Sale & Purchase Agreements
| General Announcement Reference No RP-040521-62781 |
| Company Name | : | RELIANCE PACIFIC BERHAD |
| Stock Name | : | RPB |
| Date Announced | : | 21/05/2004 |
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| Type | : | Announcement |
| Subject | : | Sale & Purchase Agreements |
Contents :
Please be informed that on 18th May 2004 Genius Field Sdn Bhd (Company No 641309-M) , a subsidiary company of RPB has signed two sale & purchase agreements with Ikhlas Naung Sdn Bhd (Company No. 348410-V) . Genius Field Sdn Bhd ("GF") acquired the following land from Ikhlas Naung Sdn Bhd ("IN") free from encumbrances and in accordance with the terms & conditions therein stated in the above sale & purchase agreements.
|
Particulars of Land |
Total Purchase Consideration
(RM) |
| 1.0 | Two pieces of land held under HS(D) 18699,PT 3413, Mukim Si Rusa, Daerah Port Dickson, Negeri Sembilan measuring approximately 10,081 sq meter. |
4,201,000.00
|
| 2.0 | Two pieces of land held under HS(D) 18698, PT 3412 Mukim Si Rusa, Daerah Port Dickson, Negeri Sembilan measuring approximately 21,037 sq meter. |
8,767,000.00
|
|
Total: |
12,968,000.00
|
Related Party Transaction
There is no directors or substantial shareholders interest in respect of the aforesaid sale & purchase transactions.
Consent from the Relevant Authorities
Application to the relevant government /state authorities for its consent to transfer the abovementioned land shall be obtained. Other than the above, there are no other approvals required.
Financial Effects
In accordance with Bursa Malaysia's guidelines, the "percentage ratios" are as follows:-
1.0 the value of the assets which are the subject matter of the transaction, compared with the net tangible assets of RPB;
Total purchase consideration = RM12,968,000 = 7.3%
Group NTA of RPB as at 31/3/2003 RM177,204,720
2.0 net profits (after deducting all charges and taxation and excluding extraordinary items) attributable to the assets which are the subject matter of the transaction, compared with the net profits of RPB;
Not applicable
3.0 the aggregate value of the consideration given or received in relation to the transaction (including any liability to be assumed, where applicable), compared with the net tangible assets of RPB.
Aggregate value of the consideration given = RM12,968,000 = 7.3%
Group NTA of RPB as at 31/3/2003 RM177,204,720
4.0 the equity share capital issued by RPB as consideration for an acquisition, compared with the equity share capital previously in issue.
Not applicable
5.0 the aggregate value of the consideration given or received in relation to the transaction (including any liability to be assumed, where applicable), compared with the market value of all the ordinary shares of RPB;
Aggregate value of the consideration given = RM12,968,000 = 8.9%
Market value of all the ordinary shares of RPB RM146,199,098
6.0 the total assets which are the subject matter of the transaction compared with the total assets of RPB;
Total assets of the subject matter = RM12,968,000 = 8.2%
Total assets of RPB as at 31/3/2003 RM158,207,000
7.0 in respect of joint ventures, business transactions or arrangements, the total project costs attributable to RPB compared with the total assets of RPB or in the case where a joint venture company is incorporated as a result of the joint venture, the total equity participation of RPB in the joint venture company (based on the eventual issued capital of the joint venture company) compared with the new tangible assets of RPB. The value of the transaction should include shareholders' loans and guarantees to be given by RPB;
Not applicable
8.0 the aggregate cost of investment of the subject matter of the transaction divided by the net tangible assets of RPB, the case of a disposal and where the acquisition of the subject matter took place within the last 5 years;
Not applicable
Rationale
To enhance the competitive edge of RPB's Resort Development Division.
Bursa Announcement
