TERMINATION OF THE SHARE SALE AGREEMENT DATED 10 SEPTEMBER 2001 BETWEEN SITT TATT BERHAD ("SITATT") AND MISL & ASSOCIATE SDN BHD ("MISL") IN RESPECT OF THE ACQUISITIONS OF PYRAMID MANUFACTURING INDUSTRIES PTE LTD, CEM MACHINERY PTE LTD AND PMI PLATING SERVICES PTE LTD FOR RM184,288,000, SATISFIED BY ISSUANCE OF 125,125,000 ORDINARY SHARES OF RM1.00 EACH IN SITATT AT AN ISSUE PRICE OF RM1.20 EACH ("CONSIDERATION SHARES") AND ISSUANCE OF 34,138,000 IRREDEEMABLE CPNVERTIBLE PREFERENCE SHARES OF RM1.00 EACH IN SITATT AT AN ISSUE PRICE OF RM1.00 EACH ("ICPS").
| SITT TATT BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | TH-030717-41235 |
| Subject | TERMINATION OF THE SHARE SALE AGREEMENT DATED 10 SEPTEMBER 2001 BETWEEN SITT TATT BERHAD ("SITATT") AND MISL & ASSOCIATE SDN BHD ("MISL") IN RESPECT OF THE ACQUISITIONS OF PYRAMID MANUFACTURING INDUSTRIES PTE LTD, CEM MACHINERY PTE LTD AND PMI PLATING SERVICES PTE LTD FOR RM184,288,000, SATISFIED BY ISSUANCE OF 125,125,000 ORDINARY SHARES OF RM1.00 EACH IN SITATT AT AN ISSUE PRICE OF RM1.20 EACH ("CONSIDERATION SHARES") AND ISSUANCE OF 34,138,000 IRREDEEMABLE CPNVERTIBLE PREFERENCE SHARES OF RM1.00 EACH IN SITATT AT AN ISSUE PRICE OF RM1.00 EACH ("ICPS"). |
Contents :
1. We refer to your query dated 18 July 2003.
2. There is currently no arrangement between the Company and Chiang Cheng Leong (CCL). The Company and CCL is presently working on an arrangement. However before the Consideration Shares and the Irredeemable Convertible Preference Shares (ICPS) are transferred by MISL to CCL (subject to any decision of the Court), the Company shall disclose the terms and conditions of the arrangement.
3. The transfer of the Consideration Shares and the ICPS to a person determined by the Company is in accordance with the Share Sale Agreement (SSA) and the corporate exercise which were approved by the shareholders and the Securities Commission (SC) respectively. Any arrangement to be concluded will take into account the interest of the shareholders and the spirit upon which the approval of the SC was given.
Query Letter Contents :
We refer to your announcement dated 16 July 2003 in respect of the aforesaid
matter.
In this connection, please furnish the Exchange with the following additional
information for public release:-
(a) Whether the Consideration Shares and ICPS to be transferred to Mr. Chiang
Cheng Leong (as so demanded by Sitatt from MISL) is in accordance with an
arrangement between Sitatt and Mr. Chiang Cheng Leong and if so, details of the
terms and conditions of such arrangement; and
(b) Impact of such arrangement between Mr. Chiang Cheng Leong and Sitatt on the
approval of Sitatt's shareholders which was obtained at the extraordinary
general meeting held on 23 April 2003 and the Securities Commission’s approval
in respect of Sitt Tatt’s corporate exercise.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully
LISA LAM
Senior Manager
Listing Operations
LL/YYT/GTH
Announcement Info
| Company Name | SITT TATT BERHAD |
| Stock Name | SITATT |
| Date Announced | 21 Jul 2003 |
| Category | General Announcement |
| Reference No | ST-030721-57685 |
