Bursa Announcements
News
Proposed Disposal Of 50% Equity Interest In Sussen (Malaysia) Sdn Bhd ("SMSB")
Jan 07, 2001
Date Announced
:
07/01/2002
Type
:
Announcement
Subject
:
Proposed disposal of 50% equity interest in Sussen (Malaysia) Sdn Bhd ("SMSB")
Contents :
Introduction
Gamuda Berhad ("Gamuda" or "the Company") wishes to announce that Gamuda has entered into a sale and purchase agreement ("SPA") on 3 January 2002 with Soo Seng Sooi @ Soo Seng Shui, Soo Sing Fatt, Wong Chu Lan, Soo Yuit Yoong, Soo Yuit Ming, Low Tong Hooi, Lau Seng Hooi, Lau Tang Hooi and Lau Chew Hoy (collectively hereinafter referred to as "the Purchasers") to dispose of Gamuda's 50% equity interest in SMSB comprising 100,000 ordinary shares of RM1.00 each and 400,000 redeemable cumulative preference shares of RM0.50 each to the Purchasers for a cash consideration of RM610,000 ("Proposed Disposal").
Via the same SPA, Atlas Industries Sdn Berhad ("Atlas") is also disposing its 50% equity interest in SMSB comprising 100,000 ordinary shares of RM1.00 each and 400,000 redeemable cumulative preference shares of RM0.50 each to the Purchasers for a cash consideration of RM610,000 ("Proposed Atlas Disposal"). The Proposed Disposal and Proposed Atlas Disposal are collectively hereinafter referred to as "Proposed Joint Disposal".
Information on SMSB
SMSB was incorporated on 19 June 1991. Its present authorised share capital is RM1,600,000 comprising 800,000 ordinary shares of RM1.00 each and 1,600,000 redeemable cumulative preference shares of RM0.50 each whilst its present issued and paid-up share capital is RM600,000 comprising of 200,000 ordinary shares of RM1.00 each and 800,000 redeemable cumulative preference shares of RM0.50 each. Its principal activity is manufacturing and trading of bitumen emulsion products.
Details of the Proposed Joint Disposal and Proposed Disposal
The Proposed Joint Disposal involves the disposal by Gamuda and Atlas of the entire equity interest in SMSB comprising 200,000 ordinary shares of RM1.00 each and 800,000 redeemable cumulative preference shares of RM0.50 each ("Sale Shares") to the Purchasers for a cash consideration of RM1.22 million. The Sale Shares will be disposed free from all encumbrances.
The consideration of RM1.22 million was arrived at on a willing buyer and willing seller basis after taking into consideration the net liabilities of SMSB and calculated on the basis of a price of RM2.10 per ordinary share and RM1.00 per redeemable cumulative preference share.
Completion of the sale and purchase of the Sale Shares shall take place during regular business hours on such business day as shall be mutually agreed, within three (3) months from the date of the SPA ("Completion Date").
The consideration shall be paid by the Purchasers in the following manner:-
(i) A ten percent (10%) deposit of RM122,000 was paid upon execution of the SPA, of which RM61,000 was paid to Gamuda and RM61,000 was paid to Atlas.
(ii) The balance sum of RM1,098,000 shall be paid on the Completion Date of which RM549,000 shall be paid to Gamuda and RM549,000 shall be paid to Atlas.
Upon completion of the SPA, SMSB will cease to be an associate company of Gamuda.
Proceeds from the Proposed Disposal
The original cost of investment of the Proposed Disposal, acquired on 21 June 1995, was RM500,000. The proceeds from the Proposed Disposal will be utilised for working capital purposes.
The audited net tangible assets of SMSB as at 31 December 2000 was RM993,292.
Rationale for the Proposed Disposal
The Proposed Disposal will provide an opportunity for the Company to realise its capital investment in SMSB at a fair and reasonable price.
Effects of the Proposed Disposal
The Proposed Disposal will have no effect on the share capital and substantial shareholders' shareholdings of Gamuda.
The Proposed Disposal is expected to be completed in the financial year ending 31 July 2002. It is expected to result in a gain of approximately RM110,000 at Company level to be realised as at the Completion Date. The Proposed Disposal is not expected to have any material impact on Gamuda Group's earnings per share and net tangible assets for the financial year ending 31 July 2002.
Conditions of the Proposed Disposal
The Proposed Disposal is not subject to any conditions or approval of the shareholders of Gamuda or any governmental authority.
Directors' and major shareholders' interests
None of the Directors and major shareholders of Gamuda or persons connected to them has any interest, direct or indirect, in the Proposed Disposal.
Statement by Board of Directors
The Directors of the Company are of the opinion that the Proposed Disposal is in the best interest of Gamuda Group.
Document for inspection
The SPA can be inspected at the Registered Office of Gamuda at 55 - 61, Jalan SS22/23, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan from Mondays to Saturdays during business hours for a period of 14 days from the date of this announcement.
This announcement is dated 7 January 2002.
c.c. Securities Commission
| Date Announced |
:
|
07/01/2002 |
|
|
|
| Type | : | Announcement |
| Subject | : | Proposed disposal of 50% equity interest in Sussen (Malaysia) Sdn Bhd ("SMSB") |
Contents :
Introduction
Gamuda Berhad ("Gamuda" or "the Company") wishes to announce that Gamuda has entered into a sale and purchase agreement ("SPA") on 3 January 2002 with Soo Seng Sooi @ Soo Seng Shui, Soo Sing Fatt, Wong Chu Lan, Soo Yuit Yoong, Soo Yuit Ming, Low Tong Hooi, Lau Seng Hooi, Lau Tang Hooi and Lau Chew Hoy (collectively hereinafter referred to as "the Purchasers") to dispose of Gamuda's 50% equity interest in SMSB comprising 100,000 ordinary shares of RM1.00 each and 400,000 redeemable cumulative preference shares of RM0.50 each to the Purchasers for a cash consideration of RM610,000 ("Proposed Disposal").
Via the same SPA, Atlas Industries Sdn Berhad ("Atlas") is also disposing its 50% equity interest in SMSB comprising 100,000 ordinary shares of RM1.00 each and 400,000 redeemable cumulative preference shares of RM0.50 each to the Purchasers for a cash consideration of RM610,000 ("Proposed Atlas Disposal"). The Proposed Disposal and Proposed Atlas Disposal are collectively hereinafter referred to as "Proposed Joint Disposal".
Information on SMSB
SMSB was incorporated on 19 June 1991. Its present authorised share capital is RM1,600,000 comprising 800,000 ordinary shares of RM1.00 each and 1,600,000 redeemable cumulative preference shares of RM0.50 each whilst its present issued and paid-up share capital is RM600,000 comprising of 200,000 ordinary shares of RM1.00 each and 800,000 redeemable cumulative preference shares of RM0.50 each. Its principal activity is manufacturing and trading of bitumen emulsion products.
Details of the Proposed Joint Disposal and Proposed Disposal
The Proposed Joint Disposal involves the disposal by Gamuda and Atlas of the entire equity interest in SMSB comprising 200,000 ordinary shares of RM1.00 each and 800,000 redeemable cumulative preference shares of RM0.50 each ("Sale Shares") to the Purchasers for a cash consideration of RM1.22 million. The Sale Shares will be disposed free from all encumbrances.
The consideration of RM1.22 million was arrived at on a willing buyer and willing seller basis after taking into consideration the net liabilities of SMSB and calculated on the basis of a price of RM2.10 per ordinary share and RM1.00 per redeemable cumulative preference share.
Completion of the sale and purchase of the Sale Shares shall take place during regular business hours on such business day as shall be mutually agreed, within three (3) months from the date of the SPA ("Completion Date").
The consideration shall be paid by the Purchasers in the following manner:-
(i) A ten percent (10%) deposit of RM122,000 was paid upon execution of the SPA, of which RM61,000 was paid to Gamuda and RM61,000 was paid to Atlas.
(ii) The balance sum of RM1,098,000 shall be paid on the Completion Date of which RM549,000 shall be paid to Gamuda and RM549,000 shall be paid to Atlas.
Upon completion of the SPA, SMSB will cease to be an associate company of Gamuda.
Proceeds from the Proposed Disposal
The original cost of investment of the Proposed Disposal, acquired on 21 June 1995, was RM500,000. The proceeds from the Proposed Disposal will be utilised for working capital purposes.
The audited net tangible assets of SMSB as at 31 December 2000 was RM993,292.
Rationale for the Proposed Disposal
The Proposed Disposal will provide an opportunity for the Company to realise its capital investment in SMSB at a fair and reasonable price.
Effects of the Proposed Disposal
The Proposed Disposal will have no effect on the share capital and substantial shareholders' shareholdings of Gamuda.
The Proposed Disposal is expected to be completed in the financial year ending 31 July 2002. It is expected to result in a gain of approximately RM110,000 at Company level to be realised as at the Completion Date. The Proposed Disposal is not expected to have any material impact on Gamuda Group's earnings per share and net tangible assets for the financial year ending 31 July 2002.
Conditions of the Proposed Disposal
The Proposed Disposal is not subject to any conditions or approval of the shareholders of Gamuda or any governmental authority.
Directors' and major shareholders' interests
None of the Directors and major shareholders of Gamuda or persons connected to them has any interest, direct or indirect, in the Proposed Disposal.
Statement by Board of Directors
The Directors of the Company are of the opinion that the Proposed Disposal is in the best interest of Gamuda Group.
Document for inspection
The SPA can be inspected at the Registered Office of Gamuda at 55 - 61, Jalan SS22/23, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan from Mondays to Saturdays during business hours for a period of 14 days from the date of this announcement.
This announcement is dated 7 January 2002.
c.c. Securities Commission