ARTICLE ENTITLED : "MPlant may pay RM600 million for MBf Finance"
|MBF CAPITAL BERHAD|
|Type||Reply to query|
|Reply to Query Letter by KLSE reference ID||PL-000830-59919|
|Subject||ARTICLE ENTITLED :|
"MPlant may pay RM600 million for MBf Finance"
- We refer to the above article appearing in The Edge Online and your letter dated 30 August 2000 pertaining to the above matter.
- The Board of Directors of MBf Capital Berhad (MBfC) would like to inform the Exchange that the Board is not aware of any such negotiation where Malaysian Plantations Bhd (MPlant) is offering a price of RM600 million to MBf Finance's shareholders, including Danamodal Nasional Bhd (Danamodal), for the finance company.
On 30 August 2000, MBfC have received a letter from Danamodal where pursuant to Clauses 2 and 4 of the Call Option Agreement dated 12 March 1999 between MBfC and Danamodal, Danamodal has informed MBfC of its intention to exercise the Call Option for the right of the remaining shares in MBf Finance at the agreed price of RM1.
On 30 August 2000, MBfC also received a letter from Danamodal where pursuant to Clause 9 of the MBf Capital Call Option Agreement dated 12 March 1999 between MBfC and Danamodal, MBfC is granted a right of first refusal of the offer to sell to MBfC all or part of the shares owned by Danamodal in the capital of MBf Finance in the event Danamodal wishes to sell the same to a third party. MBfC has been given 30 days by Danamodal to revert whether MBfC wish to accept the Offer by serving on Danamodal a notice in writing to purchase all of the said shares at the price of RM480 million, failing which, Danamodal will proceed to sell or transfer the said shares to Multi-Purpose Bank Bhd.
Further announcement will be made upon the MBfC Board deliberation on the letters received from Danamodal.
We hope the above reply helps to clarify our position.
For and on behalf of
MBf Capital Berhad
Yap Boon Teck
Date : 1 September 2000
Query Letter Contents :We refer to the above article appearing in The Edge Online, on 30 August 2000,
a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined
sentences, which are reproduced as follows:-
"Malaysia's largest non-bank-owned finance company MBf Finance Bhd is believed
to be worth RM600 million."
"That could be the price tag offered by Malaysian Plantations Bhd (Mplant) to
MBf Finance's shareholders, including Danamodal Nasional Bhd, for the finance
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the
underlined sentences after due and diligent enquiry with all the directors,
substantial shareholders and all such other persons reasonably familiar with
the matters about which the disclosure is to be made in this respect. In the
event you deny the above sentences or any other part of the above reported
article, you are required to set forth facts sufficient to clarify any
misleading aspects of the same. In the event you confirm the above sentences or
any other part of the above reported article, you are required to set forth
facts sufficient to support the same.
Please furnish the Exchange with your reply within one (1) market day from the
Chong Fui Tzy
Manager, Listing Operations
c.c. Securities Commission (via fax)
(Attn: Encik Onn Ismail, Market Surveillance Department)
|Company Name||MBF CAPITAL BERHAD|
|Date Announced||1 Sept 2000|