CIMBX25 - CIMB FTSE Xinhua China 25 - Valuation Point as at 22-Oct-10
Submitting Merchant Bank: DEUTSCHE BANK (MALAYSIA) BERHAD
Company Name: CIMB FTSE XINHUA CHINA 25
Stock Name: CIMBX25
Date Announced: 22/10/2010
Subject: CIMB FTSE Xinhua China 25 - Valuation Point as at 22-Oct-10
Contents: Fund: CIMB FTSE Xinhua China 25
NAV per unit (RM): 1.1090
Units in circulation (units): 17,550,000.00
Management Fee (% p.a.): 0.60
Trustee Fee (% p.a.): 0.08
Index Licence Fee (% p.a.): 0.04
FTSE/Xinhua China 25 Index: 20,149.67
Attachments: XINHUA 25- 22102010.pdf
LBS - LETTER OF INTENT
Company Name: LBS BINA GROUP BERHAD
Stock Name: LBS
Date Announced: 22/10/2010
Subject: LETTER OF INTENT
Contents: 1. Introduction
The Board of LBS Bina Group Berhad ("LBGB" or "Company") wishes to inform that the Company's wholly-owned subsidiary, Lamdeal Consolidated Development Limited ("LCDL") and Lamdeal Golf & Country Club Limited ("LGCCL") have on today signed a Letter of Intent ("LOI") with Zhuhai Special Economic Zone Long Yi Enterprises Company ("Long Yi") expressing Long Yi's intention to buy and LCDL's and LGCCL's intentions to dispose of their respective 10% interest in the joint venture companies, namely Zhuhai International Circuit Consolidated Development Limited ("ZIC Property") and Zhuhai International Circuit Golf & Country Club Limited ("ZIC Golf") for an aggregate cash consideration of RMB200 million only ("Proposed Disposal").
2. Information on LCDL, LGCCL, ZIC Property and ZIC Golf
LCDL and LGCCL are the Hong Kong subsidiaries of LBGB acting as investment arms for LBGB's investment in ZIC Property and ZIC Golf.
LCDCL and LGCCL together with their joint venture partner, Long Yi have in year 1992 formed two sino-foreign cooperative joint venture entities in Zhuhai, China, namely ZIC Golf and ZIC Property to jointly operate a 36-hole golf course known as Lakewood Golf & Country Club ("Lakewood") and the property development project on the 197-acre lands located in and around the Lakewood Golf Club.
LCDL and LGCCL are respectively entitled to a profit sharing of 60% in ZIC Property and ZIC Golf.
3. Salient Terms of LOI
a) LCDL and LGCCL intend to dispose of their respective 10% interest in ZIC Property and ZIC Golf ("10% Interest") and Long Yi intends to purchase such 10% Interest for an aggregate consideration of RMB200 million ("Consideration Sum"). Upon the completion of the Proposed Disposal, LCDL and LGCCL would respectively entitle to a profit sharing of 50% in ZIC Property and ZIC Golf.
b) Formal agreement would be signed between the parties and amendments would be made onto the Articles of Association of ZIC Property and ZIC Golf to reflect the provisions spelt out in the formal agreement within 30 days from the date of LOI.
c) The land premium for the development land under ZIC Property would be computed based on the prevailing rate fixed by the Land Office of Zhuhai City wherein the portion computed based on RMB270 per square meter would be borne by Long Yi and any excess amount would be captured as development cost of ZIC Property.
d) The LOI would be void if the formal agreement is not signed within 90 days from the date of LOI.
4. Basis of Consideration Sum
The Consideration Sum of RMB200 million was arrived based on negotiation.
The proposed payment terms for the Consideration Sum are as follows:-
a) First payment of the Consideration Sum amounting to RMB50 million is payable within 30 days from the completion of the process of affirmation of development land rights and the development plan.
b) The remaining Consideration Sum amounting to RMB150 million would be settled by deducting Long Yi's profit entitlement in the ZIC Property.
5. Rationale for the Proposed Disposal
The Board is of the view that it would be more beneficial to LBGB Group to unlock the value of its 10% investment in these two companies and utilize the proceeds from the Proposed Disposal for working capital purpose.
6. Potential Financial Effects of the Proposed Disposal
(i) Share Capital and Shareholdings of Substantial Shareholders
The Proposed Disposal will not have any effect on the issued and paid-up share capital and shareholdings of the substantial shareholders of LBGB Group.
(ii) Net Assets
The Proposed Disposal, if materialized, is not expected to have material impact on the Net Assets of LBGB Group.
Upon completion of the Proposed Disposal, LBGB Group is expected to report a net profit of RM31.3 million from the Proposed Disposal.
The Proposed Disposal is not expected to have material impact on the gearing of LBGB Group.
The LOI does not have any impact on item i) to iv) above.
7. Highest Percentage Ratio Applicable
The highest percentage ratio applicable to the Proposed Disposal pursuant to paragraph 10.02(g) of Bursa Malaysia Securities Berhad's Main Market Listing Requirements is 22.1%.
8. Approval Required
The Proposed Disposal is not subject to the approval of the shareholders of LBGB.
9. Documents Available for Inspection
Copy of the LOI is available for inspection at the Registered Office of LBGB at Plaza Seri Setia, Level 1-4, No. 1, Jalan SS9/2, 47300 Petaling Jaya, Selangor during normal office hour from Monday to Friday (except for public holidays) for a period of fourteen (14) days from the date of this announcement.
This announcement is dated 22 October 2010.
MTD - MTD-RESUMPTION OF TRADING
Company Name: MTD CAPITAL BHD
Stock Name: MTD
Date Announced: 22/10/2010
Subject: MTD-RESUMPTION OF TRADING
Contents: Further to Listing's Circular No. L/Q 58868 of 2010, kindly be advised that trading in the above Company's shares will resume with effect from 9.00 a.m., Monday, 25 October 2010.
Your attention is drawn to the Company's announcement dated 22 October 2010.