SAPRES - General Announcement
Announcement Type: General Announcement
Submitting Merchant Bank: CIMB INVESTMENT BANK BERHAD
Company Name: SAPURA RESOURCES BERHAD
Stock Name: SAPRES
Date Announced: 04/11/2010
Announcement Detail:
Type: Announcement
Subject: SAPURA RESOURCES BERHAD ("SRB" OR "COMPANY")
PROPOSED DISPOSAL OF ORDINARY SHARES IN APIIT SDN BHD ("APIIT") AND ASIA PACIFIC UCTI SDN BHD ("UCTI") REPRESENTING 51% EQUITY INTEREST EACH IN APIIT AND UCTI TO ONTIME DIRECTION SDN BHD ("ONTIME") FOR A TOTAL CASH CONSIDERATION OF RM102,000,000 ("PROPOSED DISPOSAL")
Contents: On behalf of the Board of Directors of SRB, CIMB Investment Bank Berhad is pleased to announce that SRB had today, entered into a share sale and purchase agreement with Ontime for the Proposed Disposal.
Further details on the Proposed Disposal are set out in the attached file.
This announcement is dated 4 November 2010.
Attachments: SAPRES - Announcement.pdf
SAPRES - Announcement (Appendices).pdf
Submitting Merchant Bank: CIMB INVESTMENT BANK BERHAD
Company Name: SAPURA RESOURCES BERHAD
Stock Name: SAPRES
Date Announced: 04/11/2010
Announcement Detail:
Type: Announcement
Subject: SAPURA RESOURCES BERHAD ("SRB" OR "COMPANY")
PROPOSED DISPOSAL OF ORDINARY SHARES IN APIIT SDN BHD ("APIIT") AND ASIA PACIFIC UCTI SDN BHD ("UCTI") REPRESENTING 51% EQUITY INTEREST EACH IN APIIT AND UCTI TO ONTIME DIRECTION SDN BHD ("ONTIME") FOR A TOTAL CASH CONSIDERATION OF RM102,000,000 ("PROPOSED DISPOSAL")
Contents: On behalf of the Board of Directors of SRB, CIMB Investment Bank Berhad is pleased to announce that SRB had today, entered into a share sale and purchase agreement with Ontime for the Proposed Disposal.
Further details on the Proposed Disposal are set out in the attached file.
This announcement is dated 4 November 2010.
Attachments: SAPRES - Announcement.pdf
SAPRES - Announcement (Appendices).pdf
MAXBIZ - General Announcement
Announcement Type: General Announcement
Company Name: MAXBIZ CORPORATION BERHAD
Stock Name: MAXBIZ
Date Announced: 04/11/2010
Announcement Detail:
Type: Announcement
Subject: MAXBIZ CORPORATION BERHAD ("MAXBIZ" OR "THE COMPANY")
- PRACTICE NOTE 17 AND SOLVENCY DECLARATION DATED 6 APRIL 2010
Contents: MAXBIZ wishes to announce that the Company had received a letter from Bursa Malaysia Securities Berhad ("Bursa Securities") yesterday stating that the Company had triggered the PN17 criteria 2.1(f) in view of the Solvency Declaration submitted to Bursa Securities on 5 April 2010 is no longer valid and in light of the following recent developments:
1. On 28 July 2010, a Winding-up Petition was served on MKK Industries Sdn Bhd ("MKK"), a major and wholly owned subsidiary of MAXBIZ by Intertrad Limited T/A Sclavors International.
2. On 24 September 2010, another Winding-up Petition has been served on MKK by the Government of Malaysia.
3. On 30 September 2010, arising from a Winding-up Petition served on MKK by Intertrad Limited T/A Sclavors International, a Winding-up Order has been served against MKK.
4. On 18 October 2010, the Company has been granted a Restraining Order by the Kuala Lumpur High Court for a period of 90 days from the date of the order.
MAXBIZ would like to stress the following salient points:
1. For items 1 and 3 above, MAXBIZ had on 26 October 2010 announced that the Court had granted a permanent stay of the Winding-up Order dated 30 September 2010 pursuant to Section 243(1) of the Companies Act, 1965.
2. For item 2 above, MAXBIZ had on 12 October 2010 announced that the Company had on 8 October 2010 submitted a letter of undertaking to the Inland Revenue Department ("IRD") seeking consent from IRD to withhold further actions on the above mentioned civil suits and all other applications or executions arising therefrom. The IRD had agreed in principle to withhold further action until the restructuring scheme is concluded. In addition, the serving of a Winding-up Petition in itself does not constitute a winding up.
3. For item 4 above, the Board of Directors fail to understand how a Restraining Order can have an impact on a Solvency Declaration as it merely serves to protect the Company from legal action from its creditors for the purpose of finalising the Restructuring Scheme.
MAXBIZ had on 26th October 2010 met with some of the personnel of Bursa Securities whereby Bursa Securities had requested that an Independent Financial Adviser be appointed to evaluate as to whether the Company has triggered the PN17 criteria. MAXBIZ had complied with such request by appointing Messrs. Ferrier Hogdson MH Sdn. Bhd. and Messrs. Ferrier Hogdson MH Sdn. Bhd. had evaluated and confirmed that MAXBIZ did not trigger the PN17 criteria. MAXBIZ had submitted this confirmation to Bursa Securities on 3rd November 2010.
In view of the above, the Board of Directors had submitted an appeal to Bursa Securities to reconsider their decision.
This announcement is dated 4 November 2010.
Company Name: MAXBIZ CORPORATION BERHAD
Stock Name: MAXBIZ
Date Announced: 04/11/2010
Announcement Detail:
Type: Announcement
Subject: MAXBIZ CORPORATION BERHAD ("MAXBIZ" OR "THE COMPANY")
- PRACTICE NOTE 17 AND SOLVENCY DECLARATION DATED 6 APRIL 2010
Contents: MAXBIZ wishes to announce that the Company had received a letter from Bursa Malaysia Securities Berhad ("Bursa Securities") yesterday stating that the Company had triggered the PN17 criteria 2.1(f) in view of the Solvency Declaration submitted to Bursa Securities on 5 April 2010 is no longer valid and in light of the following recent developments:
1. On 28 July 2010, a Winding-up Petition was served on MKK Industries Sdn Bhd ("MKK"), a major and wholly owned subsidiary of MAXBIZ by Intertrad Limited T/A Sclavors International.
2. On 24 September 2010, another Winding-up Petition has been served on MKK by the Government of Malaysia.
3. On 30 September 2010, arising from a Winding-up Petition served on MKK by Intertrad Limited T/A Sclavors International, a Winding-up Order has been served against MKK.
4. On 18 October 2010, the Company has been granted a Restraining Order by the Kuala Lumpur High Court for a period of 90 days from the date of the order.
MAXBIZ would like to stress the following salient points:
1. For items 1 and 3 above, MAXBIZ had on 26 October 2010 announced that the Court had granted a permanent stay of the Winding-up Order dated 30 September 2010 pursuant to Section 243(1) of the Companies Act, 1965.
2. For item 2 above, MAXBIZ had on 12 October 2010 announced that the Company had on 8 October 2010 submitted a letter of undertaking to the Inland Revenue Department ("IRD") seeking consent from IRD to withhold further actions on the above mentioned civil suits and all other applications or executions arising therefrom. The IRD had agreed in principle to withhold further action until the restructuring scheme is concluded. In addition, the serving of a Winding-up Petition in itself does not constitute a winding up.
3. For item 4 above, the Board of Directors fail to understand how a Restraining Order can have an impact on a Solvency Declaration as it merely serves to protect the Company from legal action from its creditors for the purpose of finalising the Restructuring Scheme.
MAXBIZ had on 26th October 2010 met with some of the personnel of Bursa Securities whereby Bursa Securities had requested that an Independent Financial Adviser be appointed to evaluate as to whether the Company has triggered the PN17 criteria. MAXBIZ had complied with such request by appointing Messrs. Ferrier Hogdson MH Sdn. Bhd. and Messrs. Ferrier Hogdson MH Sdn. Bhd. had evaluated and confirmed that MAXBIZ did not trigger the PN17 criteria. MAXBIZ had submitted this confirmation to Bursa Securities on 3rd November 2010.
In view of the above, the Board of Directors had submitted an appeal to Bursa Securities to reconsider their decision.
This announcement is dated 4 November 2010.
YOKO - General Announcement
Announcement Type: General Announcement
Company Name: YOKOHAMA INDUSTRIES BERHAD
Stock Name: YOKO
Date Announced: 04/11/2010
Announcement Detail:
Type: Announcement
Subject: Yokohama Industries Berhad (fka: Tai Kwong Yokohama Berhad)
- Proposed Acquisition of the entire equity interest of Borid Energy Holdings Pte Ltd ("Borid"), by Yokohama Industries Berhad (fka: Tai Kwong Yokohama Berhad) for a total consideration of RM4,000,000
Contents: The Board of Directors of Yokohama Industries Berhad ("the Company") is pleased to announce that the Company had on 3 November 2010 entered into a conditional Share Purchase Agreement ("Conditional SPA") with Borid Energy Investment Holdings Pte Ltd ("Vendor"), to acquire 2,321,687 ordinary shares of S$1.00 each ("Shares Transaction"), representing the entire equity interest of Borid from the Vendor at the total Purchase Consideration of RM4,000,000 ("Proposed Acquisition").
The details of the announcement are set out in the attached file.
This announcement is dated 4 November 2010.
Attachments: Proposed Aquisition of Borid.pdf
Company Name: YOKOHAMA INDUSTRIES BERHAD
Stock Name: YOKO
Date Announced: 04/11/2010
Announcement Detail:
Type: Announcement
Subject: Yokohama Industries Berhad (fka: Tai Kwong Yokohama Berhad)
- Proposed Acquisition of the entire equity interest of Borid Energy Holdings Pte Ltd ("Borid"), by Yokohama Industries Berhad (fka: Tai Kwong Yokohama Berhad) for a total consideration of RM4,000,000
Contents: The Board of Directors of Yokohama Industries Berhad ("the Company") is pleased to announce that the Company had on 3 November 2010 entered into a conditional Share Purchase Agreement ("Conditional SPA") with Borid Energy Investment Holdings Pte Ltd ("Vendor"), to acquire 2,321,687 ordinary shares of S$1.00 each ("Shares Transaction"), representing the entire equity interest of Borid from the Vendor at the total Purchase Consideration of RM4,000,000 ("Proposed Acquisition").
The details of the announcement are set out in the attached file.
This announcement is dated 4 November 2010.
Attachments: Proposed Aquisition of Borid.pdf
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