PROPOSED DISPOSAL BY ABRAR CORPORATION BERHAD ("ABRAR" OR "THE COMPANY") OF ITS ENTIRE 20% EQUITY INTEREST IN EXPRESS RAIL LINK SDN BHD ("ERL") TO TH TECHNOLOGIES SDN BHD ("PROPOSAL")
| ABRAR CORPORATION BERHAD |
Contents :
We refer to the above and to your letter dated 13 June 2000. In response thereto, we set out below our comments.
1. Place, date and time that the Shares Sale & Purchase Agreement (“SSPA”) dated 23
May can be inspected.
- The SSPA is available for inspection at the registered office of the Company at Level 23, Menara IMC, No. 8, Jalan Sultan Ismail, 50250 Kuala Lumpur during office hours ( 9.00 a.m. - 5.30 p.m. ) from Mondays to Fridays for a period of two (2) weeks from the date of this announcement.
2. Terms of payment under the SSPA
1. Immediately upon execution of the SSPA, the Purchaser shall deliver to Messrs. Nasira Aziz
& Co. Advocates & Solicitors as a stakeholder the sum of RM 520,000.00 only as Deposit. 2. The Purchaser shall be obliged to pay to the Company the balance of the purchase price i.e. RM
4.68 million and the Deposit and all profit accruing on the Deposit at completion of the sale and
purchase of the Sale Shares pursuant to the terms of the SSPA.
3. Description of business of ERL
ERL is the concessionaire for the high-speed rail link between KL City Air Terminal (KLCAT) at KL Sentral and Kuala Lumpur International Airport in Sepang .
4. Effects of the Proposal on the net tangible assets per share of the Company
The Proposal has no effect on the net tangible assets per share of the Company as the sales proceeds is the same as the original cost of acquisition.
5. Original cost of investment in shares of ERL and date of such investment
RM 5.2 million - 20 August 1997
6. Expected gains or loss arising from the Proposal
There is no gains or loss arising from the Proposal as the sales proceeds is the same as the original cost of acquisition save for the acquisition expenses.
7. Rationale of the Proposal
The Proposal was carried out by the Company pursuant to the directive of the Economic Planning Unit.
8. Statement by the entire Board of Directors of the Company stating whether the
Proposal is in the best interest of the Company, and where a director disagrees with
such statement, a statement by the director setting out the reasons and factors taken
into consideration in forming such opinion.
Not applicable as the Proposal was carried out by the Company pursuant to the directive of the
Economic Planning Unit .
9. Proposed utilisation of proceeds arising from Proposal
The proceeds arising from the Proposal will be utilised in accordance to the workout proposal which
will be prepared by the Special Administrators of the Company.
Query Letter Contents :
We refer to your announcement on 25 May 2000 in respect of the above mentioned
Proposal.
In this connection, kindly furnish the Exchange with the following additional
information for public release:-
Place, date and time that the Shares Sale and Purchase Agreement ("SSPA") dated
23 May 2000 can be inspected.
Terms of payment under the SSPA.
Description of business of ERL.
Effects of the Proposal on the net tangible assets per share of the Company.
Original cost of investment in shares of ELR and date of such investment.
Expected gains or loss arising from the Proposal.
Rationale of the Proposal.
Statement by the entire Board of Directors of ABRAR stating whether the
Proposal is in the best interest of the Company, and where a director disagrees
with such statement, a statement by the director setting out the reasons and
factors taken into considerations in forming such opinion.
Proposed utilisation of proceeds arising from Proposal.
Please furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
INDERJIT SINGH
Senior Manager, Listing Operations
WR/CKM
Announcement Info
| Company Name | ABRAR CORPORATION BERHAD |
| Stock Name | ABRCORP |
| Date Announced | 19 Jun 2000 |
| Category | General Announcement |
| Reference No | AC-000619-49399 |
