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Date: 19 October 2017

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS MAGNA PRIMA BERHAD ("MPB") ACQUISITION OF BALANCE OF EQUITY IN MAGNA PARK SDN BHD ("MAGNA PARK")


Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description MAGNA PRIMA BERHAD ("MPB") ACQUISITION OF BALANCE OF EQUITY IN MAGNA PARK SDN BHD ("MAGNA PARK")

The Board of Directors of Magna Prima Berhad (MPB) wishes to announce that Magna Prima Development Sdn Bhd ("MPD") a wholly-owned subsidiary of MPB has acquired the balance of 9% equity in Magna Park Sdn Bhd ("Magna Park") on 19th October 2017comprising 675,000 ordinary shares for a total consideration of RM 300,000 ("the Purchase Consideration") from Magna Equity Sdn Bhd ("the Acquisition"). Before the Acquisition, MPD already owns 91% equity interest in Magna Park. As a result of the Acquisition, Magna Park will become a wholly-owned subsidiary of MPD.

The principal activities of Magna Park are investment holding and property development and the rationale for the Acquisition is for MPD to have full equity control over Magna Park. The Purchase Consideration will be financed by internally generated funds.

The Acquisition will not have any effect on the share capital and substantial shareholders' shareholding of MPB and do not have material impact on the net assets and earnings per share of the MPB Group for the financial year ending 31 December 2017.

None of the directors and major shareholders of MPB and/or persons connected with them have any interest, direct or indirect, in the Acquisition.

 

This announcement is dated 19 October 2017.





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