CIMBA40 - NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Announcement Type: General Announcement
Submitting Merchant Bank: DEUTSCHE BANK (MALAYSIA) BERHAD
Company Name: CIMB FTSE ASEAN 40 MALAYSIA
Stock Name: CIMBA40
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Description: Fund: CIMB FTSE ASEAN 40 Malaysia
IOPV per unit (RM): 1.5418
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: 10,088.61
Submitting Merchant Bank: DEUTSCHE BANK (MALAYSIA) BERHAD
Company Name: CIMB FTSE ASEAN 40 MALAYSIA
Stock Name: CIMBA40
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Description: Fund: CIMB FTSE ASEAN 40 Malaysia
IOPV per unit (RM): 1.5418
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: 10,088.61
CIMBC25 - NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Announcement Type: General Announcement
Submitting Merchant Bank: DEUTSCHE BANK (MALAYSIA) BERHAD
Company Name: CIMB FTSE CHINA 25
Stock Name: CIMBC25
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Description: Fund: CIMB FTSE China 25
IOPV per unit (RM): 1.0070
Units in circulation (units): 19,500,000.00
Management Fee (% p.a.): 0.60
Trustee Fee (% p.a.): 0.08
Index Licence Fee (% p.a.): 0.04
FTSE/Xinhua China 25 Index: 18,795.80
Submitting Merchant Bank: DEUTSCHE BANK (MALAYSIA) BERHAD
Company Name: CIMB FTSE CHINA 25
Stock Name: CIMBC25
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Description: Fund: CIMB FTSE China 25
IOPV per unit (RM): 1.0070
Units in circulation (units): 19,500,000.00
Management Fee (% p.a.): 0.60
Trustee Fee (% p.a.): 0.08
Index Licence Fee (% p.a.): 0.04
FTSE/Xinhua China 25 Index: 18,795.80
ORIENT - TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): RELATED PARTY TRANSACTIONS
Announcement Type: General Announcement
Company Name: ORIENTAL HOLDINGS BERHAD
Stock Name: ORIENT
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description: INVESTMENT IN PT GUNUNG SAWIT SELATAN LESTARI
Attachments: PT Gunung Sawit Selatan Lestari-announce to bursa_31.1.11.pdf
Company Name: ORIENTAL HOLDINGS BERHAD
Stock Name: ORIENT
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description: INVESTMENT IN PT GUNUNG SAWIT SELATAN LESTARI
Attachments: PT Gunung Sawit Selatan Lestari-announce to bursa_31.1.11.pdf
GUANCHG - Quarterly rpt on consolidated results for the financial period ended 31/12/2010
Announcement Type: Financial Results
Submitting Merchant Bank: N/A
Company Name: GUAN CHONG BERHAD
Stock Name: GUANCHG
Date Announced: 31/01/2011
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 4
Quarterly report for the financial period ended: 31/12/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
Submitting Merchant Bank: N/A
Company Name: GUAN CHONG BERHAD
Stock Name: GUANCHG
Date Announced: 31/01/2011
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 4
Quarterly report for the financial period ended: 31/12/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
GUANCHG - First Interim Dividend
Announcement Type: Entitlements (Notice of Book Closure)
Submitting Merchant Bank: N/A
Company Name: GUAN CHONG BERHAD
Stock Name: GUANCHG
Date Announced: 31/01/2011
Announcement Detail:
EX-date: 18/02/2011
Entitlement date: 22/02/2011
Entitlement time: 04:00:00 PM
Entitlement subject: First Interim Dividend
Entitlement description: First Interim Dividend of 3 sen less tax at 25% equivalent to 2.25 sen net per ordinary share in respect of financial year ending 31 December 2011
Period of interest payment: to
Financial Year End: 31/12/2011
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: Symphony Share Registrars Sdn Bhd
Level 6 Symphony House Block D13
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya Selangor
Payment date: 08/03/2011
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 22/02/2011
Entitlement indicator: Currency
Currency: Malaysian Ringgit (MYR)
Entitlement in Currency: 0.0225
Submitting Merchant Bank: N/A
Company Name: GUAN CHONG BERHAD
Stock Name: GUANCHG
Date Announced: 31/01/2011
Announcement Detail:
EX-date: 18/02/2011
Entitlement date: 22/02/2011
Entitlement time: 04:00:00 PM
Entitlement subject: First Interim Dividend
Entitlement description: First Interim Dividend of 3 sen less tax at 25% equivalent to 2.25 sen net per ordinary share in respect of financial year ending 31 December 2011
Period of interest payment: to
Financial Year End: 31/12/2011
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: Symphony Share Registrars Sdn Bhd
Level 6 Symphony House Block D13
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya Selangor
Payment date: 08/03/2011
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 22/02/2011
Entitlement indicator: Currency
Currency: Malaysian Ringgit (MYR)
Entitlement in Currency: 0.0225
KENCANA - OTHERS: CONTRACTS FOR THE DEVELOPMENT AND PRODUCTION OF PETROLEUM RESOURCES FROM BERANTAI FIELD
Announcement Type: General Announcement
Company Name: KENCANA PETROLEUM BERHAD
Stock Name: KENCANA
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: CONTRACTS FOR THE DEVELOPMENT AND PRODUCTION OF PETROLEUM RESOURCES FROM BERANTAI FIELD
Company Name: KENCANA PETROLEUM BERHAD
Stock Name: KENCANA
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: CONTRACTS FOR THE DEVELOPMENT AND PRODUCTION OF PETROLEUM RESOURCES FROM BERANTAI FIELD
WASEONG - General Announcement
Announcement Type: General Announcement
Company Name: WAH SEONG CORPORATION BERHAD
Stock Name: WASEONG
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: ADDITIONAL INFORMATION IN RESPECT OF THE FOLLOWING ANNOUNCEMENT DATED 26 JANUARY 2011
(1) DISPOSAL OF SHARES BY YADONG ANTI-CORROSION (INT) CO. LTD., THE WHOLLY-OWNED INDIRECT SUBSIDIARY OF WAH SEONG CORPORATION BERHAD ("WSC" OR "THE COMPANY") IN ARABIAN-YADONG COATING CO. LTD ("ARABIAN-YADONG"); AND
(2) DISPOSAL OF COATING PLANT BY YADONG ANTI-CORROSION (INT) CO. LTD.
Attachments: WSC - Additional Information.pdf
Company Name: WAH SEONG CORPORATION BERHAD
Stock Name: WASEONG
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: ADDITIONAL INFORMATION IN RESPECT OF THE FOLLOWING ANNOUNCEMENT DATED 26 JANUARY 2011
(1) DISPOSAL OF SHARES BY YADONG ANTI-CORROSION (INT) CO. LTD., THE WHOLLY-OWNED INDIRECT SUBSIDIARY OF WAH SEONG CORPORATION BERHAD ("WSC" OR "THE COMPANY") IN ARABIAN-YADONG COATING CO. LTD ("ARABIAN-YADONG"); AND
(2) DISPOSAL OF COATING PLANT BY YADONG ANTI-CORROSION (INT) CO. LTD.
Attachments: WSC - Additional Information.pdf
TIGER - General Announcement
Announcement Type: General Announcement
Company Name: TIGER SYNERGY BERHAD
Stock Name: TIGER
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: TIGER SYNERGY BERHAD - Purchase of Land via My-Harmony Development Sdn. Bhd., a wholly owned subsidiary of
Tiger Synergy Berhad
Contents: 1. INTRODUCTION
The Board of Directors of Tiger Synergy Berhad ("TSB" or "the Company") wishes to announce that MyHarmony Development Sdn. Bhd. (MDSB)(921361-M), a wholly-owned subsidiary of the Company has entered into the Sale and Purchase Agreement ("the SPA") for the acquisition of two (2) pieces of freehold agricultural land in BT 10 to Sg. Besi Road, free from encumbrances subject to all condition of title whether express or implied affecting the land ("the said Land") on 31 January 2011 for a total cash consideration of Ringgit Malaysia Four Million One Hundred Thirty Five Thousand and One Hundred Fifty Five (RM4,135,155.00) only ("Purchase Consideration") from (1) Sau Kia Sing @ Seow Chu Leong, (2) Siew Chu Leong, (3) Siew Chu Yon, (4) Siew Soo Chin @ Siew Chu Ching and (5) Siow Choo Kong ("the Vendors").
2. INFORMATION ON MDSB
MDSB is a wholly-owned subsidiary of TSB. MDSB was incorporated in Malaysia under the Companies Act 1965. The authorised share capital of MDSB is RM100,000 comprising of 100,000 ordinary shares of RM1.00 each of which 2 ordianry shares of RM1.00 each have been issued and fully paid up. The principal activity of MDSB is to carry out the business relating to property investment holding.
3. DETAILS OF THE VENDORS
(1) SAU KIA SING @ SEOW CHU LEONG, age 69 is a Malaysia citizen
(2) SIEW CHU LEONG, age 61 is a Malaysia citizen
(3) SIEW CHU YON, age 63, is a Malaysia citizen
(4) SIEW SOO CHIN @ SIEW CHU CHING, age 68, is a Malaysia citizen
(5) SIOW CHOO KONG, age 66, is a Malaysia citizen
4. PARTICULARS OF THE LAND
The land is made up of two (2) pieces of adjoining of freehold agricultural land, categorised under Malay Reserved Land and held under:-
(1) Geran Mukim 645, Lot 2136
(2) Geran Mukim 439, Lot 2135
both in Mukim Petaling, Daerah Petaling. The land measures a total of approximately 2.968 acres
5. PURCHASE CONSIDERATION
The Purchase Consideration of RM4,137,155.00 was arrived at on a willing buyer, willing seller basis after taking into consideration the development potential of the Land.
No valuation was carried out on the Land. The Company is unable to disclose the net book value of the Land as it is not privy to this information.
6. EXTRACTS OF SALIENT TERMS OF THE AGREEMENT
The Purchase Consideration will be settled in the following manner:-
(1) Prior to the execution of the SPA, the Purchaser has paid an earnest deposit of Ringgit Malaysia Eighty Two Thousand Seven Hundred and Forty Three and cents Ten (RM82,743.10) equivalent to 2% of the Purchase Price (the Earnest Deposit) to the Vendors' Solicitors as stakeholders. Upon the execution of the SPA, the Vendors' Solicitors shall and are hereby authorised by the parties to release the Earnest Deposit to the Vendors. Upon the execution of the SPA, the Purchaser shall pay a balance deposit of Ringgit Malaysia Three Hundred and Thirty Thousand Nine Hundred and Seventy Two and Sen Forty (RM330,972.40) equivalent to 8% of the Purchase Price (the Balance Deposit) as follows:-
(A) A sum of Ringgit Malaysia Eighty Two Thousand Seven Hundred and Forty Three and Sen Ten (RM82,743.10) equivalent to 2% of the Purchase Price to the Purchaser's Solicitors as stakeholders; and
(B) A sum of Ringgit Malaysia Two Hundred and Forty Eight Thousand Two Hundred and Twenty Nine and Sen Thirty (RM248,229.30) to the Vendors.
and the Earnest Deposit and the Balance Deposit shall be treated as a deposit and in part payment of the Purchase Price.
(2) The Purchaser shall, on or before the Completion Date, pay the Balance Purchase Price to the Purchaser's Solicitors. Completion date shall be 4 months after the date of the SPA.
The Purchaser shall be entitled, at its option and by giving notice to the Vendors, to extend the Completion Date by 2 months, in which event the Purchaser shall pay interest to the Vendors, at a rate of 8% per annum calculated on a daily basis, on any outstanding part of the Balance Purchase Price during the period of the extension.
(3) The Purchaser's Solicitors are authorised to deal with and apply any monies received by them towards payment of the Purchase Price pursuant to the provisions of the SPA, in the following priority and manner:-
(i) first, to retain the Retention Sum for paying and settling all real property gain tax (if any);
(ii) secondly, to release the remaining balance, if any, then remaining, to the Vendors' Solicitors as stakeholders on the 3rd business day following the day upon which the Transfers Documents have been duly presented for registration at the Land Registry or to release such monies and all accrued interest thereon, immediately to the Purchaser if the Transfers Documents cannot be presented for registration or have been rejected for registration for any reason whatsoever;
(iii) thirdly, upon the Director General of Inland Revenue issuing a certificate of clearance pursuant to the provisions of Section 21A of the Real Property Gains Tax Act 1976 in respect of the disposal of the Lands, to release the Retention Sum, or any portion thereof remaining after payment in compliance with any directions from the Director General of Inland Revenue, to the Vendors' Solicitors.
4. Breach and Termination
(a) The Vendors shall be entitled, at any time, to give notice to the Purchaser terminating the SPA if the Purchaser defaults in the satisfaction of the Purchase Price in accordance with the provsions contained in the SPA
(b) The Purchaser shall be entitled, at any time, to give notice to the Vendors terminating the SPA if:-
(1) any of the Warranties is found at any time to be untrue or incorrect;
(2) the Vendors fail, neglect or refuse to complete the sale in accordance with the provisions of the SPA; or
(3) the Vendors fail, neglect or refuse to perform or comply with any of their obligations under the SPA
(c) in the event the SPA is being terminated by the Vendors:-
(1) the Deposit shall be forfeited in favour of the Vendors as agreed liquidated damages;
(2) the Purchaser's Solicitors are authorised to, and the Vendors shall ensure that the Vendors' Solicitors will, return any monies received by them as part of the Balance Purchase Price, and held by them as at the date, to the Purchaser;
(d) in the event that the SPA is being terminated by the Purchaser:-
(1) the Purchaser's Solicitors are authorised to, and the Vendors shall ensure that the Vendors' Solicitors will, return any monies received by them as part of the Deposit or the Balance Purchase Price, and held by them as at the date, to the Purchaser;
(2) the Vendors shall return any monies received by them as part of the Deposit or the Balance Purchase Price or otherwise to the Purchaser;
(3) the Vendors' Solicitors shall return any monies received by them and all accrued interest to the Purchaser;
(4) the Vendors shall pay an additional sum equivalent to 10% of the Purchase Price as agreed liquidated damages to the Purchaser;
(5) the Purchaser shall be at liberty to take such action in law as may be necessary to compel the Vendor by way of specific performance to complete the sale or purchase in accordance with the provisions of the SPA.
7. SOURCE OF FUNDING
The Company intends to fund the Proposed Acquisition through internally generated funds.
8. ASSUMPTION OF LIABILITY
There are no other liablities including contingent liability and guarantee, to be assumed by the Company arising for the Proposed Acquisition.
9. RATIONALE FOR THE ACQUISITION
The Land is acquired for future expansion and development. It is held as an investment as there is potential for appreciation in value due to the development in the vicinities.
10. FINANCIAL EFFECTS OF THE ACQUISITION
(a) Share Capital and Substantial Shareholders' Shareholdings
The Acquisition will not have any effect on the issued and paid-up share capital and substantial shareholders' shareholding of TSB as the purchase consideration is entirely in cash.
(b) Net Assets, Earnings and Gearing
The Acquisition is not expected to have any material impact on the net assets, earnings and gearing of the Group for the financial year ending 31 December 2011.
11. APPROVALS REQUIRED
The Acquisition is not subject to the approval of TSB's shareholders or any governmental authorities.
12. RISKS FACTORS
The economic value of the Land is subject to the risks inherent in the property market. These include, inter-alia changes in general economic, business and credit conditions and demand for properties. The Board of Directors do not foresee any other significant risks arising from the Acquisition.
13. COMPLETION OF THE ACQUISITION
Barring unforeseen circumstances, the Acquisition is expected to be completed in the 2nd quarter of the financial year ending 31 December 2011.
14. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors, major shareholders and persons connected with the Directors and/or major shareholders of TSB have any interest, direct or indirect, in the Acquisition.
15. DIRECTORS' RECOMMENDATION
The Board of Directors of TSB is of the opinion that the Acquisition is in the best interest to the Company.
16. PERCENTAGE RATIO
The highest percentage ration for this Acquisition is computed based on the audited financial statement of the Company as at 31 December 2009 is 18%.
17. DOCUMENTS AVAILABLE FOR INSPECTION
The SPA is available for inspection at the registered office of the Company at Wisma Hwa Lian, Ground floor, Jalan Zamrud 6, Taman Ko-op, 70200 Seremban Negeri Sembilan, during normal business hours from Mondays to Fridays (except for public holidays) for a period of three (3) months from the date of this announcement.
This announcement is dated 31 January 2011.
Company Name: TIGER SYNERGY BERHAD
Stock Name: TIGER
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: TIGER SYNERGY BERHAD - Purchase of Land via My-Harmony Development Sdn. Bhd., a wholly owned subsidiary of
Tiger Synergy Berhad
Contents: 1. INTRODUCTION
The Board of Directors of Tiger Synergy Berhad ("TSB" or "the Company") wishes to announce that MyHarmony Development Sdn. Bhd. (MDSB)(921361-M), a wholly-owned subsidiary of the Company has entered into the Sale and Purchase Agreement ("the SPA") for the acquisition of two (2) pieces of freehold agricultural land in BT 10 to Sg. Besi Road, free from encumbrances subject to all condition of title whether express or implied affecting the land ("the said Land") on 31 January 2011 for a total cash consideration of Ringgit Malaysia Four Million One Hundred Thirty Five Thousand and One Hundred Fifty Five (RM4,135,155.00) only ("Purchase Consideration") from (1) Sau Kia Sing @ Seow Chu Leong, (2) Siew Chu Leong, (3) Siew Chu Yon, (4) Siew Soo Chin @ Siew Chu Ching and (5) Siow Choo Kong ("the Vendors").
2. INFORMATION ON MDSB
MDSB is a wholly-owned subsidiary of TSB. MDSB was incorporated in Malaysia under the Companies Act 1965. The authorised share capital of MDSB is RM100,000 comprising of 100,000 ordinary shares of RM1.00 each of which 2 ordianry shares of RM1.00 each have been issued and fully paid up. The principal activity of MDSB is to carry out the business relating to property investment holding.
3. DETAILS OF THE VENDORS
(1) SAU KIA SING @ SEOW CHU LEONG, age 69 is a Malaysia citizen
(2) SIEW CHU LEONG, age 61 is a Malaysia citizen
(3) SIEW CHU YON, age 63, is a Malaysia citizen
(4) SIEW SOO CHIN @ SIEW CHU CHING, age 68, is a Malaysia citizen
(5) SIOW CHOO KONG, age 66, is a Malaysia citizen
4. PARTICULARS OF THE LAND
The land is made up of two (2) pieces of adjoining of freehold agricultural land, categorised under Malay Reserved Land and held under:-
(1) Geran Mukim 645, Lot 2136
(2) Geran Mukim 439, Lot 2135
both in Mukim Petaling, Daerah Petaling. The land measures a total of approximately 2.968 acres
5. PURCHASE CONSIDERATION
The Purchase Consideration of RM4,137,155.00 was arrived at on a willing buyer, willing seller basis after taking into consideration the development potential of the Land.
No valuation was carried out on the Land. The Company is unable to disclose the net book value of the Land as it is not privy to this information.
6. EXTRACTS OF SALIENT TERMS OF THE AGREEMENT
The Purchase Consideration will be settled in the following manner:-
(1) Prior to the execution of the SPA, the Purchaser has paid an earnest deposit of Ringgit Malaysia Eighty Two Thousand Seven Hundred and Forty Three and cents Ten (RM82,743.10) equivalent to 2% of the Purchase Price (the Earnest Deposit) to the Vendors' Solicitors as stakeholders. Upon the execution of the SPA, the Vendors' Solicitors shall and are hereby authorised by the parties to release the Earnest Deposit to the Vendors. Upon the execution of the SPA, the Purchaser shall pay a balance deposit of Ringgit Malaysia Three Hundred and Thirty Thousand Nine Hundred and Seventy Two and Sen Forty (RM330,972.40) equivalent to 8% of the Purchase Price (the Balance Deposit) as follows:-
(A) A sum of Ringgit Malaysia Eighty Two Thousand Seven Hundred and Forty Three and Sen Ten (RM82,743.10) equivalent to 2% of the Purchase Price to the Purchaser's Solicitors as stakeholders; and
(B) A sum of Ringgit Malaysia Two Hundred and Forty Eight Thousand Two Hundred and Twenty Nine and Sen Thirty (RM248,229.30) to the Vendors.
and the Earnest Deposit and the Balance Deposit shall be treated as a deposit and in part payment of the Purchase Price.
(2) The Purchaser shall, on or before the Completion Date, pay the Balance Purchase Price to the Purchaser's Solicitors. Completion date shall be 4 months after the date of the SPA.
The Purchaser shall be entitled, at its option and by giving notice to the Vendors, to extend the Completion Date by 2 months, in which event the Purchaser shall pay interest to the Vendors, at a rate of 8% per annum calculated on a daily basis, on any outstanding part of the Balance Purchase Price during the period of the extension.
(3) The Purchaser's Solicitors are authorised to deal with and apply any monies received by them towards payment of the Purchase Price pursuant to the provisions of the SPA, in the following priority and manner:-
(i) first, to retain the Retention Sum for paying and settling all real property gain tax (if any);
(ii) secondly, to release the remaining balance, if any, then remaining, to the Vendors' Solicitors as stakeholders on the 3rd business day following the day upon which the Transfers Documents have been duly presented for registration at the Land Registry or to release such monies and all accrued interest thereon, immediately to the Purchaser if the Transfers Documents cannot be presented for registration or have been rejected for registration for any reason whatsoever;
(iii) thirdly, upon the Director General of Inland Revenue issuing a certificate of clearance pursuant to the provisions of Section 21A of the Real Property Gains Tax Act 1976 in respect of the disposal of the Lands, to release the Retention Sum, or any portion thereof remaining after payment in compliance with any directions from the Director General of Inland Revenue, to the Vendors' Solicitors.
4. Breach and Termination
(a) The Vendors shall be entitled, at any time, to give notice to the Purchaser terminating the SPA if the Purchaser defaults in the satisfaction of the Purchase Price in accordance with the provsions contained in the SPA
(b) The Purchaser shall be entitled, at any time, to give notice to the Vendors terminating the SPA if:-
(1) any of the Warranties is found at any time to be untrue or incorrect;
(2) the Vendors fail, neglect or refuse to complete the sale in accordance with the provisions of the SPA; or
(3) the Vendors fail, neglect or refuse to perform or comply with any of their obligations under the SPA
(c) in the event the SPA is being terminated by the Vendors:-
(1) the Deposit shall be forfeited in favour of the Vendors as agreed liquidated damages;
(2) the Purchaser's Solicitors are authorised to, and the Vendors shall ensure that the Vendors' Solicitors will, return any monies received by them as part of the Balance Purchase Price, and held by them as at the date, to the Purchaser;
(d) in the event that the SPA is being terminated by the Purchaser:-
(1) the Purchaser's Solicitors are authorised to, and the Vendors shall ensure that the Vendors' Solicitors will, return any monies received by them as part of the Deposit or the Balance Purchase Price, and held by them as at the date, to the Purchaser;
(2) the Vendors shall return any monies received by them as part of the Deposit or the Balance Purchase Price or otherwise to the Purchaser;
(3) the Vendors' Solicitors shall return any monies received by them and all accrued interest to the Purchaser;
(4) the Vendors shall pay an additional sum equivalent to 10% of the Purchase Price as agreed liquidated damages to the Purchaser;
(5) the Purchaser shall be at liberty to take such action in law as may be necessary to compel the Vendor by way of specific performance to complete the sale or purchase in accordance with the provisions of the SPA.
7. SOURCE OF FUNDING
The Company intends to fund the Proposed Acquisition through internally generated funds.
8. ASSUMPTION OF LIABILITY
There are no other liablities including contingent liability and guarantee, to be assumed by the Company arising for the Proposed Acquisition.
9. RATIONALE FOR THE ACQUISITION
The Land is acquired for future expansion and development. It is held as an investment as there is potential for appreciation in value due to the development in the vicinities.
10. FINANCIAL EFFECTS OF THE ACQUISITION
(a) Share Capital and Substantial Shareholders' Shareholdings
The Acquisition will not have any effect on the issued and paid-up share capital and substantial shareholders' shareholding of TSB as the purchase consideration is entirely in cash.
(b) Net Assets, Earnings and Gearing
The Acquisition is not expected to have any material impact on the net assets, earnings and gearing of the Group for the financial year ending 31 December 2011.
11. APPROVALS REQUIRED
The Acquisition is not subject to the approval of TSB's shareholders or any governmental authorities.
12. RISKS FACTORS
The economic value of the Land is subject to the risks inherent in the property market. These include, inter-alia changes in general economic, business and credit conditions and demand for properties. The Board of Directors do not foresee any other significant risks arising from the Acquisition.
13. COMPLETION OF THE ACQUISITION
Barring unforeseen circumstances, the Acquisition is expected to be completed in the 2nd quarter of the financial year ending 31 December 2011.
14. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors, major shareholders and persons connected with the Directors and/or major shareholders of TSB have any interest, direct or indirect, in the Acquisition.
15. DIRECTORS' RECOMMENDATION
The Board of Directors of TSB is of the opinion that the Acquisition is in the best interest to the Company.
16. PERCENTAGE RATIO
The highest percentage ration for this Acquisition is computed based on the audited financial statement of the Company as at 31 December 2009 is 18%.
17. DOCUMENTS AVAILABLE FOR INSPECTION
The SPA is available for inspection at the registered office of the Company at Wisma Hwa Lian, Ground floor, Jalan Zamrud 6, Taman Ko-op, 70200 Seremban Negeri Sembilan, during normal business hours from Mondays to Fridays (except for public holidays) for a period of three (3) months from the date of this announcement.
This announcement is dated 31 January 2011.
RUBEREX - Additional Listing Announcement
Announcement Type: Additional Listing Announcement (ALA)
Company Name: RUBBEREX CORPORATION (M) BERHAD
Stock Name: RUBEREX
Date Announced: 31/01/2011
Announcement Detail:
Whether the corporate proposal involves the issuance of new type and new class of securities?: No
Types of corporate proposal: Others
Details of corporate proposal: Conversion of Irredeemable Convertible Unsecured Loan Stocks 2007/2012 ("ICULS") to Ordinary Shares
No. of shares issued under this corporate proposal: 35,294
Issue price per share ($$): MYR 0.850
Par Value ($$): MYR 0.500
Units: 202,191,082
Currency: MYR 101,095,541.000
Listing Date: 02/02/2011
Company Name: RUBBEREX CORPORATION (M) BERHAD
Stock Name: RUBEREX
Date Announced: 31/01/2011
Announcement Detail:
Whether the corporate proposal involves the issuance of new type and new class of securities?: No
Types of corporate proposal: Others
Details of corporate proposal: Conversion of Irredeemable Convertible Unsecured Loan Stocks 2007/2012 ("ICULS") to Ordinary Shares
No. of shares issued under this corporate proposal: 35,294
Issue price per share ($$): MYR 0.850
Par Value ($$): MYR 0.500
Units: 202,191,082
Currency: MYR 101,095,541.000
Listing Date: 02/02/2011
SAPCRES - OTHERS: CONTRACTS FOR THE DEVELOPMENT AND PRODUCTION OF PETROLEUM RESOURCES FROM BERANTAI FIELD
Announcement Type: General Announcement
Company Name: SAPURACREST PETROLEUM BERHAD
Stock Name: SAPCRES
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: CONTRACTS FOR THE DEVELOPMENT AND PRODUCTION OF PETROLEUM RESOURCES FROM BERANTAI FIELD
Company Name: SAPURACREST PETROLEUM BERHAD
Stock Name: SAPCRES
Date Announced: 31/01/2011
Announcement Detail:
Type: Announcement
Subject: OTHERS
Description: CONTRACTS FOR THE DEVELOPMENT AND PRODUCTION OF PETROLEUM RESOURCES FROM BERANTAI FIELD
No comments:
Post a Comment