Acquisition of 20% equity interest in PDX.Com Sdn Bhd (Acqiuisition)
INDUSTRONICS BERHAD |
Type | Reply to query |
Reply to Query Letter by KLSE reference ID | MN-040517-55059 |
Subject | Acquisition of 20% equity interest in PDX.Com Sdn Bhd (Acqiuisition) |
Contents :
Further to our reply to queries by the Exchange on 19 May 2004, furnish herewith additional information as requested:
1) Terms of any arrangement for payment on a deferred basis
- The proceeds shall be paid directly to the banks to extinguish and fully settle the amounts of outstanding bank borrowings that had been utilized by PDX Computers Sdn Bhd ("PDX Computers") and its subsidiaries for which the Company is a corporate guarantor ("Outstanding Loans"). The balance, if any, upon full settlement of the Outstanding Loans, shall be utilized to set-off the debts owing by PDX Computers to the Company.
The Company had, as at to-date, fully settled all the Outstanding Loans except for an outstanding sum of RM2,300,000 owing to RHB Bank Berhad in which the said sum has been converted into a Term Loan repayable by 60 months at a monthly installment of RM46,530.00 commencing June 2003. The balance of RM176,951.91 had been utilized to set-off against some outstanding miscellaneous expenses owing by PDX Computers to the Company.
2) Particulars of all liabilities to be assumed arising from the Acquisition
The acquisition in PDX.Com is free from all liens, pledges, charges and other encumbrances whatsoever. No liabilities are to be assumed by the Company from the Acquisition.
Query Letter Contents :
We refer to your Company's announcement dated 12 May 2004, in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Malaysia with the following additional
information for public release:-
1) Terms of any arrangement for payment on a deferred basis;
2) Net profits and net tangible assets of PDX.com , based on its latest audited
accounts;
3) Details of PDX Computers Sdn Bhd ("PDX Computers");
4) Particulars of all liabilities to be assumed by the Company arising from the
Acquisition;
5) The original cost of investment in PDX.com to PDX Computers and the date of
such investment;
6) Salient features of the agreement and the time and place where such document
may be inspected;
7) The prospects and risk factors of PDX.com;
8) Estimated time frame for the completion of the Acquisition; and
9) A statement whether the Acquisition has departed from the Securities
Commission’s Policies and Guidelines on Issue/Offer of Securities.
Page 2/-
Please furnish Bursa Malaysia with your reply within two (2) market days from
the date hereof.
Yours faithfully
TAN YEW ENG
Sector Head
Issues & Listing
Group Regulations
TYE/LMN
copy to:- Securities Commission (via fax)
Announcement Info
Company Name | INDUSTRONICS BERHAD |
Stock Name | ITRONIC |
Date Announced | 20 May 2004 |
Category | General Announcement |
Reference No | II-040520-52885 |