INTRIA BERHAD ("INTRIA") ARTICLE IN THE STAR 12 FEBRUARY 2000 ENTITLED : "UEM Wins Bid for 45% Stake in Intria"
|Type||Reply to query|
|Reply to Query Letter by KLSE reference ID||IJ-000214-37716|
|Subject||INTRIA BERHAD ("INTRIA")|
ARTICLE IN THE STAR 12 FEBRUARY 2000 ENTITLED :
"UEM Wins Bid for 45% Stake in Intria"
Contents :We refer to your fax of 14 February 2000.
1. We understand that the Receiver and Manager of Mekar Idaman Sdn Bhd (in Receivership) [“MISB”] from Messrs. Arthur Andersen has indeed accepted a bid submitted by United Engineers (M) Berhad (”UEM”) for MISB’s approximately 45% stake in Intria for a total purchase consideration of RM371.8 million or RM1.07 per share.
2. As Intria has not been provided with full details of the bid submitted by UEM to Messrs. Arthur Andersen, Intria is not able to comment on the utilisation of the proceeds from the purchase of Intria by UEM. However, we confirm that there is currently a judgment debt outstanding from MISB to Intria amounting to approximately RM202.9 million arising from past inter-co advances, whereby Intria is an unsecured creditor. Upon full repayment of MISB’s debts to its secured creditors by the Receiver, Intria expects to obtain the benefit of the surplus monies, if any.
3. At this point of time, Intria is unable to comment on the future plans proposed to be undertaken by the incoming new shareholder at Intria. Accordingly, queries on such matters should be more appropriately addressed to UEM and/or Messrs. Arthur Andersen rather than to Intria.
4. With respect to the concession for the proposed Penang Second Crossing (“the Project”), Intria had submitted a proposal to the Federal Government for the Project and discussions have been held. However, Intria has not obtained any firm decision on our proposal to date.
|Company Name||INTRIA BERHAD|
|Date Announced||14 Feb 2000|