September 18, 2014

Company announcements: MPCORP, AEON, DIGI, CME, HIGHTEC, GSB, FURNWEB, SAMUDRA

MPCORP - MATERIAL LITIGATION

Announcement Type: General Announcement
Company NameMALAYSIA PACIFIC CORPORATION BERHAD  
Stock Name MPCORP  
Date Announced18 Sept 2014  
CategoryGeneral Announcement
Reference NoCC-140918-C5693

TypeAnnouncement
SubjectMATERIAL LITIGATION
DescriptionKUALA LUMPUR HIGH COURT (“THE COURT”) ORIGINATING SUMMONS NO. 24NCVC-1341-08/2013 (“ORIGINATING SUMMONS”) - WISMA MPL JMB (“JMB” OR “THE PLAINTIFF”) VS MALAYSIA PACIFIC CORPORATION BERHAD (“MPCORP” OR “THE COMPANY” OR “DEFENDANT”)

We refer to the announcements dated 20 August 2013, 22 August 2013, 23 August 2013, 20 September 2013, 24 October 2013, 4 December 2013, 10 January 2014, 25 February 2014, 28 March 2014, 17 April 2014, 20 May 2014, 20 June 2014, 29 August 2014 and 10 September 2014 pertaining to the subject matter. The terms herein shall bear the same meaning as defined in those announcements.

The Board of Directors of MPCORP wishes to announce that the Kuala Lumpur High Court has fixed the hearing date on 27 November 2014 for:

i) JMB’s Application for Extension of Time for compliance with the Order dated 10 January 2014 (“Extension of Time Application”) against the Company; and

ii) the Company’s Application for Stay of Proceeding on the Extension of Time Application.

The Company has also filed an Application for Stay of Execution in respect of the Court of Appeal Order dated 19 May 2014 and the hearing date has not been fixed.

Further announcement will be made of any material development changes as and when appropriate.

This announcement is dated 18 September 2014.



AEON - Changes in Sub. S-hldr's Int. (29B) - Mitsubishi UFJ Financial Group, Inc ("MUFG")

Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Company NameAEON CO. (M) BHD  
Stock Name AEON  
Date Announced18 Sept 2014  
CategoryChanges in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Reference NoCC-140918-21798

Particulars of substantial Securities Holder

NameMitsubishi UFJ Financial Group, Inc ("MUFG")
Address7-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-8330, Japan
NRIC/Passport No/Company No.NIL
Nationality/Country of incorporationJapan
Descriptions (Class & nominal value)Ordinary Shares of RM0.50 each
Name & address of registered holderMorgan Stanley & Co. International Plc. ("Morgan Stanley")
25 Cabot Square, Canary
Wharf, London E14 4QA

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transactionDate of change
No of securities
Price Transacted (RM)
Disposed12/09/2014
4,900
 

Circumstances by reason of which change has occurredSale by Morgan Stanley Group

MUFG is deemed interested in the shares by virtue of:

1. MUFG's wholly owned subsidiary, Mitsubishi UFJ Trust & Banking Corp, holding more than 15% in Aberdeen Asset Management PLC ("Aberdeen").

2. MUFG's holding more than 15% interest in shares of Morgan Stanley Group.
Nature of interestIndirect
Direct (units) 
Direct (%) 
Indirect/deemed interest (units)271,045,864 
Indirect/deemed interest (%)19.3053 
Total no of securities after change271,045,864
Date of notice17/09/2014

Remarks :
The total number of 271,045,864 Ordinary Shares of RM0.50 each are held as follows:

(i) 270,929,500 Ordinary Shares of RM0.50 each are registered in the name of Aberdeen and its subsidiaries; and
(ii) 116,364 Ordinary Shares of RM0.50 each are registered in the name of Morgan Stanley.

The Form 29B was received by the Company on 18 September 2014.


AEON - Changes in Sub. S-hldr's Int. (29B) - Employees Provident Fund Board

Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Company NameAEON CO. (M) BHD  
Stock Name AEON  
Date Announced18 Sept 2014  
CategoryChanges in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Reference NoCC-140918-669A0

Particulars of substantial Securities Holder

NameEmployees Provident Fund Board
AddressTingkat 19, Bangunan KWSP, Jalan Raja Laut, 50350 Kuala Lumpur
NRIC/Passport No/Company No.EPF ACT 1991
Nationality/Country of incorporationMALAYSIA
Descriptions (Class & nominal value)Ordinary Shares of RM0.50 each
Name & address of registered holderCitigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (NOMURA)
Level 42, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transactionDate of change
No of securities
Price Transacted (RM)
Disposed12/09/2014
104,100
 

Circumstances by reason of which change has occurredDisposal of Shares
Nature of interestDirect
Direct (units)103,920,700 
Direct (%)7.4018 
Indirect/deemed interest (units) 
Indirect/deemed interest (%) 
Total no of securities after change103,920,700
Date of notice15/09/2014

Remarks :
The total number of 103,920,700 Ordinary Shares of RM0.50 each are held as follows:

1) 60,968,600 Ordinary Shares of RM0.50 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board

2) 2,000,000 Ordinary Shares of RM0.50 each are registered in the name of Employees Provident Fund Board

3) 7,490,400 Ordinary Shares of RM0.50 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (NOMURA)

4) 14,541,500 Ordinary Shares of RM0.50 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (CIMB PRI)

5) 378,500 Ordinary Shares of RM0.50 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (TEMPLETON)

6) 18,541,700 Ordinary Shares of RM0.50 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (ABERDEEN)

The Form 29B was received by the Company on 18 September 2014.


DIGI - Changes in Sub. S-hldr's Int. (29B) - Employees Provident Fund Board

Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Company NameDIGI.COM BERHAD  
Stock Name DIGI  
Date Announced18 Sept 2014  
CategoryChanges in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
Reference NoCC-140918-717CF

Particulars of substantial Securities Holder

NameEmployees Provident Fund Board
AddressTingkat 19, Bangunan KWSP, Jalan Raja Laut, 50350 Kuala Lumpur
NRIC/Passport No/Company No.EPF ACT 1991
Nationality/Country of incorporationIncorporated in Malaysia
Descriptions (Class & nominal value)Ordinary Shares of RM0.01 each
Name & address of registered holderCitigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board
Level 42, Menara Citibank
165 Jalan Ampang
50450 Kuala Lumpur

Details of changes

Currency: Malaysian Ringgit (MYR)

Type of transactionDate of change
No of securities
Price Transacted (RM)
Disposed12/09/2014
1,218,500
 

Circumstances by reason of which change has occurredDisposed
Nature of interestDirect
Direct (units)1,016,568,040 
Direct (%)13.07 
Indirect/deemed interest (units) 
Indirect/deemed interest (%) 
Total no of securities after change1,016,568,040
Date of notice15/09/2014

Remarks :
The total number of 1,016,568,040 Ordinary Shares of RM0.01 each are held as follows:-

1) 903,054,650 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board;

2) 14,791,000 Ordinary Shares of RM0.01 each are registered in the name of Employees Provident Fund Board;

3) 9,300,000 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (AMUNDI);

4) 870,000 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (KIB);

5) 7,650,000 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (HDBS);

6) 1,213,000 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (RHB INV);

7) 10,287,500 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (AM INV);

8) 450,000 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (MAYBAN);

9) 32,985,790 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (NOMURA);

10) 26,979,800 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (CIMB PRI);

11) 1,000,000 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (ARIM);

12) 2,306,300 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (TEMPLETON); and

13) 5,680,000 Ordinary Shares of RM0.01 each are registered in the name of Citigroup Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board (ABERDEEN).

The Form 29B was received by the Company on 18 September 2014.


CME - MULTIPLE PROPOSALS

Announcement Type: General Announcement
Company NameCME GROUP BERHAD  
Stock Name CME  
Date Announced18 Sept 2014  
CategoryGeneral Announcement
Reference NoMM-140917-79496

TypeAnnouncement
SubjectMULTIPLE PROPOSALS
DescriptionCME GROUP BERHAD (“CME” OR “COMPANY”)

(I) PROPOSED DIVERSIFICATION;
(II) PROPOSED ACQUISITION OF LAND 1;
(III) PROPOSED ACQUISITION OF LAND 2;
(IV) PROPOSED RIGHTS ISSUE OF ICULS;
(V) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND
(VI) PROPOSED M&A AMENDMENTS

(COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)

(For consistency, all the abbreviations used throughout this announcement shall have the same meanings as defined in the previous announcements in relation to the Proposals, where applicable, unless stated otherwise or defined herein)

Reference is made to the announcements dated 9 May 2014, 24 June 2014, 9 July 2014, 4 August 2014, 5 August 2014, 29 August 2014 and 4 September 2014 in relation to the Proposals.

On behalf of the Board of Directors of CME, Public Investment Bank Berhad is pleased to announce that the Securities Commission Malaysia (Private Debt Securities) had, vide its letter dated 17 September 2014, which was received on 18 September 2014, approved the proposed issuance of the ICULS pursuant to the Proposed Rights Issue of ICULS under subsection 214(1) of the Capital Markets & Services Act 2007.

This announcement is dated 18 September 2014.



CME - MULTIPLE PROPOSALS

Announcement Type: General Announcement
Company NameCME GROUP BERHAD  
Stock Name CME  
Date Announced18 Sept 2014  
CategoryGeneral Announcement
Reference NoMM-140918-55431

TypeAnnouncement
SubjectMULTIPLE PROPOSALS
DescriptionCME GROUP BERHAD (“CME” OR “COMPANY”)

(I) PROPOSED JOINT VENTURE; AND
(II) PROPOSED ESOS

(COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)

(For consistency, all the abbreviations used throughout this announcement shall have the same meanings as defined in the previous announcements in relation to the Proposals, where applicable, unless stated otherwise or defined herein)

Reference is made to the announcements dated 12 August 2014, 22 August 2014 and 11 September 2014 in relation to the Proposals.

On behalf of the Board of Directors of CME, Public Investment Bank Berhad wishes to inform that CME, CMEPA, Ruark Properties and Central Park had, via an exchange of letter dated 18 September 2014, mutually agreed to extend the date on which CMEPA is to notify Ruark Properties on the feasibility of the joint venture to 31 October 2014 or to a date within two (2) market days after the Company has obtained the approval of its shareholders for the Proposed Joint Venture at the EGM to be convened, whichever is earlier, to enable CMEPA to fulfill the Conditions Precedent as set out in the JVA.

This announcement is dated 18 September 2014.



HIGHTEC - Quarterly rpt on consolidated results for the financial period ended 31/7/2014

Announcement Type: Financial Results
Company NameKUMPULAN H & L HIGH-TECH BERHAD  
Stock Name HIGHTEC  
Date Announced18 Sept 2014  
CategoryFinancial Results
Reference NoCK-140918-9EC17

Financial Year End31/10/2014
Quarter3
Quarterly report for the financial period ended31/07/2014
The figureshave not been audited
  • Default Currency
  • Other Currency

Currency: Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION
31/07/2014

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31/07/2014
31/07/2013
31/07/2014
31/07/2013
$$'000
$$'000
$$'000
$$'000
1Revenue
5,912
4,106
16,181
13,598
2Profit/(loss) before tax
1,189
6
2,355
25
3Profit/(loss) for the period
834
-83
1,838
-267
4Profit/(loss) attributable to ordinary equity holders of the parent
834
-83
1,838
-267
5Basic earnings/(loss) per share (Subunit)
2.28
-0.23
5.03
-0.73
6Proposed/Declared dividend per share (Subunit)
0.00
0.00
0.00
0.00


AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
1.9153
1.9000
Definition of Subunit:

In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit.
Example for the subunit as follows:

CountryBase UnitSubunit
MalaysiaRinggitSen
United StatesDollarCent
United KingdomPoundPence


GSB - OTHERS Termination and settlement of the Joint Venture Agreement dated 18 May 2005 between Banda Industries Sdn Bhd, a wholly-owned subsidiary of GSB Group Berhad and Restu Angkasa Sdn Bhd.

Announcement Type: General Announcement
Company NameGSB GROUP BERHAD  
Stock Name GSB  
Date Announced18 Sept 2014  
CategoryGeneral Announcement
Reference NoCC-140917-1A5A3

TypeAnnouncement
SubjectOTHERS
DescriptionTermination and settlement of the Joint Venture Agreement dated 18 May 2005 between Banda Industries Sdn Bhd, a wholly-owned subsidiary of GSB Group Berhad and Restu Angkasa Sdn Bhd.

The Board of Directors wishes to announce that the wholly-owned subsidiary of GSB Group Berhad, Banda Industries Sdn Bhd had entered into a Termination and Settlement Agreement with Restu Angkasa Sdn Bhd on 18 September 2014 to mutually terminate the Joint Venture Agreement dated 18 May 2005 for a cash settlement sum of Ringgit Malaysia Six Million only (RM6,000,000).


Please find attached herewith the details of the termination and settlement of the joint venture agreement for more information. 

 

This announcement is dated 18 September 2014.

 



FURNWEB - Change in Boardroom

Announcement Type: Change in Boardroom
Company NameFURNIWEB INDUSTRIAL PRODUCTS BERHAD  
Stock Name FURNWEB  
Date Announced18 Sept 2014  
CategoryChange in Boardroom
Reference NoCC-140905-32923

Date of change18/09/2014
NameYEOH SOO ANN
Age53
NationalityMALAYSIAN
Type of changeAppointment
DesignationExecutive Director
DirectorateExecutive
QualificationsMember of Malaysian Institute of Certified Public Accountants.
Member of Malaysian Institute of Accountants. 
Working experience and occupation Mr. Yeoh has worked in various public accounting firms in the United Kingdom and Malaysia for more than 12 years, before moving into the commercial sector. He is currently a Non-Executive Director of GW Plastics Holdings Berhad and sits on the boards of various private limited companies. 
Directorship of public companies (if any)GW Plastics Holdings Berhad 
Family relationship with any director and/or major shareholder of the listed issuerNil 
Any conflict of interests that he/she has with the listed issuerNil 
Details of any interest in the securities of the listed issuer or its subsidiariesDirect interest of 25,200,000 Ordinary Shares of RM0.50 each and 7,900,000 Warrants in Furniweb Industrial Products Berhad. 


SAMUDRA - KEJURUTERAAN SAMUDRA TIMUR BERHAD- JOINT-VENTURE ON FORMATION OF NEW COMPANY IN MYANMAR

Announcement Type: General Announcement
Company NameKEJURUTERAAN SAMUDRA TIMUR BERHAD  
Stock Name SAMUDRA  
Date Announced18 Sept 2014  
CategoryGeneral Announcement
Reference NoCS-140918-61066

TypeReply to query
Reply to Bursa Malaysia's Query Letter - Reference IDNM-140917-53843
SubjectKEJURUTERAAN SAMUDRA TIMUR BERHAD
- JOINT-VENTURE ON FORMATION OF NEW COMPANY IN MYANMAR
DescriptionKEJURUTERAAN SAMUDRA TIMUR BERHAD
- JOINT-VENTURE ON FORMATION OF NEW COMPANY IN MYANMAR
Query Letter Contents We refer to your Company's announcement dated 11 September 2014 in respect of
the above matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-
(1) The eventual issued and paid-up capital of Bholat Samudra Timur Oil
Services Co., Ltd ("BSTOSCL").
(2) The source(s) of funds for financing the investment in BSTOSCL, and the
breakdown.
(3) The effect of the JV on the earnings per share, net assets per share and
gearing of Kejuruteraan Samudra Timur Berhad group.
(4) Whether the JV is subject to the shareholders' approval and the relevant
government authorities and the estimated time frame for submission of the
application to the relevant authorities.
(5) The salient features of the memorandum of association or joint venture
agreement, and the time and place where such documents may be inspected.
(6) The highest percentage ratio applicable to the JV pursuant to paragraph
10.02(g) of the Listing Requirements.
(7) The rationale for the JV including any benefit which is expected to accrue
to Kejuruteraan Samudra Timur Berhad as a result of the JV.
(8) A statement by the board of directors, excluding interested directors
stating whether the JV is in the best interests of Kejuruteraan Samudra Timur
Berhad, and where a director disagrees with such statement, a statement by the
director setting out the reasons and the factors taken into consideration in
forming that opinion.

Please furnish Bursa Securities with your reply via an announcement within one
(1) market day from the date hereof.

Yours faithfully


TAN YEW ENG
Vice President, Issuers
Listing Division, Regulation

TYE/NMA copy to:-General Manager & Head, Market Surveillance Department, Market
Oversight Division, Securities Commission (via fax)


[Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as those defined in the announcement dated 11 September 2014 in relation to the Joint-Venture on Formation of New Company in Myanmar (“Announcement”)]

We refer to the Announcement and the queries from Bursa Malaysia Securities Berhad (“Bursa Securities”) via its facsimile dated 17 September 2014 in relation to the same (“Bursa Query”).

The Board of KSTB wishes to announce the following additional information as required by Bursa Securities pursuant to the Bursa Query:


1) The eventual issued and paid-up capital of Bholat Samudra Timur Oil Services Co., Ltd (“BSTOSCL”).

The eventual issued and paid-up capital of BSTOSCL would be Ks 100,000,000 divided into 1,000 shares of Ks. 100,000/- each, which 510 shares will be held by Bholat General Services Co., Ltd.(“BGSC”) (51%) and 490 shares will be held by Samudra Timur Sdn. Bhd. (“STSB”) (49%) respectively.

2) The source(s) of funds for financing the investment in BSTOSCL, and the breakdown.

The subscription of the 490 shares of Ks. 100,000/- each were all funded from internal generated fund i.e. from the proceeds raised from the Proposed Disposal of Rig Ikhlas #3 and Proposed Disposal of Rig KST#1 of USD10.50 million (equivalent to approximately RM34.97 million), where RM3,000,000/- of it is allocated to be utilised for the purchase of equipment and tools for its inspection and maintenance services to further expand the scope of services rendered and to enhance its regional growth. The details of the utilisation of proceeds were stated and disclosed under Section 4.1 of the Circular to Shareholders dated 17 February 2014.

3) The effect of the Joint Venture (“JV”) on the earnings per share, net assets per share and gearing of Kejuruteraan Samudra Timur Berhad (“KSTB”) Group.

The JV is not expected to have a material effect on the earnings per share, net assets per share and gearing of KSTB Group for the financial year ending 30 June 2015. The JV is expected to contribute positively to the earnings and earnings per share of KSTB Group for the financial year ending 30 June 2016.

4) Whether the JV is subject to the shareholders’ approval and the relevant government authorities and the estimated time frame for submission of the application to the relevant authorities.

The JV is not subject to the shareholders’ approval and the relevant government authorities.

5) The salient features of the Memorandum of Association (“M&A”) or JV agreement, and the time and place where such documents may be inspected.

The following is the salient features of the M&A of BSTOSCL:-

a) The registered office of the Company will be situated in the Union of Myanmar.

b) The liability of the members is limited.

c) The authorised capital of the Company is Ks. 1,000,000,000/- (Kyats One Thousand Million only) divided into 10,000 shares of Ks. 100,000/- (Kyats One Hundred Thousand Only) each, with power in General Meeting either increase, reduce or alter such capital from time to time in accordance with the regulations of the Company and the legislative provisions for the time being in force in this behalf.

d) The objective for which the Company is established are :-

i) Provide Inspection services for oilfield services;
ii) Provide maintenance services for easing tubing;
iii) Provide preasure testing services;
iv) Agency business, technical consultants, business consultants, management consultants and advisory services; and
v) Business of feasibility study on new projects, projects formulation, project appraisal and project evaluation.

e) To borrow money for the benefit of the Company’s business from any person, firm, company, bank or financial organisation in the manner that the Company shall think fit.

Provided that the Company shall not exercise any of the above objects whether in the Union of Myanmar or elsewhere, save in so far as it may be entitled so as to do in accordance with the Laws, Orders and Notifications in force from time to time and only subject to such permission and an approval as may be prescribed by the Laws, Order and Notifications of the Union of Myanmar for the time being in force.

The copy of the M&A is available for inspection during ordinary business hours at the registered office of KSTB at Suite A-21-12, Level 21, Menara UOA Bangsar, No. 5, Jalan Bangsar Utama 1, 59200 Kuala Lumpur, Wilayah Persekutuan.

6) The highest percentage ratio applicable to the JV pursuant to Paragraph 10.02(g) of the Listing Requirements.

For information purposes, the highest percentage ratio applicable for the Joint-Venture on Formation of New Company in Myanmar as announced on 11 September 2014 is 0.74%.

7) The rationale for the JV including any benefit which is expected to accrue to KSTB as a result of the JV.

The rationale for the JV is for regional expansion of the Inspection and Maintenance Services of STSB. KSTB had via its Circular to Shareholders dated 17 February 2014 stated that the Group was at the preliminary stage of negotiations and planning with business associates and/or potential joint venture partners in Myanmar and Indonesia to establish workshops and yards in the respective markets for its current Inspection and Maintenance Services under Section 4.1 of the Circular to Shareholders dated 17 February 2014.

8) A statement by the board of directors, excluding interested directors stating whether the JV is in the best interests of KSTB, and where a director disagrees with such statement, a statement by the director setting out the reasons and the factors taken into consideration in forming that opinion.

The Board, after having considered the rationale and benefits of the JV, is of the opinion that the JV is in the best interest of KSTB.

This announcement is dated 18 September 2014



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