 September 2009, 2 October 2009, 1 April 2010 and 5 April 2010 for details of the defaults in payments.
The public reprimand was imposed pursuant to Rule 16.19(1) of the ACE LR after taking into consideration all facts and circumstances of the matter and upon completion of due process including the fact that the Company had previously breached the Listing Requirements.
Bursa Securities views the aforesaid contravention seriously and hereby cautions the Company and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to its shareholders and the investing public. In this respect, the Company and its directors are required to take all reasonable steps including putting in place or enhancing the Company's procedures and processes and review the effective implementation of the same to ensure compliance with the listing requirements at all times.
Whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the aforesaid breach by the Company, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the listing requirements. The Board of Directors of the Company at the material time are as follows:- Dato' Ahmad Kabeer bin Mohamed Nagoor Ooi Boon Leong Kathirgamasundaram Sooriakumar Datuk Hj Ibrahim bin Hj Abdul Ghaffar Suleiman bin Ibrahim
Company Name: MEMS TECHNOLOGY BERHAD (ACE Market)
Stock Name: MEMS
Date Announced: 10/11/2010
Announcement Detail:
Subject: PUBLIC REPRIMAND ON MEMS TECHNOLOGY BERHAD
Contents: Breaches of Rules 9.03(1) and 9.04(l) of the Bursa Malaysia Securities Berhad ACE Market Listing Requirements ("ACE LR") read together with paragraphs 2.1(d) and (e) of Guidance Note 5 ("GN5")
Bursa Malaysia Securities Berhad ("Bursa Securities") publicly reprimands MEMS Technology Berhad ("MEMS" or "the Company") for breaches of Rules 9.03(1) and 9.04(l) of the Bursa Malaysia Securities Berhad ACE Market Listing Requirements ("ACE LR") read together with paragraphs 2.1(d) and (e) of Guidance Note 5 ("GN5").
Pursuant to Rules 9.03(1) and 9.04(l) of the ACE LR and paragraphs 2.1(d) and (e) of GN5, a listed issuer must make immediate public disclosure of: default in payments of either interest or principal sums or both in respect of a credit facility, where the total amount outstanding of the defaulted credit facility is 5% or more of the net assets of the listed issuer based on the latest published or announced financial statements; and default in payments of either interest or principal sums or both in respect of a credit facility, which is reasonably expected to have a material effect on the price, value or market activity of any of the listed issuer's securities or the decision of a listed corporation's securities holder or investor in determining his choice of action. MEMS had breached Rules 9.03(1) and 9.04(l) of the ACE LR read together with paragraphs 2.1(d) and (e) of GN5 as MEMS failed to make an immediate announcement in respect of the various defaults in payment of credit facilities by the Company and its wholly-owned subsidiaries, SensFab Pte Ltd and Senzpak (M) Sdn Bhd. Please refer to the Company's announcements dated 30 September 2009, 2 October 2009, 1 April 2010 and 5 April 2010 for details of the defaults in payments.
The public reprimand was imposed pursuant to Rule 16.19(1) of the ACE LR after taking into consideration all facts and circumstances of the matter and upon completion of due process including the fact that the Company had previously breached the Listing Requirements.
Bursa Securities views the aforesaid contravention seriously and hereby cautions the Company and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to its shareholders and the investing public. In this respect, the Company and its directors are required to take all reasonable steps including putting in place or enhancing the Company's procedures and processes and review the effective implementation of the same to ensure compliance with the listing requirements at all times.
Whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the aforesaid breach by the Company, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the listing requirements. The Board of Directors of the Company at the material time are as follows:- Dato' Ahmad Kabeer bin Mohamed Nagoor Ooi Boon Leong Kathirgamasundaram Sooriakumar Datuk Hj Ibrahim bin Hj Abdul Ghaffar Suleiman bin Ibrahim
GDEX - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: HONG LEONG INVESTMENT BANK BERHAD
Company Name: GD EXPRESS CARRIER BERHAD (ACE Market)
Stock Name: GDEX
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: GD EXPRESS CARRIER BERHAD ("GDEX" or "Company")
(i) Proposed Free Warrants Issue
(ii) Proposed Special Bumiputera Issue
Contents: On behalf of the Board of Directors of GDEX ("Board"), Hong Leong Investment Bank Berhad ("HLIB") wishes to announce that the Company proposes to undertake the following:
(i) Proposed issue of 51,437,207 free warrants in GDEX ("Free Warrants") on the basis of 1 Free Warrant for every 5 ordinary shares of RM0.10 each in GDEX ("GDEX Shares") held by the shareholders of the Company ("Proposed Free Warrants Issue"); and
(ii) Proposed special Bumiputera issue of up to 36,740,863 new GDEX Shares ("Special Issue Shares"), representing 12.5% of the enlarged issued and paid-up share capital of the Company, to Bumiputera investors to be identified and/or approved by the Ministry of International Trade and Industry ("MITI") ("Proposed Special Bumiputera Issue").
(collectively referred to as "Proposals").
Please refer to the attachment for the full text on the Proposals.
This announcement is dated 10 November 2010.
Attachments: Announcement - Proposals (10 Nov 2010).pdf
Submitting Merchant Bank: HONG LEONG INVESTMENT BANK BERHAD
Company Name: GD EXPRESS CARRIER BERHAD (ACE Market)
Stock Name: GDEX
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: GD EXPRESS CARRIER BERHAD ("GDEX" or "Company")
(i) Proposed Free Warrants Issue
(ii) Proposed Special Bumiputera Issue
Contents: On behalf of the Board of Directors of GDEX ("Board"), Hong Leong Investment Bank Berhad ("HLIB") wishes to announce that the Company proposes to undertake the following:
(i) Proposed issue of 51,437,207 free warrants in GDEX ("Free Warrants") on the basis of 1 Free Warrant for every 5 ordinary shares of RM0.10 each in GDEX ("GDEX Shares") held by the shareholders of the Company ("Proposed Free Warrants Issue"); and
(ii) Proposed special Bumiputera issue of up to 36,740,863 new GDEX Shares ("Special Issue Shares"), representing 12.5% of the enlarged issued and paid-up share capital of the Company, to Bumiputera investors to be identified and/or approved by the Ministry of International Trade and Industry ("MITI") ("Proposed Special Bumiputera Issue").
(collectively referred to as "Proposals").
Please refer to the attachment for the full text on the Proposals.
This announcement is dated 10 November 2010.
Attachments: Announcement - Proposals (10 Nov 2010).pdf
ESCERAM - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: OSK INVESTMENT BANK BERHAD
Company Name: ES CERAMICS TECHNOLOGY BHD (ACE Market)
Stock Name: ESCERAM
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: ES CERAMICS TECHNOLOGY BERHAD ("ES CERAMICS")
(I) RIGHTS ISSUE WITH WARRANTS;
(II) BONUS ISSUE;
(III) EXEMPTION; AND
(IV) INCREASE IN AUTHORISED SHARE CAPITAL.
Contents: The terms used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the announcement dated 10 August 2010 in relation to the Proposals.
On behalf of the Board of Directors of ES Ceramics, OSK Investment Bank Berhad is pleased to announce that the application of quotation for the 56,596,000 Rights Shares together with 56,596,000 Warrants and 56,596,000 Bonus Shares ("Securities") has been submitted on 10 November 2010. In relation thereto, we wish to draw your attention to the announcement dated 29 September 2010 in connection with the important relevant dates for the Rights Issue With Warrants.
Following the above, kindly be informed that the listing of and quotation for the Securities is now expecting to take effect on 9.00 a.m. on 12 November 2010.
This announcement is dated 10 November 2010.
Submitting Merchant Bank: OSK INVESTMENT BANK BERHAD
Company Name: ES CERAMICS TECHNOLOGY BHD (ACE Market)
Stock Name: ESCERAM
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: ES CERAMICS TECHNOLOGY BERHAD ("ES CERAMICS")
(I) RIGHTS ISSUE WITH WARRANTS;
(II) BONUS ISSUE;
(III) EXEMPTION; AND
(IV) INCREASE IN AUTHORISED SHARE CAPITAL.
Contents: The terms used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the announcement dated 10 August 2010 in relation to the Proposals.
On behalf of the Board of Directors of ES Ceramics, OSK Investment Bank Berhad is pleased to announce that the application of quotation for the 56,596,000 Rights Shares together with 56,596,000 Warrants and 56,596,000 Bonus Shares ("Securities") has been submitted on 10 November 2010. In relation thereto, we wish to draw your attention to the announcement dated 29 September 2010 in connection with the important relevant dates for the Rights Issue With Warrants.
Following the above, kindly be informed that the listing of and quotation for the Securities is now expecting to take effect on 9.00 a.m. on 12 November 2010.
This announcement is dated 10 November 2010.
FBMKLCI-EA - FBM KLCI etf - Valuation Point as at 10 November 2010
Announcement Type: General Announcement
Company Name: FTSE BURSA MALAYSIA KLCI ETF
Stock Name: FBMKLCI-EA
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: FBM KLCI etf - Valuation Point as at 10 November 2010
Contents: Fund: FBM KLCI etf
NAV per unit (RM): 1.5361
Units in circulation (units): 3,344,000
Manager's Fee (% p.a): 0.50
Trustee Fee (% p.a): 0.06
License Fee (% p.a): 0.04
FTSE Bursa Malaysia KLCI Index: 1,528.01
Attachments: FBM KLCI etf 20101110.xls
Company Name: FTSE BURSA MALAYSIA KLCI ETF
Stock Name: FBMKLCI-EA
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: FBM KLCI etf - Valuation Point as at 10 November 2010
Contents: Fund: FBM KLCI etf
NAV per unit (RM): 1.5361
Units in circulation (units): 3,344,000
Manager's Fee (% p.a): 0.50
Trustee Fee (% p.a): 0.06
License Fee (% p.a): 0.04
FTSE Bursa Malaysia KLCI Index: 1,528.01
Attachments: FBM KLCI etf 20101110.xls
MAYBANK - ARTICLE ENTITLED:"MAYBANK KEEN ON OSK HOLDINGS?"
Announcement Type: General Announcement
Company Name: MALAYAN BANKING BERHAD
Stock Name: MAYBANK
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: ARTICLE ENTITLED:"MAYBANK KEEN ON OSK HOLDINGS?"
Contents: We refer to the Article entitled "Maybank keen on OSK Holdings?", appearing on the front page of the Financial Daily dated 10 November 2010.
With regard to the statement in relation to Maybank's interest to acquire OSK Holdings Berhad in a move to beef up Maybank's investment banking arm, Maybank wishes to clarify that the Maybank Group continuously seeks and assesses various propositions and opportunities that would help achieve its vision to be a regional financial services leader and help create shareholder value.
If and when a suitable and definite opportunity materialises, the Maybank Group shall make the relevant announcements of any material information at the appropriate time, in compliance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
Company Name: MALAYAN BANKING BERHAD
Stock Name: MAYBANK
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: ARTICLE ENTITLED:"MAYBANK KEEN ON OSK HOLDINGS?"
Contents: We refer to the Article entitled "Maybank keen on OSK Holdings?", appearing on the front page of the Financial Daily dated 10 November 2010.
With regard to the statement in relation to Maybank's interest to acquire OSK Holdings Berhad in a move to beef up Maybank's investment banking arm, Maybank wishes to clarify that the Maybank Group continuously seeks and assesses various propositions and opportunities that would help achieve its vision to be a regional financial services leader and help create shareholder value.
If and when a suitable and definite opportunity materialises, the Maybank Group shall make the relevant announcements of any material information at the appropriate time, in compliance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
HUNZPTY - General Announcement
Announcement Type: General Announcement
Company Name: HUNZA PROPERTIES BERHAD
Stock Name: HUNZPTY
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: Hunza Properties Berhad ("HUNZPTY or the "Company")
The Writ Action filed by Ikatan Kelab-Kelab Melayu Negeri Pulau Pinang & 33 Others against Bandar Kepala Batas Sdn Bhd ("BKB") as one of the 9 Defendants
Contents: Hunza Properties Berhad ("HUNZPTY or the "Company")
The Writ Action filed by Ikatan Kelab-Kelab Melayu Negeri Pulau Pinang & 33 Others against Bandar Kepala Batas Sdn Bhd ("BKB") as one of the 9 Defendants
Company Name: HUNZA PROPERTIES BERHAD
Stock Name: HUNZPTY
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: Hunza Properties Berhad ("HUNZPTY or the "Company")
The Writ Action filed by Ikatan Kelab-Kelab Melayu Negeri Pulau Pinang & 33 Others against Bandar Kepala Batas Sdn Bhd ("BKB") as one of the 9 Defendants
Contents: Hunza Properties Berhad ("HUNZPTY or the "Company")
The Writ Action filed by Ikatan Kelab-Kelab Melayu Negeri Pulau Pinang & 33 Others against Bandar Kepala Batas Sdn Bhd ("BKB") as one of the 9 Defendants
UOAREIT - UOA REAL ESTATE INVESTMENT TRUST ("UOA REIT") NOTICE OF UNITHOLDERS' MEETING ("MEETING")
Announcement Type: General Announcement
Submitting Merchant Bank: AMINVESTMENT BANK BERHAD
Company Name: UOA REAL ESTATE INVESTMENT TRUST
Stock Name: UOAREIT
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: UOA REAL ESTATE INVESTMENT TRUST ("UOA REIT")
NOTICE OF UNITHOLDERS' MEETING ("MEETING")
Contents: On behalf of the Board of Directors of UOA Asset Management Sdn Bhd, being the management company of UOA REIT, AmInvestment Bank Berhad (a member of AmInvestment Bank Group) is pleased to announce that UOA REIT will be convening the Meeting at Level 2, Wisma UOA Bangsar South, Tower 1, Avenue 3, The Horizon, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur on Friday, 26 November 2010 at 10.00 a.m. or at any adjournment thereof.
The full text of the Notice of the Meeting to be advertised in New Straits Times and Berita Harian tomorrow, 11 November 2010 is attached herewith for your attention.
This announcement is dated 10 November 2010.
Attachments: UOA_BM.PDF
UOA_ENG.PDF
Submitting Merchant Bank: AMINVESTMENT BANK BERHAD
Company Name: UOA REAL ESTATE INVESTMENT TRUST
Stock Name: UOAREIT
Date Announced: 10/11/2010
Announcement Detail:
Type: Announcement
Subject: UOA REAL ESTATE INVESTMENT TRUST ("UOA REIT")
NOTICE OF UNITHOLDERS' MEETING ("MEETING")
Contents: On behalf of the Board of Directors of UOA Asset Management Sdn Bhd, being the management company of UOA REIT, AmInvestment Bank Berhad (a member of AmInvestment Bank Group) is pleased to announce that UOA REIT will be convening the Meeting at Level 2, Wisma UOA Bangsar South, Tower 1, Avenue 3, The Horizon, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur on Friday, 26 November 2010 at 10.00 a.m. or at any adjournment thereof.
The full text of the Notice of the Meeting to be advertised in New Straits Times and Berita Harian tomorrow, 11 November 2010 is attached herewith for your attention.
This announcement is dated 10 November 2010.
Attachments: UOA_BM.PDF
UOA_ENG.PDF
HOHUP - General Announcement
Announcement Type: General Announcement
Company Name: HO HUP CONSTRUCTION COMPANY BHD
Stock Name: HOHUP
Date Announced: 10/11/2010
Announcement Detail:
Type: Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID: NE-101108-54282
Subject: HO HUP CONSTRUCTION COMPANY BERHAD ("HO HUP" OR THE "COMPANY")
-THE PROPOSED ACQUISITION OF FIVESTAR DEVELOPMENT (PUCHONG) SDN BHD ("FIVESTAR") AND KOLEKTRA RECREATION SDN BHD ("KOLEKTRA")
Contents: Further to the announcement made on 3 November 2010, the Board of Ho Hup wishes to announce the following:-
1. Names of the Directors and substantial shareholders of Plenitude Frontier Sdn Bhd ("Plenitude"), together with their respective shareholdings.
The directors of Plenitude are Raymond Tan, Selena Cheow and Chan Yoke Wah. The substantial shareholders of Plenitude are Raymond Tan (55% equity stake) and Gerbang Armada Sdn Bhd ("Gerbang") (45% equity stake).
The directors of Gerbang are Raymond Tan and Chan Yoke Wah. The substantial shareholders of Gerbang are Raymond Tan (50%) and Chan Yoke Wah (50%).
2. Financial information of Fivestar and Kolektra ("Target Companies") including but not limited to, net profits and net assets.
For the financial year ended 31 December 2009, Kolektra and Fivestar posted after tax profits of RM1,888,860/- and RM4,274,402/- respectively. As at that said date, the net assets of Kolektra and Fivestar are RM23,665,228/- and RM55,616,737/- respectively.
3. Effects of the Proposed Acquisition on Ho Hup's earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholding of the Company.
The proforma effects of the Proposed Acquisition of the Target Companies are dependent on the finalization of the regularisation exercise. Nonetheless, the Proposed Acquisition of the Target Companies is expected to contribute positively to the earnings per share of the Company. The Proposed Acquisition of the Target Companies which will be satisfied via issuance of new ordinary shares in Ho Hup is expected to increase the net assets per share of the Company. Further, the gearing level of Ho Hup is expected to decrease as the net assets of the Company will increase pursuant to the Proposed Acquisition of the Target Companies. The share capital of Ho Hup is expected to increase by RM46,803,900/- via the issuance of 46,803,900 new ordinary shares of RM1.00 each in the Company pursuant to the Proposed Acquisition of the Target Companies. Plenitude is expected to emerge as the substantial shareholder of Ho Hup with more than 30% shareholdings in the ordinary shares of RM1.00 in Ho Hup pursuant to the Proposed Acquisition of the Target Companies.
4. Prospects and risks of the Proposed Acquisition.
(a) Prospect
The property market is set on the recovery path in 2010, supported by various measures proposed under the 2009 budget which includes tax benefits, flexible utilisation of employees provident fund and the liberalisation of property ownership in Malaysia, amongst others. It is also foreseeable that the take-up of housing units will increase in the medium term as a result, and with it, provide a much needed boost for the residential sector.
The Malaysian property market has shown strength in surviving several financial crises. The prognosis for the property sector in 2010 is positive, especially with increasingly healthier performance of the domestic economy and further stabilisation of external economies. Going forward, with all the measures in place and another RM45 billion in store under the Second Economic Stimulus Package, and barring unforeseen circumstances, the property market is anticipated to perform better in 2010.
(Source: Press Release for Malaysian Property Market 2009, Valuation & Property Services Department, Ministry of Finance)
The business environment for the property industry appears to be strengthening with gradual improvement of economy. As such, the Board is optimistic on the Target Companies' prospects.
(b) Risk
The businesses of the Target Companies and Ho Hup are similar given that they are both involved in property development. In this respect, the Proposed Acquisition of the Target Companies would not materially expose Ho Hup to significant general and operational business risks which are not already faced by the Company.
5. Estimated time frame to complete the Proposed Acquisition.
Barring any unforeseen circumstances and subject to all approvals being obtained, the Proposed Acquisition of Target Companies is expected to be completed within nine (9) months from the date of the Share Sales Agreement.
6. The highest percentage ratio applicable to the Proposed Acquisition, pursuant to paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities").
Pursuant to paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Securities, the highest percentage ratio that is applicable to Ho Hup pursuant to the Proposed Acquisition of the Target Companies is 60.4%. Subject to finalization of the Company's regularisation exercise, the Proposed Acquisition of Target Companies will result in a change in the controlling shareholder of the Company and as such an application to the Securities Commission would be required for the Proposed Acquisition of the Target Companies.
7. A statement by the Board, stating whether the Proposed Acquisition is in the best interest of Ho Hup, and where a director disagrees with such a statement, a statement by the director setting out the reasons and the factors taken into consideration in forming that opinion.
The Board of Ho Hup, after having considered all aspects of the Proposed Acquisition of the Target Companies, is of the opinion that the Proposed Acquisition of the Target Companies is in the best interests of Ho Hup and its shareholders.
This announcement is dated 10 November 2010.
Query Letter content: We refer to your announcement dated 3 November 2010, in respect of the
aforesaid Proposed Acquisition.
In this connection, kindly furnish Bursa Malaysia Securities Berhad with the
following additional information for public release:
Names of directors and substantial shareholders of Plenitude Frontier Sdn Bhd,
together with their respective shareholdings;
Financial information of the Target Companies including but not limited to, net
profits and net assets;
Effects of the Proposed Acquisition on Ho Hup Construction Company Bhd
("HOHUP") earnings per share, net assets per share, gearing, share capital and
substantial shareholders' shareholding of the Company;
Prospects and risks of the Proposed Acquisition;
Estimated time frame to complete the Proposed Acquisition;
The highest percentage ratio applicable to the Proposed Acquisition, pursuant
to paragraph 10.02(g) of the Main Market Listing Requirements; and
A statement by the board of directors, stating whether the Proposed Acquisition
is in the best interests of HOHUP, 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
KHOO KAY KWAN
Head, Issuers
Listing Division
Regulation
KKK/RSA
cc: General Manager & Head, Market Surveillance Department, Securities
Commission (via fax)
Company Name: HO HUP CONSTRUCTION COMPANY BHD
Stock Name: HOHUP
Date Announced: 10/11/2010
Announcement Detail:
Type: Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID: NE-101108-54282
Subject: HO HUP CONSTRUCTION COMPANY BERHAD ("HO HUP" OR THE "COMPANY")
-THE PROPOSED ACQUISITION OF FIVESTAR DEVELOPMENT (PUCHONG) SDN BHD ("FIVESTAR") AND KOLEKTRA RECREATION SDN BHD ("KOLEKTRA")
Contents: Further to the announcement made on 3 November 2010, the Board of Ho Hup wishes to announce the following:-
1. Names of the Directors and substantial shareholders of Plenitude Frontier Sdn Bhd ("Plenitude"), together with their respective shareholdings.
The directors of Plenitude are Raymond Tan, Selena Cheow and Chan Yoke Wah. The substantial shareholders of Plenitude are Raymond Tan (55% equity stake) and Gerbang Armada Sdn Bhd ("Gerbang") (45% equity stake).
The directors of Gerbang are Raymond Tan and Chan Yoke Wah. The substantial shareholders of Gerbang are Raymond Tan (50%) and Chan Yoke Wah (50%).
2. Financial information of Fivestar and Kolektra ("Target Companies") including but not limited to, net profits and net assets.
For the financial year ended 31 December 2009, Kolektra and Fivestar posted after tax profits of RM1,888,860/- and RM4,274,402/- respectively. As at that said date, the net assets of Kolektra and Fivestar are RM23,665,228/- and RM55,616,737/- respectively.
3. Effects of the Proposed Acquisition on Ho Hup's earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholding of the Company.
The proforma effects of the Proposed Acquisition of the Target Companies are dependent on the finalization of the regularisation exercise. Nonetheless, the Proposed Acquisition of the Target Companies is expected to contribute positively to the earnings per share of the Company. The Proposed Acquisition of the Target Companies which will be satisfied via issuance of new ordinary shares in Ho Hup is expected to increase the net assets per share of the Company. Further, the gearing level of Ho Hup is expected to decrease as the net assets of the Company will increase pursuant to the Proposed Acquisition of the Target Companies. The share capital of Ho Hup is expected to increase by RM46,803,900/- via the issuance of 46,803,900 new ordinary shares of RM1.00 each in the Company pursuant to the Proposed Acquisition of the Target Companies. Plenitude is expected to emerge as the substantial shareholder of Ho Hup with more than 30% shareholdings in the ordinary shares of RM1.00 in Ho Hup pursuant to the Proposed Acquisition of the Target Companies.
4. Prospects and risks of the Proposed Acquisition.
(a) Prospect
The property market is set on the recovery path in 2010, supported by various measures proposed under the 2009 budget which includes tax benefits, flexible utilisation of employees provident fund and the liberalisation of property ownership in Malaysia, amongst others. It is also foreseeable that the take-up of housing units will increase in the medium term as a result, and with it, provide a much needed boost for the residential sector.
The Malaysian property market has shown strength in surviving several financial crises. The prognosis for the property sector in 2010 is positive, especially with increasingly healthier performance of the domestic economy and further stabilisation of external economies. Going forward, with all the measures in place and another RM45 billion in store under the Second Economic Stimulus Package, and barring unforeseen circumstances, the property market is anticipated to perform better in 2010.
(Source: Press Release for Malaysian Property Market 2009, Valuation & Property Services Department, Ministry of Finance)
The business environment for the property industry appears to be strengthening with gradual improvement of economy. As such, the Board is optimistic on the Target Companies' prospects.
(b) Risk
The businesses of the Target Companies and Ho Hup are similar given that they are both involved in property development. In this respect, the Proposed Acquisition of the Target Companies would not materially expose Ho Hup to significant general and operational business risks which are not already faced by the Company.
5. Estimated time frame to complete the Proposed Acquisition.
Barring any unforeseen circumstances and subject to all approvals being obtained, the Proposed Acquisition of Target Companies is expected to be completed within nine (9) months from the date of the Share Sales Agreement.
6. The highest percentage ratio applicable to the Proposed Acquisition, pursuant to paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities").
Pursuant to paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Securities, the highest percentage ratio that is applicable to Ho Hup pursuant to the Proposed Acquisition of the Target Companies is 60.4%. Subject to finalization of the Company's regularisation exercise, the Proposed Acquisition of Target Companies will result in a change in the controlling shareholder of the Company and as such an application to the Securities Commission would be required for the Proposed Acquisition of the Target Companies.
7. A statement by the Board, stating whether the Proposed Acquisition is in the best interest of Ho Hup, and where a director disagrees with such a statement, a statement by the director setting out the reasons and the factors taken into consideration in forming that opinion.
The Board of Ho Hup, after having considered all aspects of the Proposed Acquisition of the Target Companies, is of the opinion that the Proposed Acquisition of the Target Companies is in the best interests of Ho Hup and its shareholders.
This announcement is dated 10 November 2010.
Query Letter content: We refer to your announcement dated 3 November 2010, in respect of the
aforesaid Proposed Acquisition.
In this connection, kindly furnish Bursa Malaysia Securities Berhad with the
following additional information for public release:
Names of directors and substantial shareholders of Plenitude Frontier Sdn Bhd,
together with their respective shareholdings;
Financial information of the Target Companies including but not limited to, net
profits and net assets;
Effects of the Proposed Acquisition on Ho Hup Construction Company Bhd
("HOHUP") earnings per share, net assets per share, gearing, share capital and
substantial shareholders' shareholding of the Company;
Prospects and risks of the Proposed Acquisition;
Estimated time frame to complete the Proposed Acquisition;
The highest percentage ratio applicable to the Proposed Acquisition, pursuant
to paragraph 10.02(g) of the Main Market Listing Requirements; and
A statement by the board of directors, stating whether the Proposed Acquisition
is in the best interests of HOHUP, 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
KHOO KAY KWAN
Head, Issuers
Listing Division
Regulation
KKK/RSA
cc: General Manager & Head, Market Surveillance Department, Securities
Commission (via fax)
SUNREIT - Income Distribution
Announcement Type: Entitlements (Notice of Book Closure)
Company Name: SUNWAY REAL ESTATE INVESTMENT TRUST
Stock Name: SUNREIT
Date Announced: 10/11/2010
Announcement Detail:
EX-date: 24/11/2010
Entitlement date: 26/11/2010
Entitlement time: 05:00:00 PM
Entitlement subject: Income Distribution
Entitlement description: Interim Income Distribution of 1.51 sen per unit for the financial period ended 30 September 2010
Period of interest payment: to
Financial Year End: 30/06/2011
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: Sunway Management Sdn Bhd
Level 16, Menara Sunway
Jalan Lagoon Timur, Bandar Sunway
46150 Petaling Jaya, Selangor Darul Ehsan
Tel No. 03-5639 8889
Payment date: 30/12/2010
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 26/11/2010
Entitlement indicator: Currency
Currency: Malaysian Ringgit (MYR)
Entitlement in Currency: 0.0151
Company Name: SUNWAY REAL ESTATE INVESTMENT TRUST
Stock Name: SUNREIT
Date Announced: 10/11/2010
Announcement Detail:
EX-date: 24/11/2010
Entitlement date: 26/11/2010
Entitlement time: 05:00:00 PM
Entitlement subject: Income Distribution
Entitlement description: Interim Income Distribution of 1.51 sen per unit for the financial period ended 30 September 2010
Period of interest payment: to
Financial Year End: 30/06/2011
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: Sunway Management Sdn Bhd
Level 16, Menara Sunway
Jalan Lagoon Timur, Bandar Sunway
46150 Petaling Jaya, Selangor Darul Ehsan
Tel No. 03-5639 8889
Payment date: 30/12/2010
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 26/11/2010
Entitlement indicator: Currency
Currency: Malaysian Ringgit (MYR)
Entitlement in Currency: 0.0151
SUNREIT - Quarterly rpt on consolidated results for the financial period ended 30/9/2010
Announcement Type: Financial Results
Company Name: SUNWAY REAL ESTATE INVESTMENT TRUST
Stock Name: SUNREIT
Date Announced: 10/11/2010
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: SUNWAY REAL ESTATE INVESTMENT TRUST
Stock Name: SUNREIT
Date Announced: 10/11/2010
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)
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