BURSA ANNOUCEMENTS

Date : 24 July 2000

DISPOSAL OF ONE PIECE OF LAND KNOWN AS LOT 1444, MUKIM OF ULU KELANG, KUALA LUMPUR WITH A BUNGALOW HOUSE ERECTED THEREON.

HIAP AIK CONSTRUCTION BERHAD

TypeReply to query
Reply to Query Letter by KLSE reference IDKM-000712-61906
SubjectDISPOSAL OF ONE PIECE OF LAND KNOWN AS LOT 1444, MUKIM OF ULU
KELANG, KUALA LUMPUR WITH A BUNGALOW HOUSE ERECTED THEREON.

Contents :

1. Net Book Value of the Land

The net book value of the land as per the latest audited accounts as at 31
December 1999 is RM588,000.00

2.
Salient Features of the Release & Discharge Agreement

- The documents can be inspected from 9.00 a.m to 5.00 p.m at 12-2, Jalan
PPM 11, Plaza Pandan Malim,Balai Panjang, 75000 Melaka.

- Salient Features of the Agreement:

a. Payment Terms
The sale consideration of RM600,000.00 to be payable within 21 days from the Release & Discharge Agreement date.


b. Completion Date
On full settlement of the sale consideration in accordance to item 2(a) above.

c. Delivery of Vacant Possession
On full settlement of the sale consideration.

3. Basis of Arriving At Sales Considerations & Terms of Payments

The sales considerations is arrived on a willing buyer and willing seller basis.

4. Rationale For The Disposal

The rationale for the disposal is to provide additional cash flow to the Group working capital.


5. Approval of Shareholders and any government authorities

The disposal does not require any shareholders approvals or any government
authorities.

6. Person connected to the Sale

None of the directors and/or substantial shareholders of HACB has any
interest, direct or indirect in the disposal.

7. Statement By Board of Director

We all being the directors of the company do hereby approved the disposal of a
piece of land known as Lot 1444, Mukim of Ulu Kelang, Kuala Lumpur with a
Bungalow house erected thereon which to the best knowledge and belief, is in
the best interest of the Company.

8. Original cost of Investment and Investment Date

The original investment cost is RM600,000.00 and the investment date is on
28th December1998.

9. Gain or loss arising from the Disposal

The disposal gain is estimated to be RM12,000.

10. Proposed Proceeds Utilisation

The proceeds should be used to finance working capital.







Query Letter Contents :

We refer to your announcement on 8 July 2000 in respect of the above mentioned
Disposal.
In this connection, kindly furnish the Exchange with the following additional
information for public release:-
Net book value of the Land based on the latest audited accounts and state the
financial year end of such audited accounts.
Salient features of the Release & Discharge Agreement (“Agreement”) dated 7
July 2000 and the place, date and time the Agreement can be inspected.
How the consideration has been arrived at, how it will be satisfied and terms
of payment under the Agreement.
Rationale for the Disposal.
Whether the Disposal is subject to approval of shareholders and any government
authorities.
Whether any person connected with the directors and/ or substantial
shareholders of Hiap Aik Construction Berhad ("HACB" or "Company") has any
interest, direct or indirect, in the Disposal.
Statement by the entire Board of Directors of HACB stating whether the Disposal
is in the best interest of the Company, and where a director disagrees with
such statement, a statement by the director setting out the reasons and factors
taken into consideration in forming such opinion.
Original cost of investment in the Land and the date of such investment.
Gain or loss arising from the Disposal.
10. Proposed utilisation of proceeds arising from Disposal.
Please furnish the Exchange with your reply within two (2) market days from the
date hereof.

Yours faithfully
KUALA LUMPUR STOCK EXCHANGE

INDERJIT SINGH
Senior Manager, Listing Operations

IS/WR/CKM



Announcement Info

Company NameHIAP AIK CONSTRUCTION BERHAD  
Stock Name HACB    
Date Announced24 Jul 2000  
CategoryGeneral Announcement
Reference NoHA-000724-55009