TAN SRI DATO' PADUKA (DR) TING PEK KHIING'S PROPOSED REVISED SETTLEMENT OF AMOUNT DUE TO EKRAN BERHAD ("Ekran" or "the Company")
| EKRAN BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | NM-030710-36946 |
| Subject | TAN SRI DATO' PADUKA (DR) TING PEK KHIING'S PROPOSED REVISED SETTLEMENT OF AMOUNT DUE TO EKRAN BERHAD ("Ekran" or "the Company") |
Contents :
We refer to the Exchange’s letter dated 10 July 2003 (Reference No.:NM-030710-36946).
The details of the proposed revised settlement offered by Tan Sri Dato’ Paduka (Dr) Ting Pek Khiing (“Tan Sri Ting”) are set out below:-
 | RM’000 |
| Injection of assets with an equivalent value of RM200 million into the Company via the Proposed Acquisition of Hotel Companies as detailed in the Circular to the shareholders dated 13 September 2001. The Proposed Acquisition of Hotel Companies involved the acquisition of 100% equity interests in Mashyur Mutiara Sdn Bhd, Home and Hotel Holding Sdn Bhd, Vital Orient Sdn Bhd and Accruvest Hotel Management Sdn Bhd for a consideration of RM200 million. All approvals have been obtained for the Proposed Acquisition of Hotel Companies. | 200,000 |
| Amount to be set off from the proposed sale of Langkasuka Resort Sdn Bhd and Aquabeat Langkawi Sdn Bhd to Ekran (“Proposed Set-Off”) as detailed in the announcements to the Exchange dated 3 May 2002, 13 May 2002 and 20 June 2002. The Proposed Set-Off is pending the approval from the shareholders of Ekran. | 29,893 |
| Cash payment to Ekran | 87,632 |
| 317,525 |
The proposed offer of revised settlement from Tan Sri Ting totalling RM317.525 million will be completed within 14 days from the date of approval from the shareholders of Ekran for the said proposed offer of revised settlement.
Tan Sri Ting has todate paid to the Company a total sum of RM246.485 million. With the proposed offer of revised settlement, Tan Sri Ting would in fact be making a total final payment sum of RM564.010 million out of the amount of RM712.939 million owing to Ekran. The proposed final settlement sum of RM564.010 million represents a discount of 21% from the total amount due.
The Board of Directors with Tan Sri Ting and his son, Mr Ting Sie Chuong abstaining, will be making an appropriate recommendation to the shareholders of Ekran upon obtaining the advice of the Company’s advisers as well as that of an independent adviser for minority shareholders.
This announcement is dated 12 July 2003.
Query Letter Contents :
We refer to your announcement dated 1 July 2003.
In this connection, kindly furnish the Exchange with details of the proposed
revised settlement and extension of time offered by Tan Sri Ting for public
release.
Please furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully
INDERJIT SINGH
Senior Manager
Listing Operations
IS/NMA
Announcement Info
| Company Name | EKRAN BERHAD |
| Stock Name | EKRAN |
| Date Announced | 12 Jul 2003 |
| Category | General Announcement |
| Reference No | EE-030712-ABDCF |
