(Abbreviations used are as per the Announcement dated 19 February 2014 unless otherwise stated)
References are made to the announcement dated 19 February 2014 and the query letter from Bursa Malaysia Securities Berhad dated 21 February 2014, the Company wishes to furnish the following additional information:-
1. To state the equivalent value of the Sale Consideration in Malaysian Ringgit, stating the relevant exchange rate.
To state the equivalent value of the Sale Consideration in Malaysian Ringgit, stating the relevant exchange rate.
The equivalent value of the Sale Consideration in Ringgit Malaysia is RM42.718 million at an exchange rate of 3.2545 as at 17 February 2014.
2. To provide justification for the Sale Consideration of USD 13.126 million.
The Sale Consideration of USD13.126 million comprised as follows:
 | USD’000 |
Sale of 20% equity in Floatech
Sale of Debt- Subordinated Shareholders advances
Total Sales Consideration | 6,398
6,728
13,126 |
3. To state the name of the directors and substantial shareholders of GMOS and their respective shareholdings.
The information are as follows :-
Shareholding
| Name | No of shares | % |
| Zahar Mohd Hashim bin Zainuddin | 475,534 | 95.1 |
| Shafinaz Binti Shaukat | 21,411 | 4.3 |
| Dato’ Dr Freezailah bin Che Yeom | 3,055 | 0.6 |
| 500,000 | 100.0 |
Board of Directors
| Name |
| Zahar Mohd Hashim bin Zainuddin |
| Shafinaz Binti Shaukat |
| Dato’ Dr Freezailah bin Che Yeom |
4. To state the net profit attributable to Floatech based on the last audited financial statement.
Based on the 31 December 2012 audited accounts, the net loss arributable to Floatech(L) is RM7.617 million.
5. To quantify the net book value and adjusted asset value of Floatech stating the year the values were taken into the consideration and whether it was based on audited financial statements.
The net book value and the adjusted asset value of Floatech was based on the Proforma Adjusted Unaudited Balance Sheet as at 30 September 2013 as follows:
| USD’000 |
| Share Capital (To be Increased from USD2/-to USD10 million) | 10,000 |
| Subordinated Shareholders Advances | 33,643 |
| Revaluation Reserve/Adjusted Underlying Asset Value As at Aug 2013 | 26,613 |
| Accumulated Losses | (4,624) |
Proforma Adjusted Shareholders’ Fund | 65,632 |
6. To briefly elaborate on “Bank Consents”.
The Company has existing banking facilities with its financier(s) and it is a condition in the loan facility that consent from the financier is required prior to any disposal of/changes in shareholding of Floatech.
7. To also state the expected/actual interest rate on the interest bearing accounts (if available).
Information on interest rate is not currently available. However, it is expected that the interest/profit sharing rate will be based on the current prevailing rate of approximately 2% per annum.
8. To provide estimated breakdown of utilisation of sale proceeds and its respective timeframe for utilisation.
As previously announced, the sale proceeds will be utilised for the groups working capital and reinvestment for future capital expenditure requirements over the next two years. The estimated brakdown of the utilsation proceed is currently is not available.
9. To briefly describe the utilisation of proceeds for working capital purpose.
The utilisation of proceeds will be utilised to finance the group’s general overheads, such as servicing of loan interests, payment of creditors and investment in projects to be undertaken by Floatech.
10. To illustrate how the expected gain on disposal figure is derived.
The expected gain on disposal is as follows:-
11. To make available the SSA as document for inspection and to state the date, time and place where it may be inspected.
The SSA is available for inspection at the registered office of the Company at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur between 9.00 a.m. and 5.00 p.m. from Monday to Friday (except public holidays) for a period of three (3) months from the date of this announcement.
This Announcement is dated 25 February 2014.
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