MCMTECH - General Announcement
Announcement Type: General Announcement
Company Name: MCM TECHNOLOGIES BERHAD (ACE Market)
Stock Name: MCMTECH
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: MCM TECHNOLOGIES BERHAD ("MCMTECH" OR THE "COMPANY")
- Receipt of Notice of Conditional Voluntary Take-Over Offer
Contents: The Board of Directors of MCMTech ("Board") wishes to announce that the Company had on 23 September 2010 received a notice of conditional voluntary take-over offer ("Notice") from ECM Libra Investment Bank Berhad on behalf of Mezzanine Capital (Malaysia) Sdn Bhd (the "Offeror") to acquire all the remaining ordinary shares of RM0.10 each in MCMTech ("MCMTech Shares") not already owned by the Offeror and all the new MCMTech Shares that may be issued prior to the closing of the offer arising from the exercise of outstanding options granted pursuant to MCMTech's employees' share option scheme ("MCMTech ESOS") (collectively "Offer Shares") at a cash consideration of RM0.13 per Offer Share ("Offer").
The Board has deliberated on the Notice and does not intend to seek an alternative person to make a take-over offer for the Offer Shares.
In accordance with the Malaysian Code on Take-overs and Mergers 1998, the Board has appointed Hong Leong Investment Bank Berhad ("HLIB") as the Independent Adviser to advice the Independent Directors and holders of MCMTech Shares on the reasonableness of the Offer. The appointment of HLIB is subject to the approval of the Securities Commission.
A copy of the Notice will be posted to the holders of MCMTech Shares and holders of MCMTech ESOS within seven (7) days of its receipt. The Notice is attached herewith.
This announcement is dated 24 September 2010.
Attachments: Notice.pdf
Company Name: MCM TECHNOLOGIES BERHAD (ACE Market)
Stock Name: MCMTECH
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: MCM TECHNOLOGIES BERHAD ("MCMTECH" OR THE "COMPANY")
- Receipt of Notice of Conditional Voluntary Take-Over Offer
Contents: The Board of Directors of MCMTech ("Board") wishes to announce that the Company had on 23 September 2010 received a notice of conditional voluntary take-over offer ("Notice") from ECM Libra Investment Bank Berhad on behalf of Mezzanine Capital (Malaysia) Sdn Bhd (the "Offeror") to acquire all the remaining ordinary shares of RM0.10 each in MCMTech ("MCMTech Shares") not already owned by the Offeror and all the new MCMTech Shares that may be issued prior to the closing of the offer arising from the exercise of outstanding options granted pursuant to MCMTech's employees' share option scheme ("MCMTech ESOS") (collectively "Offer Shares") at a cash consideration of RM0.13 per Offer Share ("Offer").
The Board has deliberated on the Notice and does not intend to seek an alternative person to make a take-over offer for the Offer Shares.
In accordance with the Malaysian Code on Take-overs and Mergers 1998, the Board has appointed Hong Leong Investment Bank Berhad ("HLIB") as the Independent Adviser to advice the Independent Directors and holders of MCMTech Shares on the reasonableness of the Offer. The appointment of HLIB is subject to the approval of the Securities Commission.
A copy of the Notice will be posted to the holders of MCMTech Shares and holders of MCMTech ESOS within seven (7) days of its receipt. The Notice is attached herewith.
This announcement is dated 24 September 2010.
Attachments: Notice.pdf
SUNWAY - General Announcement
Announcement Type: General Announcement
Company Name: SUNWAY HOLDINGS BERHAD
Stock Name: SUNWAY
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: SUNWAY HOLDINGS BERHAD ("SUNWAY")
- JOINT VENTURE AGREEMENT BETWEEN SUNWAYMAS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF SUNWAY AND DASA TOURIST COMPLEX (PRIVATE) LIMITED
Contents: 1. INTRODUCTION
The Board of Directors of Sunway wishes to announce that SunwayMas Sdn Bhd ("SunwayMas"), a wholly-owned subsidiary of Sunway has on 24 September 2010, entered into a Joint Venture Agreement ("JVA") with Dasa Tourist Complex (Private) Limited ("Dasa Tourist") to undertake a mixed development comprising at least 318,000 sq ft of net saleable areas of residential units and 60,000 sq ft of net saleable areas of commercial units in Colombo city in the Democratic Socialist Republic of Sri Lanka ("Proposed Development") via a joint venture company ("JV Co.") to be incorporated in the Democratic Socialist Republic of Sri Lanka [hereinafter referred to as "the Proposed Joint Venture"].
2. INFORMATION ON SUNWAYMAS AND DASA TOURIST
2.1 SUNWAYMAS
SunwayMas is a company incorporated in Malaysia and having its registered office at Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul Ehsan. The authorised and paid-up share capital of SunwayMas are RM10,000,000/- and RM7,642,120/- respectively. The principal activity of SunwayMas is property and housing development.
2.2 DASA TOURIST
Dasa Tourist is a company incorporated in the Democratic Socialist Republic of Sri Lanka and having its registered office at 31 Kandy Road, Dalugama, Kelaniya, Democratic Socialist Republic of Sri Lanka. The principal activity of Dasa Tourist is manufacturing of textile and garment.
3. SALIENT TERMS OF THE JVA
SunwayMas and Dasa Tourist have entered into the JVA to undertake the Proposed Development as well as to record their joint venture arrangement and their rights and obligations as shareholders in the JV Co.
The proposed shareholding structure of the JV Co. is as follows:-
SunwayMas - 65%
Dasa Tourist - 35%
The Proposed Development is located on a plot of prime freehold land in the premium mixed-use zone of Bambalapitiya in District Colombo 4. The estimated gross development value of the Proposed Development is approximately US$80 million (equivalent to approximately RM250 million).
4. LIABILITIES TO BE ASSUMED
There are no liabilities (including contingent liabilities and guarantees) to be assumed by Sunway arising from the Proposed Joint Venture.
5. RATIONALE
Sunway is constantly on the look out for new investments. The Group has been in India for more than 10 years and the opening of the Sri Lanka economy to foreign investment and expertise allows expansion of Sunway's geographical footprint to Sri Lanka which has a higher foreign currency rating as compared to India.
The Proposed Development enables Sunway to expand into an exciting new market and increase the size of its landbank for the purpose of property development.
The Proposed Development is strategically located on a plot of prime freehold land of about 1.14 acres in the premium mixed-use zone of Bambalapitiya in District Colombo 4, close to Bambalapitiya railway station, prominent retail developments such as Majestic City and Unity Plaza, and 10 minutes away from the West Indian Ocean. The Proposed Development, comprising high-rise residential and retails, offers excellent view of the West Indian Ocean and Colombo city view and is expected to be launched by the 2nd quarter of 2011. This fits into Sunway's strategy of focusing on niche residential projects with fast turnaround time.
6. PROSPECTS
Following the defeat of the Liberation Tigers of Tamil Eelam in May 2009, Sri Lanka is now enjoying its 'peace dividend' with the economy expected to grow by 5.5% and 6.5% in 2010 and 2011 respectively (Source: IMF World Economic Outlook April 2010).
With political stability, renewed confidence in the future of the country and rising incomes, it is envisaged that Sri Lanka is at the beginning of a property boom cycle. Demands for high quality residences, tourist facilities and commercial properties are expected to increase rapidly as a result of strong domestic consumption, return of wealth by overseas Sri Lankan, foreign direct investments and to replace properties worn by decades of conflict.
7. FEASIBILITY STUDY
A feasibility study was conducted by a team comprising staff with expertise in engineering, marketing and corporate finance to study the viability of the Proposed Development. A well-established global real estate consultant, lawyers and architect were also engaged to provide their professional view on the Proposed Development. The study by both teams includes Sri Lanka and Colombo overview, foreign investments policy and framework, regulatory environment, site and location analysis, real estate market study, proposed development components, competitors' analysis of adjacent developments as well as financing requirements of the Proposed Joint Venture.
Based on the results of the feasibility study, Sunway is of the view that after taking the risks into account, the expected benefits are sufficiently attractive to proceed with the Proposed Development.
8. RISKS FACTORS
The property development industry is cyclical in nature. The achievability of future earnings is highly dependent on inter alia, the location and type of development, ability to obtain relevant approvals, performance of building contractors as well as general political, social and economic conditions.
SunwayMas seeks to manage these risks by partnering an established, local company with a long-standing reputation.
9. SOURCE OF FUNDS
SunwayMas will fund its investment in the JV Co. through bank borrowings and internally generated funds.
10. EFFECTS OF THE PROPOSED JOINT VENTURE
10.1 On Share Capital and Substantial Shareholders' Shareholding
The Proposed Joint Venture will not have any effect on the share capital and substantial shareholders' shareholding of Sunway as the Proposed Joint Venture does not involve any allotment or issuance of new shares by Sunway.
10.2 On Earnings Per Share, Net Assets Per Share and Gearing
The Proposed Joint Venture is not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of Sunway for the current financial year ending 31 December 2010 but is expected to contribute positively to the future earnings of Sunway Group.
11. APPROVALS REQUIRED
The Proposed Joint Venture does not require approval from the shareholders of Sunway or any government authorities in Malaysia but the Proposed Joint Venture and Proposed Development are subject to approval of the relevant authorities in the Democratic Socialist Republic of Sri Lanka.
12. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
Insofar as the Directors are aware, none of the directors or major shareholders of Sunway or persons connected with them has any interest, whether direct or indirect, in the Proposed Joint Venture.
13. STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors of Sunway is of the opinion that the Proposed Joint Venture is in the best interests of Sunway Group.
14. DOCUMENT AVAILABLE FOR INSPECTION
The JVA is available for inspection at the registered office of Sunway at Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul Ehsan during normal business hours (9.00 a.m. to 6.00 p.m.) from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.
This announcement is dated 24 September 2010.
Company Name: SUNWAY HOLDINGS BERHAD
Stock Name: SUNWAY
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: SUNWAY HOLDINGS BERHAD ("SUNWAY")
- JOINT VENTURE AGREEMENT BETWEEN SUNWAYMAS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF SUNWAY AND DASA TOURIST COMPLEX (PRIVATE) LIMITED
Contents: 1. INTRODUCTION
The Board of Directors of Sunway wishes to announce that SunwayMas Sdn Bhd ("SunwayMas"), a wholly-owned subsidiary of Sunway has on 24 September 2010, entered into a Joint Venture Agreement ("JVA") with Dasa Tourist Complex (Private) Limited ("Dasa Tourist") to undertake a mixed development comprising at least 318,000 sq ft of net saleable areas of residential units and 60,000 sq ft of net saleable areas of commercial units in Colombo city in the Democratic Socialist Republic of Sri Lanka ("Proposed Development") via a joint venture company ("JV Co.") to be incorporated in the Democratic Socialist Republic of Sri Lanka [hereinafter referred to as "the Proposed Joint Venture"].
2. INFORMATION ON SUNWAYMAS AND DASA TOURIST
2.1 SUNWAYMAS
SunwayMas is a company incorporated in Malaysia and having its registered office at Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul Ehsan. The authorised and paid-up share capital of SunwayMas are RM10,000,000/- and RM7,642,120/- respectively. The principal activity of SunwayMas is property and housing development.
2.2 DASA TOURIST
Dasa Tourist is a company incorporated in the Democratic Socialist Republic of Sri Lanka and having its registered office at 31 Kandy Road, Dalugama, Kelaniya, Democratic Socialist Republic of Sri Lanka. The principal activity of Dasa Tourist is manufacturing of textile and garment.
3. SALIENT TERMS OF THE JVA
SunwayMas and Dasa Tourist have entered into the JVA to undertake the Proposed Development as well as to record their joint venture arrangement and their rights and obligations as shareholders in the JV Co.
The proposed shareholding structure of the JV Co. is as follows:-
SunwayMas - 65%
Dasa Tourist - 35%
The Proposed Development is located on a plot of prime freehold land in the premium mixed-use zone of Bambalapitiya in District Colombo 4. The estimated gross development value of the Proposed Development is approximately US$80 million (equivalent to approximately RM250 million).
4. LIABILITIES TO BE ASSUMED
There are no liabilities (including contingent liabilities and guarantees) to be assumed by Sunway arising from the Proposed Joint Venture.
5. RATIONALE
Sunway is constantly on the look out for new investments. The Group has been in India for more than 10 years and the opening of the Sri Lanka economy to foreign investment and expertise allows expansion of Sunway's geographical footprint to Sri Lanka which has a higher foreign currency rating as compared to India.
The Proposed Development enables Sunway to expand into an exciting new market and increase the size of its landbank for the purpose of property development.
The Proposed Development is strategically located on a plot of prime freehold land of about 1.14 acres in the premium mixed-use zone of Bambalapitiya in District Colombo 4, close to Bambalapitiya railway station, prominent retail developments such as Majestic City and Unity Plaza, and 10 minutes away from the West Indian Ocean. The Proposed Development, comprising high-rise residential and retails, offers excellent view of the West Indian Ocean and Colombo city view and is expected to be launched by the 2nd quarter of 2011. This fits into Sunway's strategy of focusing on niche residential projects with fast turnaround time.
6. PROSPECTS
Following the defeat of the Liberation Tigers of Tamil Eelam in May 2009, Sri Lanka is now enjoying its 'peace dividend' with the economy expected to grow by 5.5% and 6.5% in 2010 and 2011 respectively (Source: IMF World Economic Outlook April 2010).
With political stability, renewed confidence in the future of the country and rising incomes, it is envisaged that Sri Lanka is at the beginning of a property boom cycle. Demands for high quality residences, tourist facilities and commercial properties are expected to increase rapidly as a result of strong domestic consumption, return of wealth by overseas Sri Lankan, foreign direct investments and to replace properties worn by decades of conflict.
7. FEASIBILITY STUDY
A feasibility study was conducted by a team comprising staff with expertise in engineering, marketing and corporate finance to study the viability of the Proposed Development. A well-established global real estate consultant, lawyers and architect were also engaged to provide their professional view on the Proposed Development. The study by both teams includes Sri Lanka and Colombo overview, foreign investments policy and framework, regulatory environment, site and location analysis, real estate market study, proposed development components, competitors' analysis of adjacent developments as well as financing requirements of the Proposed Joint Venture.
Based on the results of the feasibility study, Sunway is of the view that after taking the risks into account, the expected benefits are sufficiently attractive to proceed with the Proposed Development.
8. RISKS FACTORS
The property development industry is cyclical in nature. The achievability of future earnings is highly dependent on inter alia, the location and type of development, ability to obtain relevant approvals, performance of building contractors as well as general political, social and economic conditions.
SunwayMas seeks to manage these risks by partnering an established, local company with a long-standing reputation.
9. SOURCE OF FUNDS
SunwayMas will fund its investment in the JV Co. through bank borrowings and internally generated funds.
10. EFFECTS OF THE PROPOSED JOINT VENTURE
10.1 On Share Capital and Substantial Shareholders' Shareholding
The Proposed Joint Venture will not have any effect on the share capital and substantial shareholders' shareholding of Sunway as the Proposed Joint Venture does not involve any allotment or issuance of new shares by Sunway.
10.2 On Earnings Per Share, Net Assets Per Share and Gearing
The Proposed Joint Venture is not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of Sunway for the current financial year ending 31 December 2010 but is expected to contribute positively to the future earnings of Sunway Group.
11. APPROVALS REQUIRED
The Proposed Joint Venture does not require approval from the shareholders of Sunway or any government authorities in Malaysia but the Proposed Joint Venture and Proposed Development are subject to approval of the relevant authorities in the Democratic Socialist Republic of Sri Lanka.
12. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
Insofar as the Directors are aware, none of the directors or major shareholders of Sunway or persons connected with them has any interest, whether direct or indirect, in the Proposed Joint Venture.
13. STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors of Sunway is of the opinion that the Proposed Joint Venture is in the best interests of Sunway Group.
14. DOCUMENT AVAILABLE FOR INSPECTION
The JVA is available for inspection at the registered office of Sunway at Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul Ehsan during normal business hours (9.00 a.m. to 6.00 p.m.) from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.
This announcement is dated 24 September 2010.
PACMAS - General Announcement
Announcement Type: General Announcement
Company Name: PACIFICMAS BERHAD
Stock Name: PACMAS
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: PACIFICMAS BERHAD ("PacificMas" or "the Company")
Non-Compliance with Public Shareholding Spread Requirement Pursuant to Paragraph 8.02(1) of Bursa Malaysia Securities Berhad's Main Market Listing Requirements ("Public Shareholding Spread")
Contents: We refer to our announcement dated 24 June 2010 which stated, amongst others that, PacificMas had received approval from Bursa Malaysia Securities Berhad ("Bursa Securities") for a further extension of time for a period of three (3) months until 25 September 2010 to comply with the Public Shareholding Spread.
On 9 September 2010, PacificMas submitted an application to Bursa Securities to allow PacificMas a further extension of time of six (6) months from 26 September 2010 until 25 March 2011 to comply with the Public Shareholding Spread, highlighting inter alia that:-
(i)OCBC Capital (Malaysia) Sdn Bhd ("OCSB"), a substantial shareholder and holding company of PacificMas, had sold down its shareholdings by 6.1 million ordinary shares in PacificMas on 9 June 2009, thus reducing its total shareholdings in PacificMas from 67.07% to 63.50%;
(ii)After the disposal of the above shares by OCSB, PacificMas remained not in compliance with the Public Shareholding Spread; and
(iii)OCSB would further sell down part of its shareholdings in PacificMas in order to comply with the Public Shareholding Spread and that OCSB would require additional time to implement the rectification plan in view of the proposed disposal of the insurance business by PacificMas.
On 24 September 2010, PacificMas received a letter from Bursa Securities approving a further extension of time for a period of three (3) months from 26 September 2010 to 25 December 2010 to comply with the Public Shareholding Spread.
Based on the Company's Record of Depositors as at 30 August 2010, the public shareholding spread of PacificMas was 20.04%. Accordingly, PacificMas does not comply with the Public Shareholding Spread as less than 25% of its total listed shares are in the hands of public shareholders.
This announcement is dated 24 September 2010.
Company Name: PACIFICMAS BERHAD
Stock Name: PACMAS
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: PACIFICMAS BERHAD ("PacificMas" or "the Company")
Non-Compliance with Public Shareholding Spread Requirement Pursuant to Paragraph 8.02(1) of Bursa Malaysia Securities Berhad's Main Market Listing Requirements ("Public Shareholding Spread")
Contents: We refer to our announcement dated 24 June 2010 which stated, amongst others that, PacificMas had received approval from Bursa Malaysia Securities Berhad ("Bursa Securities") for a further extension of time for a period of three (3) months until 25 September 2010 to comply with the Public Shareholding Spread.
On 9 September 2010, PacificMas submitted an application to Bursa Securities to allow PacificMas a further extension of time of six (6) months from 26 September 2010 until 25 March 2011 to comply with the Public Shareholding Spread, highlighting inter alia that:-
(i)OCBC Capital (Malaysia) Sdn Bhd ("OCSB"), a substantial shareholder and holding company of PacificMas, had sold down its shareholdings by 6.1 million ordinary shares in PacificMas on 9 June 2009, thus reducing its total shareholdings in PacificMas from 67.07% to 63.50%;
(ii)After the disposal of the above shares by OCSB, PacificMas remained not in compliance with the Public Shareholding Spread; and
(iii)OCSB would further sell down part of its shareholdings in PacificMas in order to comply with the Public Shareholding Spread and that OCSB would require additional time to implement the rectification plan in view of the proposed disposal of the insurance business by PacificMas.
On 24 September 2010, PacificMas received a letter from Bursa Securities approving a further extension of time for a period of three (3) months from 26 September 2010 to 25 December 2010 to comply with the Public Shareholding Spread.
Based on the Company's Record of Depositors as at 30 August 2010, the public shareholding spread of PacificMas was 20.04%. Accordingly, PacificMas does not comply with the Public Shareholding Spread as less than 25% of its total listed shares are in the hands of public shareholders.
This announcement is dated 24 September 2010.
DAYANG - DEALINGS IN SECURITIES BY PRINCIPAL OFFICER OUTSIDE CLOSED PERIOD
Announcement Type: General Announcement
Company Name: DAYANG ENTERPRISE HOLDINGS BERHAD
Stock Name: DAYANG
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: DEALINGS IN SECURITIES BY PRINCIPAL OFFICER OUTSIDE CLOSED PERIOD
Contents: Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the following Principal Officer of the Company has dealt in the securities of the Company as set out in the table below :-
Company Name: DAYANG ENTERPRISE HOLDINGS BERHAD
Stock Name: DAYANG
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: DEALINGS IN SECURITIES BY PRINCIPAL OFFICER OUTSIDE CLOSED PERIOD
Contents: Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the following Principal Officer of the Company has dealt in the securities of the Company as set out in the table below :-
MESB - General Announcement
Announcement Type: General Announcement
Company Name: MESB BERHAD
Stock Name: MESB
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: MESB BERHAD ("MESB" or "the Company")
Memorandum of Understanding ("MOU") between MESB Development Sdn Bhd (197822-T) and Uniutama Management Holdings Sdn Bhd (483831-M) ("UMHSB")
Contents: 1. INTRODUCTION
The Board of Directors of MESB wishes to announce that MESB Development Sdn Bhd ("MESBDSB"), a wholly-owned subsidiary of the Company had on 23 September 2010 entered into a MOU with the UMHSB.
2. DETAILS OF THE MOU
2.1 Objectives of the MOU
UMHSB is a company incorporated in Malaysia and having its business address in Kedah, is a wholly-owned subsidiary of the Universiti Utara Malaysia, a public university established under the Universities And University Colleges Act 1971 (Act 30) ("UUM"), who is desirous to provide accomodation nearby the existing campus of UUM to its students and for that purpose UUM has agreed to grant UMHSB a concession period of 25 years to design, build, operate, lease and transfer to UUM such accommodation in the agreed building design upon the expiry of the said concession period with a consideration by UUM to pay the lease on quarterly basis in advance through the Concession Period ("hereinafter referred to as "the Project").
2.2 Salient Terms of the MOU
The salient terms of the MOU are as follows:-
2.2.1 Basis of Understanding
? Upon receiving the Concession from UUM to enter into a back to back Concession Agreement to assign UMHSB's rights under the Principle Concession to MESBDSB to enable MESBDSB to carry out the UMHSB's role and complete all agreed building in the said Project and deliver all completed building and Apartment for the use of UUM.
? MESBDSB is to develop an identified location by erecting thereon a few blocks of apartment to be utilized as hostel for students' accommodation specifically for UUM in accordance with the layout plan, buildings plan and specifications to be approved by the relevant local authorities and/or other appropriate authorities as specified to the said Project.
? MESBDSB shall contribute capital in terms of monetary and financial to purchase the said Land and proceed to complete the Project.
? MESBDSB be appointed as the main contractor for the said Project upon the execution of the Concession Agreement between the UUM and UMHSB.
2.2.2 Duration of the MOU
The MOU shall continue in force and remain in full force and effective for 12 months from the date of MOU
3. FINANCIAL EFFECTS OF THE MOU
The MOU is not expected to have any material effect on the financial results of MESB for the current financial year ending 31 March 2011. However, the MOU may contribute positively to the future earnings of MESB Group.
4. RISK FACTORS
The MOU is subject to normal business risks.
5. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST
None of the Directors and major shareholders of MESB or any persons connected to them has any interest, direct or indirect in the MOU.
6. STATEMENT BY DIRECTORS
The Board of Directors of MESB is of the opinion that the MOU is in the best interest of the Group.
7. APPROVALS REQUIRED
The MOU is not subject to the approval of the shareholders of MESB or any regulatory authorities.
8. DOCUMENT AVAILABLE FOR INSPECTION
The MOU is available for inspection at the registered office of the Company at 10th Floor, Menara Hap Seng, No. 1 & 3, Jalan P. Ramlee, 50250 Kuala Lumpur during normal business hours from Monday to Friday (except public holidays), for a period of one (1) month from the date of this announcement.
This announcement is dated 24 September 2010.
Company Name: MESB BERHAD
Stock Name: MESB
Date Announced: 24/09/2010
Announcement Detail:
Type: Announcement
Subject: MESB BERHAD ("MESB" or "the Company")
Memorandum of Understanding ("MOU") between MESB Development Sdn Bhd (197822-T) and Uniutama Management Holdings Sdn Bhd (483831-M) ("UMHSB")
Contents: 1. INTRODUCTION
The Board of Directors of MESB wishes to announce that MESB Development Sdn Bhd ("MESBDSB"), a wholly-owned subsidiary of the Company had on 23 September 2010 entered into a MOU with the UMHSB.
2. DETAILS OF THE MOU
2.1 Objectives of the MOU
UMHSB is a company incorporated in Malaysia and having its business address in Kedah, is a wholly-owned subsidiary of the Universiti Utara Malaysia, a public university established under the Universities And University Colleges Act 1971 (Act 30) ("UUM"), who is desirous to provide accomodation nearby the existing campus of UUM to its students and for that purpose UUM has agreed to grant UMHSB a concession period of 25 years to design, build, operate, lease and transfer to UUM such accommodation in the agreed building design upon the expiry of the said concession period with a consideration by UUM to pay the lease on quarterly basis in advance through the Concession Period ("hereinafter referred to as "the Project").
2.2 Salient Terms of the MOU
The salient terms of the MOU are as follows:-
2.2.1 Basis of Understanding
? Upon receiving the Concession from UUM to enter into a back to back Concession Agreement to assign UMHSB's rights under the Principle Concession to MESBDSB to enable MESBDSB to carry out the UMHSB's role and complete all agreed building in the said Project and deliver all completed building and Apartment for the use of UUM.
? MESBDSB is to develop an identified location by erecting thereon a few blocks of apartment to be utilized as hostel for students' accommodation specifically for UUM in accordance with the layout plan, buildings plan and specifications to be approved by the relevant local authorities and/or other appropriate authorities as specified to the said Project.
? MESBDSB shall contribute capital in terms of monetary and financial to purchase the said Land and proceed to complete the Project.
? MESBDSB be appointed as the main contractor for the said Project upon the execution of the Concession Agreement between the UUM and UMHSB.
2.2.2 Duration of the MOU
The MOU shall continue in force and remain in full force and effective for 12 months from the date of MOU
3. FINANCIAL EFFECTS OF THE MOU
The MOU is not expected to have any material effect on the financial results of MESB for the current financial year ending 31 March 2011. However, the MOU may contribute positively to the future earnings of MESB Group.
4. RISK FACTORS
The MOU is subject to normal business risks.
5. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST
None of the Directors and major shareholders of MESB or any persons connected to them has any interest, direct or indirect in the MOU.
6. STATEMENT BY DIRECTORS
The Board of Directors of MESB is of the opinion that the MOU is in the best interest of the Group.
7. APPROVALS REQUIRED
The MOU is not subject to the approval of the shareholders of MESB or any regulatory authorities.
8. DOCUMENT AVAILABLE FOR INSPECTION
The MOU is available for inspection at the registered office of the Company at 10th Floor, Menara Hap Seng, No. 1 & 3, Jalan P. Ramlee, 50250 Kuala Lumpur during normal business hours from Monday to Friday (except public holidays), for a period of one (1) month from the date of this announcement.
This announcement is dated 24 September 2010.
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