MYETFDJ - MYETF DOW JONES ISLAMIC MARKET MALAYSIA TITANS 25 - Valuation Point as at 26-11-2010
Announcement Type: General Announcement
Company Name: MYETF DOW JONES ISLAMIC MARKET MALAYSIA TITANS 25
Stock Name: MYETFDJ
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: MYETF DOW JONES ISLAMIC MARKET MALAYSIA TITANS 25 - Valuation Point as at 26-11-2010
Contents: Fund: MYETFDJ
NAV per unit (RM): 0.9337
Units in Circulation (units): 660,000,000
Manager's Fee (%p.a):0.40
Trustee's Fee (%p.a):0.05
License Fee (%p.a):0.04
DJIM25 Index: 834.98
Attachments: Daily Fund Values 261110.pdf
Company Name: MYETF DOW JONES ISLAMIC MARKET MALAYSIA TITANS 25
Stock Name: MYETFDJ
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: MYETF DOW JONES ISLAMIC MARKET MALAYSIA TITANS 25 - Valuation Point as at 26-11-2010
Contents: Fund: MYETFDJ
NAV per unit (RM): 0.9337
Units in Circulation (units): 660,000,000
Manager's Fee (%p.a):0.40
Trustee's Fee (%p.a):0.05
License Fee (%p.a):0.04
DJIM25 Index: 834.98
Attachments: Daily Fund Values 261110.pdf
PMHLDG - Quarterly rpt on consolidated results for the financial period ended 30/9/2010
Announcement Type: Financial Results
Company Name: PAN MALAYSIA HOLDINGS BERHAD
Stock Name: PMHLDG
Date Announced: 26/11/2010
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 3
Quarterly report for the financial period ended: 30/09/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
Company Name: PAN MALAYSIA HOLDINGS BERHAD
Stock Name: PMHLDG
Date Announced: 26/11/2010
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 3
Quarterly report for the financial period ended: 30/09/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
PMCAP - General Announcement
Announcement Type: General Announcement
Company Name: PAN MALAYSIA CAPITAL BERHAD
Stock Name: PMCAP
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: PROVISION OF FINANCIAL ASSISTANCE PURSUANT TO PARAGRAPHS 3.1 AND 3.3 OF PRACTICE NOTE NO.11/2001 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD
Contents: Pursuant to paragraph 3.1 of Practice Note No.11/2001 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Listing Requirements"), Pan Malaysia Capital Berhad ("Company") wishes to announce that Miranex Sdn Bhd, a wholly-owned subsidiary of the Company, has not provided any financial assistance during the reporting quarter ended 30 September 2010.
In accordance with paragraph 3.3 of Practice Note No.11/2001 of the Listing Requirements, we attach herewith the quarterly report which had been separately announced earlier on 11 October 2010 pursuant to paragraph 8.23(2)(e) of the Listing Requirements.
Attachments: PMCAP para 8 23(2)(e) of LR(v2).pdf
Company Name: PAN MALAYSIA CAPITAL BERHAD
Stock Name: PMCAP
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: PROVISION OF FINANCIAL ASSISTANCE PURSUANT TO PARAGRAPHS 3.1 AND 3.3 OF PRACTICE NOTE NO.11/2001 OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD
Contents: Pursuant to paragraph 3.1 of Practice Note No.11/2001 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Listing Requirements"), Pan Malaysia Capital Berhad ("Company") wishes to announce that Miranex Sdn Bhd, a wholly-owned subsidiary of the Company, has not provided any financial assistance during the reporting quarter ended 30 September 2010.
In accordance with paragraph 3.3 of Practice Note No.11/2001 of the Listing Requirements, we attach herewith the quarterly report which had been separately announced earlier on 11 October 2010 pursuant to paragraph 8.23(2)(e) of the Listing Requirements.
Attachments: PMCAP para 8 23(2)(e) of LR(v2).pdf
PMCAP - Quarterly rpt on consolidated results for the financial period ended 30/9/2010
Announcement Type: Financial Results
Company Name: PAN MALAYSIA CAPITAL BERHAD
Stock Name: PMCAP
Date Announced: 26/11/2010
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 3
Quarterly report for the financial period ended: 30/09/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
Company Name: PAN MALAYSIA CAPITAL BERHAD
Stock Name: PMCAP
Date Announced: 26/11/2010
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 3
Quarterly report for the financial period ended: 30/09/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
OSK - Quarterly rpt on consolidated results for the financial period ended 30/9/2010
Announcement Type: Financial Results
Company Name: OSK HOLDINGS BERHAD
Stock Name: OSK
Date Announced: 26/11/2010
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 3
Quarterly report for the financial period ended: 30/09/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
Company Name: OSK HOLDINGS BERHAD
Stock Name: OSK
Date Announced: 26/11/2010
Announcement Detail:
Financial Year End: 31/12/2010
Quarter: 3
Quarterly report for the financial period ended: 30/09/2010
The figures: have not been audited
Currency: Malaysian Ringgit (MYR)
SWEEJOO - General Announcement
Announcement Type: General Announcement
Company Name: SWEE JOO BERHAD
Stock Name: SWEEJOO
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: SWEE JOO BERHAD ("SJB" OR "COMPANY")
MEMORANDUM OF UNDERSTANDING ("MOU") BETWEEN THE COMPANY, MTT SHIPPING SDN BHD ("MTT") AND SHAREHOLDERS OF MTT
Contents: 1. INTRODUCTION
Reference is made to the announcement by the Company on 30 August 2010 pursuant to Practice Note 17 of the Main Market Listing Requirements ("MMLR") of Bursa Malaysia Securities Berhad ("Bursa Securities").
The Board of Directors of SJB ("the Board") is pleased to announce that the Company had on 26 November 2010 entered into MOU with MTT and Dato' Kenny Ong Kean Lee and Dr Teoh Kooi Suang, being the shareholders of MTT ("MTT Shareholders") as a prelude to the formalization of the proposed restructuring scheme to regularize the financial condition of SJB and its subsidiaries ("SJB Group" or "Group") pursuant to the requirements of Practice Note 17 of the MMLR ("Proposed Restructuring Scheme"), particularly in relation to participation of MTT in the Proposed Restructuring Scheme.
The terms of the Proposed Restructuring Scheme are currently being formulated by the Group and its advisers. The details of the Proposed Restructuring Scheme will be announced in due course once they have been finalized.
2. DETAILS OF THE MOU
2.1 Objectives of the MOU
The objective of the MOU is to confirm the general understanding and the salient terms and conditions that have been reached between SJB, MTT and MTT Shareholders regarding MTT's participation in the Proposed Restructuring Scheme and MTT Shareholders' sale of their shareholdings in MTT to SJB. The aforesaid general understanding is set in section 2.2 below.
2.2 Salient Terms of the MOU
The salient terms of the MOU are as follows:
2.2.1 Proposed Restructuring Scheme
Pending the completion of the Proposed Restructuring Scheme, SJB must procure the following undertakings from the relevant scheme creditors:
i) that the relevant scheme creditors undertake to SJB that they will not enforce any debentures and corporate guarantees given by SJB;
ii) that upon the successful implementation of the Proposed Restructuring Scheme, all debentures and corporate guarantees given by SJB to the relevant scheme creditors shall be unconditionally discharged by such scheme creditors.
For avoidance of doubt, the following parameters of the Proposed Restructuring Scheme must strictly be adhered by SJB:
a) In its negotiation with the scheme creditors, SJB must ensure:
i) that MTT is to have at least 30% equity participation in the share capital of the SJB Group after the completion of the Proposed Restructuring Scheme;
ii) that all the debentures and the corporate guarantees given by SJB shall be discharged after the completion of the Proposed Restructuring Scheme;
b) In respect of the Proposed Restructuring Scheme, SJB must obtain:
i) such required approvals from the shareholders of SJB, Securities Commission and Bursa Malaysia Securities Berhad;
ii) such required approvals from the High Court of Malaysia; and
iii) such required approvals from the scheme creditors; and
iv) such other necessary approvals
2.2.2 Sale of MTT to SJB
SJB and MTT Shareholders have agreed that within 30 days from the date of completion of the Proposed Restructuring Scheme, MTT Shareholders will sell their entire shareholdings in MTT to SJB at a valuation to be ascertained by a mutually agreed competent and independent financial advisers appointed to perform the valuation of MTT. SJB will satisfy the purchase price of MTT by the issuance of such number of shares in SJB equivalent to the valuation of MTT.
2.2.3 Time charter of vessels belonging to SJB Group
Following the execution of the MOU, SJB Group shall enter into a time charter party agreement for container vessels ("the Time Charter Party Agreement") with MTT to time charter the container vessels of SJB Group (refer to Attachment 1) commencing from the hiring date of each of the chartered vessels until the completion of the Proposed Restructuring Scheme upon the terms and conditions as set out in substantially the form and substance of the said agreement which is attached together with the MOU or such other form and substance as agreed between the parties. The vessels chartered may vary from time to time depending on the ability of the vessels in performing to their charter hire specifications. The period of charter for these vessels will be two (2) years with the second year on a mutually agreed charter rate with reference to the prevailing market rate but in any case not more than 10% of the charter rate of the first year.
2.2.4 Rental of container belonging to SJB Group
Following the execution of the MOU, SJB Group shall also enter into a container rental agreement ("the Container Rental Agreement") with MTT to rent the containers of SJB Group commencing from the hiring date of each of the container equipment until the completion of the Proposed Restructuring Scheme upon the terms and conditions as set out in substantially the form and substance of the said agreement which is attached together with the MOU or such other form and substance as agreed between the parties. The MTT Shareholders shall also procure containers from other containers lessors as required by MTT for the purposes and service of the Time Charter Party Agreement in which MTT shall bear the costs of the supply of these containers.
2.2.5 Agency Agreement
Following the execution of the MOU, SJB Group shall also enter into an agency agreement ("the Agency Agreement") with MTT to authorize and empower SJB Group to act as MTT's agent to deal with its customers and the relevant authorities and to perform normal agency functions as instructed by MTT from time to time throughout the period of the time Charter Party Agreement for container vessels commencing from the on hire voyages until the completion of the Proposed Restructuring Scheme upon the terms and conditions as set out in substantially the form and substance of the said agreement which is attached together with the MOU or such other form and substance as agreed between the parties.
2.2.6 Execution of the Time Charter, Container and Agency Agreements
The parties hereby agree that the Time Charter Party Agreement, Container Rental Agreement and Agency Agreement shall be entered into between SJB Group, MTT and/or MTT Shareholders (where applicable) ("Parties") on such date as may be mutually agreed upon between the relevant Parties.
2.2.7 Share Sale Agreements
The parties hereby agree that the relevant agreements for sale of MTT to SJB and such other agreements as may be necessary to implement the Proposed Restructuring Scheme (collectively "Restructuring Agreements") shall be entered into between the relevant Parties (as applicable) by 31st August 2011 or such other date as may be mutually agreed upon between the relevant company within SJB Group and MTT and/or MTT Shareholders (where applicable).
2.2.8 Submission of Proposed Restructuring Scheme
SJB hereby agrees with MTT and MTT Shareholders that the submission of the application to the relevant authorities in respect of the Proposed Restructuring Scheme shall be made to the relevant authorities by 31 August 2011 or such other date as may be mutually agreed upon between the Parties.
3. BACKGROUND INFORMATION ON MTT
MTT was incorporated in Malaysia on 19 October 2010 under the Companies Act, 1965 as a private limited company.
The authorised share capital of MTT is RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each whereby 2 ordinary shares have been issued and fully paid-up. The issued and paid-up share capital of MTT will be increased to RM5.0 million in due course.
The current substantial shareholders of MTT are Dato' Kenny Ong Kean Lee and Dr Teoh Kooi Suang whom each own 1 ordinary share in MTT. The directors of MTT are Dato' Kenny Ong Kean Lee, Dr Teoh Kooi Suang, Ooi Lean Hin and Chan Huan Hin.
MTT is a special purpose vehicle to facilitate the restructuring of the SJB Group. The experience of the MTT Directors will be of benefit to the SJB Group in its restructuring and turnaround plan.
4. RATIONALE OF THE MOU
SJB was classified as a PN17 company on 30 August 2010. In this regard, SJB is required to inter-alia, submit a regulation plan ("the Plan") to Bursa Securities or the Securities Commission (if the Plan will result in a significant change in the business direction of SJB) within 12 months from 30 August 2010, being the date of the first announcement pursuant to PN17.
The Board believes that the main core business of container vessels chartering remains viable for the future of SJB. Apart for the main core business of container vessel charter, SJB also owns 4 tankers which were acquired through borrowings.
As at 30 June 2010, SJB has total borrowings of approximately RM466 million. This level of borrowings is not sustainable given the relatively low tanker charter rates. Accordingly, there is an urgent need to restructure the borrowings of SJB whilst also ensuring the continuing operations of the container vessels chartering business. Hence, the Time Charter Party Agreements will allow MTT to charter the container vessels of SJB thus allowing SJB to focus on restructuring its debts. In view that the shareholders of MTT are involved in international vessels chartering business through their involvement in Evergreen Marine Malaysia they would have the required experience, expertise and network to assist the SJB Group.
The MOU is the precursor to set the framework towards formalizing the Proposed Restructuring Scheme and also to formalize the participation of MTT and MTT Shareholders in the Proposed Restructuring Scheme. The participation of MTT and MTT Shareholders in the Proposed Restructuring Scheme is expected to contribute positively towards the profitability of the SJB Group which in turn will address the current PN 17 status of SJB .
The Time Charter, Container and Agency Agreements shall be entered into to enhance the income stream of the Group and to facilitate the formalization of the Proposed Restructuring Scheme.
5. FINANCIAL EFFECTS OF THE MOU AND THE TIME CHARTER, CONTAINER AND AGENCY AGREEMENTS
The MOU is not expected to have any material effect on the share capital, substantial shareholder's shareholdings, net assets, earnings and gearing of SJB for the financial year ending 30 September 2011.
The Time Charter, Container and Agency Agreements are not expected to have any material effect on the share capital, substantial shareholder's shareholdings, net assets, and gearing of SJB for the financial year ending 30 September 2011. However, the Time Charter, Container and Agency Agreements, which commenced on 19 September 2010, are expected to contribute positively to the earnings of the SJB Group for the financial year ending 30 September 2011.
6. DIRECTOR'S AND MAJOR SHAREHOLDERS' INTEREST
None of the Directors and major shareholder(s) of SJB or any persons connected to them have any interest, direct and indirect in the MOU.
7. STATEMENT BY DIRECTORS
The Board is of the opinion that the MOU is in the best interest of the Company.
8. APPROVAL REQUIRED
The MOU is not subject to the approval of the shareholders of the Company or any regulatory authorities.
9. DOCUMENT AVAILABLE FOR INSPECTION
The MOU together with the draft Time Charter Party Agreement, Container Rental Agreement and Agency Agreement are available for inspection at the registered office of the Company at Lot 7766-7771, Section 64, KTLD, Jalan Datuk Abang Abdul Rahim, 93450, Kuching, Malaysia during normal business hours from Monday to Friday for a period of three (3) month from the date of this announcement.
This announcement is dated 26 November 2010.
Attachments: SJB Annouce Attachment1(2).doc
Company Name: SWEE JOO BERHAD
Stock Name: SWEEJOO
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: SWEE JOO BERHAD ("SJB" OR "COMPANY")
MEMORANDUM OF UNDERSTANDING ("MOU") BETWEEN THE COMPANY, MTT SHIPPING SDN BHD ("MTT") AND SHAREHOLDERS OF MTT
Contents: 1. INTRODUCTION
Reference is made to the announcement by the Company on 30 August 2010 pursuant to Practice Note 17 of the Main Market Listing Requirements ("MMLR") of Bursa Malaysia Securities Berhad ("Bursa Securities").
The Board of Directors of SJB ("the Board") is pleased to announce that the Company had on 26 November 2010 entered into MOU with MTT and Dato' Kenny Ong Kean Lee and Dr Teoh Kooi Suang, being the shareholders of MTT ("MTT Shareholders") as a prelude to the formalization of the proposed restructuring scheme to regularize the financial condition of SJB and its subsidiaries ("SJB Group" or "Group") pursuant to the requirements of Practice Note 17 of the MMLR ("Proposed Restructuring Scheme"), particularly in relation to participation of MTT in the Proposed Restructuring Scheme.
The terms of the Proposed Restructuring Scheme are currently being formulated by the Group and its advisers. The details of the Proposed Restructuring Scheme will be announced in due course once they have been finalized.
2. DETAILS OF THE MOU
2.1 Objectives of the MOU
The objective of the MOU is to confirm the general understanding and the salient terms and conditions that have been reached between SJB, MTT and MTT Shareholders regarding MTT's participation in the Proposed Restructuring Scheme and MTT Shareholders' sale of their shareholdings in MTT to SJB. The aforesaid general understanding is set in section 2.2 below.
2.2 Salient Terms of the MOU
The salient terms of the MOU are as follows:
2.2.1 Proposed Restructuring Scheme
Pending the completion of the Proposed Restructuring Scheme, SJB must procure the following undertakings from the relevant scheme creditors:
i) that the relevant scheme creditors undertake to SJB that they will not enforce any debentures and corporate guarantees given by SJB;
ii) that upon the successful implementation of the Proposed Restructuring Scheme, all debentures and corporate guarantees given by SJB to the relevant scheme creditors shall be unconditionally discharged by such scheme creditors.
For avoidance of doubt, the following parameters of the Proposed Restructuring Scheme must strictly be adhered by SJB:
a) In its negotiation with the scheme creditors, SJB must ensure:
i) that MTT is to have at least 30% equity participation in the share capital of the SJB Group after the completion of the Proposed Restructuring Scheme;
ii) that all the debentures and the corporate guarantees given by SJB shall be discharged after the completion of the Proposed Restructuring Scheme;
b) In respect of the Proposed Restructuring Scheme, SJB must obtain:
i) such required approvals from the shareholders of SJB, Securities Commission and Bursa Malaysia Securities Berhad;
ii) such required approvals from the High Court of Malaysia; and
iii) such required approvals from the scheme creditors; and
iv) such other necessary approvals
2.2.2 Sale of MTT to SJB
SJB and MTT Shareholders have agreed that within 30 days from the date of completion of the Proposed Restructuring Scheme, MTT Shareholders will sell their entire shareholdings in MTT to SJB at a valuation to be ascertained by a mutually agreed competent and independent financial advisers appointed to perform the valuation of MTT. SJB will satisfy the purchase price of MTT by the issuance of such number of shares in SJB equivalent to the valuation of MTT.
2.2.3 Time charter of vessels belonging to SJB Group
Following the execution of the MOU, SJB Group shall enter into a time charter party agreement for container vessels ("the Time Charter Party Agreement") with MTT to time charter the container vessels of SJB Group (refer to Attachment 1) commencing from the hiring date of each of the chartered vessels until the completion of the Proposed Restructuring Scheme upon the terms and conditions as set out in substantially the form and substance of the said agreement which is attached together with the MOU or such other form and substance as agreed between the parties. The vessels chartered may vary from time to time depending on the ability of the vessels in performing to their charter hire specifications. The period of charter for these vessels will be two (2) years with the second year on a mutually agreed charter rate with reference to the prevailing market rate but in any case not more than 10% of the charter rate of the first year.
2.2.4 Rental of container belonging to SJB Group
Following the execution of the MOU, SJB Group shall also enter into a container rental agreement ("the Container Rental Agreement") with MTT to rent the containers of SJB Group commencing from the hiring date of each of the container equipment until the completion of the Proposed Restructuring Scheme upon the terms and conditions as set out in substantially the form and substance of the said agreement which is attached together with the MOU or such other form and substance as agreed between the parties. The MTT Shareholders shall also procure containers from other containers lessors as required by MTT for the purposes and service of the Time Charter Party Agreement in which MTT shall bear the costs of the supply of these containers.
2.2.5 Agency Agreement
Following the execution of the MOU, SJB Group shall also enter into an agency agreement ("the Agency Agreement") with MTT to authorize and empower SJB Group to act as MTT's agent to deal with its customers and the relevant authorities and to perform normal agency functions as instructed by MTT from time to time throughout the period of the time Charter Party Agreement for container vessels commencing from the on hire voyages until the completion of the Proposed Restructuring Scheme upon the terms and conditions as set out in substantially the form and substance of the said agreement which is attached together with the MOU or such other form and substance as agreed between the parties.
2.2.6 Execution of the Time Charter, Container and Agency Agreements
The parties hereby agree that the Time Charter Party Agreement, Container Rental Agreement and Agency Agreement shall be entered into between SJB Group, MTT and/or MTT Shareholders (where applicable) ("Parties") on such date as may be mutually agreed upon between the relevant Parties.
2.2.7 Share Sale Agreements
The parties hereby agree that the relevant agreements for sale of MTT to SJB and such other agreements as may be necessary to implement the Proposed Restructuring Scheme (collectively "Restructuring Agreements") shall be entered into between the relevant Parties (as applicable) by 31st August 2011 or such other date as may be mutually agreed upon between the relevant company within SJB Group and MTT and/or MTT Shareholders (where applicable).
2.2.8 Submission of Proposed Restructuring Scheme
SJB hereby agrees with MTT and MTT Shareholders that the submission of the application to the relevant authorities in respect of the Proposed Restructuring Scheme shall be made to the relevant authorities by 31 August 2011 or such other date as may be mutually agreed upon between the Parties.
3. BACKGROUND INFORMATION ON MTT
MTT was incorporated in Malaysia on 19 October 2010 under the Companies Act, 1965 as a private limited company.
The authorised share capital of MTT is RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each whereby 2 ordinary shares have been issued and fully paid-up. The issued and paid-up share capital of MTT will be increased to RM5.0 million in due course.
The current substantial shareholders of MTT are Dato' Kenny Ong Kean Lee and Dr Teoh Kooi Suang whom each own 1 ordinary share in MTT. The directors of MTT are Dato' Kenny Ong Kean Lee, Dr Teoh Kooi Suang, Ooi Lean Hin and Chan Huan Hin.
MTT is a special purpose vehicle to facilitate the restructuring of the SJB Group. The experience of the MTT Directors will be of benefit to the SJB Group in its restructuring and turnaround plan.
4. RATIONALE OF THE MOU
SJB was classified as a PN17 company on 30 August 2010. In this regard, SJB is required to inter-alia, submit a regulation plan ("the Plan") to Bursa Securities or the Securities Commission (if the Plan will result in a significant change in the business direction of SJB) within 12 months from 30 August 2010, being the date of the first announcement pursuant to PN17.
The Board believes that the main core business of container vessels chartering remains viable for the future of SJB. Apart for the main core business of container vessel charter, SJB also owns 4 tankers which were acquired through borrowings.
As at 30 June 2010, SJB has total borrowings of approximately RM466 million. This level of borrowings is not sustainable given the relatively low tanker charter rates. Accordingly, there is an urgent need to restructure the borrowings of SJB whilst also ensuring the continuing operations of the container vessels chartering business. Hence, the Time Charter Party Agreements will allow MTT to charter the container vessels of SJB thus allowing SJB to focus on restructuring its debts. In view that the shareholders of MTT are involved in international vessels chartering business through their involvement in Evergreen Marine Malaysia they would have the required experience, expertise and network to assist the SJB Group.
The MOU is the precursor to set the framework towards formalizing the Proposed Restructuring Scheme and also to formalize the participation of MTT and MTT Shareholders in the Proposed Restructuring Scheme. The participation of MTT and MTT Shareholders in the Proposed Restructuring Scheme is expected to contribute positively towards the profitability of the SJB Group which in turn will address the current PN 17 status of SJB .
The Time Charter, Container and Agency Agreements shall be entered into to enhance the income stream of the Group and to facilitate the formalization of the Proposed Restructuring Scheme.
5. FINANCIAL EFFECTS OF THE MOU AND THE TIME CHARTER, CONTAINER AND AGENCY AGREEMENTS
The MOU is not expected to have any material effect on the share capital, substantial shareholder's shareholdings, net assets, earnings and gearing of SJB for the financial year ending 30 September 2011.
The Time Charter, Container and Agency Agreements are not expected to have any material effect on the share capital, substantial shareholder's shareholdings, net assets, and gearing of SJB for the financial year ending 30 September 2011. However, the Time Charter, Container and Agency Agreements, which commenced on 19 September 2010, are expected to contribute positively to the earnings of the SJB Group for the financial year ending 30 September 2011.
6. DIRECTOR'S AND MAJOR SHAREHOLDERS' INTEREST
None of the Directors and major shareholder(s) of SJB or any persons connected to them have any interest, direct and indirect in the MOU.
7. STATEMENT BY DIRECTORS
The Board is of the opinion that the MOU is in the best interest of the Company.
8. APPROVAL REQUIRED
The MOU is not subject to the approval of the shareholders of the Company or any regulatory authorities.
9. DOCUMENT AVAILABLE FOR INSPECTION
The MOU together with the draft Time Charter Party Agreement, Container Rental Agreement and Agency Agreement are available for inspection at the registered office of the Company at Lot 7766-7771, Section 64, KTLD, Jalan Datuk Abang Abdul Rahim, 93450, Kuching, Malaysia during normal business hours from Monday to Friday for a period of three (3) month from the date of this announcement.
This announcement is dated 26 November 2010.
Attachments: SJB Annouce Attachment1(2).doc
HLBANK - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: CIMB INVESTMENT BANK BERHAD
Company Name: HONG LEONG BANK BERHAD
Stock Name: HLBANK
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: HONG LEONG BANK BERHAD ("HLBB")
PROPOSED ACQUISITION OF THE ENTIRE ASSETS AND LIABILITIES OF EON CAPITAL BERHAD ("EON CAP") ("PROPOSED ACQUISITION")
Contents: -
Submitting Merchant Bank: CIMB INVESTMENT BANK BERHAD
Company Name: HONG LEONG BANK BERHAD
Stock Name: HLBANK
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: HONG LEONG BANK BERHAD ("HLBB")
PROPOSED ACQUISITION OF THE ENTIRE ASSETS AND LIABILITIES OF EON CAPITAL BERHAD ("EON CAP") ("PROPOSED ACQUISITION")
Contents: -
MSC - Public Shareholding Spread of the Company
Announcement Type: General Announcement
Company Name: MALAYSIA SMELTING CORPORATION BERHAD
Stock Name: MSC
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: Public Shareholding Spread of the Company
Contents: The Company wishes to announce that it has been notified by a substantial shareholder, Siong Lim Private Limited that it has sold 1,342,600 Shares (representing 1.79% interest in the Company) on 25 November 2010.
This disposal by Siong Lim Private Limited was conducted to assist the Company in restoring its public shareholding spread so that it would be in compliance with Para 8.02 of Bursa Malaysia's Listing Requirements which requires a listed company to have at least 25% of its shares held by the public.
This announcement is dated 26 November 2010.
By order of the Board,
Sharifah Faridah Abdul Rasheed
Company Secretary
Company Name: MALAYSIA SMELTING CORPORATION BERHAD
Stock Name: MSC
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: Public Shareholding Spread of the Company
Contents: The Company wishes to announce that it has been notified by a substantial shareholder, Siong Lim Private Limited that it has sold 1,342,600 Shares (representing 1.79% interest in the Company) on 25 November 2010.
This disposal by Siong Lim Private Limited was conducted to assist the Company in restoring its public shareholding spread so that it would be in compliance with Para 8.02 of Bursa Malaysia's Listing Requirements which requires a listed company to have at least 25% of its shares held by the public.
This announcement is dated 26 November 2010.
By order of the Board,
Sharifah Faridah Abdul Rasheed
Company Secretary
OSKPROP - Notice of Shares Buy Back - Immediate Announcement
Announcement Type: Notice of Shares Buy Back - Immediate Announcement
Company Name: OSK PROPERTY HOLDINGS BERHAD
Stock Name: OSKPROP
Date Announced: 26/11/2010
Announcement Detail:
Date of buy back: 26/11/2010
Description of shares purchased: Ordinary Shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 1,000
Minimum price paid for each share purchased ($$): 0.655
Maximum price paid for each share purchased ($$): 0.655
Total consideration paid ($$): 696.20
Number of shares purchased retained in treasury (units): 1,000
Cumulative net outstanding treasury shares as at to-date (units): 2,000
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 0.00
Company Name: OSK PROPERTY HOLDINGS BERHAD
Stock Name: OSKPROP
Date Announced: 26/11/2010
Announcement Detail:
Date of buy back: 26/11/2010
Description of shares purchased: Ordinary Shares of RM1.00 each
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 1,000
Minimum price paid for each share purchased ($$): 0.655
Maximum price paid for each share purchased ($$): 0.655
Total consideration paid ($$): 696.20
Number of shares purchased retained in treasury (units): 1,000
Cumulative net outstanding treasury shares as at to-date (units): 2,000
Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%): 0.00
SATANG - SATANG HOLDINGS BERHAD ("SATANG" or "the Company") - Appointment of Investigative Auditor
Announcement Type: General Announcement
Company Name: SATANG HOLDINGS BERHAD
Stock Name: SATANG
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: SATANG HOLDINGS BERHAD ("SATANG" or "the Company")
- Appointment of Investigative Auditor
Contents: The Board of Directors of the Company wishes to announce that PricewaterhouseCoopers Advisory Services Sdn Bhd ("PWC") has been appointed as the investigative auditor in place of Messrs. Ernst & Young to undertake the investigation in relation to the allegations of irregularities at Satang Holdings Berhad and Satang Jaya Sdn Bhd. The said investigation is expected to be commenced on 6 December 2010.
This announcement is dated 26 November 2010.
Company Name: SATANG HOLDINGS BERHAD
Stock Name: SATANG
Date Announced: 26/11/2010
Announcement Detail:
Type: Announcement
Subject: SATANG HOLDINGS BERHAD ("SATANG" or "the Company")
- Appointment of Investigative Auditor
Contents: The Board of Directors of the Company wishes to announce that PricewaterhouseCoopers Advisory Services Sdn Bhd ("PWC") has been appointed as the investigative auditor in place of Messrs. Ernst & Young to undertake the investigation in relation to the allegations of irregularities at Satang Holdings Berhad and Satang Jaya Sdn Bhd. The said investigation is expected to be commenced on 6 December 2010.
This announcement is dated 26 November 2010.
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