Proposed Disposal of Property

BackJun 22, 2010
Date Announced
:
 22/06/2010  




Type
:
 Announcement
Subject
:
Proposed Disposal of Property

Contents
:
Further to the announcement made on 18/6/2010 in respect of the above, we wish to clarify the following:-

1.0 Where the sale consideration is to be satisfied in cash, the intended application of the sale proceed and the breakdown, including the timeframe for full utilisation of proceeds and details of the Purchaser;

1.1 Out of the proceed arising from the proposed disposal of property, RM 16 million will be utilised to retire borrowing and the balance of RM 10 million for working capital requirements including the payment of real property gain tax (RPGT). The timeframe for full utilization of the proceeds is expected to complete by 31/3/2012.

1.2 Details of purchaser:

Andaman Land Sdn Bhd (Company No. 879405 H) was incorporated in Malaysia as a private limited company under the Companies Act, 1965 on 17.11.2009. It has an authorised share capital of RM100,000.00 comprising of 100,000 ordinary shares of RM1.00 each of which 100 ordinary shares of RM1.00 each have been issued and fully paid up. The principal activity of the Andaman Land Sdn Bhd is Property Investment. Its place of business is at Level 9, Block K, Solaris Mont Kiara, No. 2, Jalan Solaris, 50480 Kuala Lumpur.


2.0 The time and place where the sale and purchase agreement and the valuation report maybe inspected at our registered office Block A, Unit A-5-3, Megan Avenue II, 12 Jalan Yap Kwan Seng, 50450 Kuala Lumpur during normal office hours (Monday to Friday) for a period of 2 months from the date of this announcement.

Announcement Details :
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