Bursa Announcements
Date : 24 September 2013
Debt Restructuring Agreement
| EASTLAND EQUITY BHD |
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | NS-130923-38226 |
| Subject | Debt Restructuring Agreement |
| Description | Eastland Equity Bhd - Debt Restructuring Agreement |
| Query Letter Contents | We refer to your announcement dated 20 September 2013 in respect of the above captioned matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release :- 1. Particulars of the said Land and Condos as per Appendix 10A, Part C of the Main Market Listing Requirements. 2. The consideration at which the said Land and Condos will be transferred to Explicit Vantage, and how this was arried at, other than on a "willing buyer willing seller" basis. 3. The basis of arriving at the value of the said Land and Condos of RM18,120,000 and RM840,000 respectively. If relevant, the name of the independent registered valuer, date and method of valuation and quantification of the market value. 4. The expected gains or losses to the Eastland Equity Berhad ("Eastlnd") group arising from the Transfer of Properties. 5. The substantial shareholders of Fazwin Construction Sdn Bhd ("Fazwin") and Explicit Vantage Sdn Bhd ("Explicit Vantage") and their repective shareholdings therein. 6. Net book value of the said Land and Condos based on FBO Land's latest audited accounts. 7. The effects of the Debt Restructuring on the net assets epr shae and gearing of the Eastlnd group, based on its latest audited accounts as at 31 December 2012. 8. The particulars of all liabilities to be assumed by Explicit Vantage arising from the Transfer of Properties. 9. The original cost of investment in the said Land and Condos and the dates of such investment. 10. How FBO's Land's Debt came about, and the utilisation by FBO Land. 11. The estimated time frame to complete the Debt Restructuring. ....2/- 12. A statement by the board of directors, excluding interested directors stating whether the Debt Resturcturing is in the best interests of Eastlnd, and where a director disagrees with such statement, a statement by the director setting out the reasons and the factors taken into consideration in forming that opinion. 13. The highest percentage ratio applicable to the Transfer of Properties pursuant to paragraph 10.02(g) of Main Market Listing Requirements. Kindly furnish Bursa Securities with your reply within one (1) market day from the date hereof. Yours faithfully TAN YEW ENG Head, Issuers Listing Division Regulation TYE/NZ c.c:- General Manager & Head, Market Surveillance Department, Market Oversight Division, Securities Commission (via fax) |
Please refer to the attached file for the details of the announcement. This announcement is dated 24 September 2013. | |
Announcement Info
| Company Name | EASTLAND EQUITY BHD |
| Stock Name | EASTLND |
| Date Announced | 24 Sept 2013 |
| Category | General Announcement |
| Reference No | CC-130924-237DE |
