Bursa Announcements
Date : 02 June 2014
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): NON RELATED PARTY TRANSACTIONS DIVESTMENT OF MINING SUBSIDIARIES IN INDONESIA: (a) DISPOSAL OF 100% EQUITY INTEREST IN BEMBAN CORPORATION LIMITED (“BCL”), THE PENULTIMATE HOLDING COMPANY OF PT KOBA TIN; AND (b) DISPOSAL OF 100% EQUITY INTEREST IN PT MSC INDONESIA (“PT MSCI”) (a) and (b) collectively referred to as “PROPOSED DISPOSALS”
| MALAYSIA SMELTING CORPORATION BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | DIVESTMENT OF MINING SUBSIDIARIES IN INDONESIA: (a) DISPOSAL OF 100% EQUITY INTEREST IN BEMBAN CORPORATION LIMITED (“BCL”), THE PENULTIMATE HOLDING COMPANY OF PT KOBA TIN; AND (b) DISPOSAL OF 100% EQUITY INTEREST IN PT MSC INDONESIA (“PT MSCI”) (a) and (b) collectively referred to as “PROPOSED DISPOSALS” |
Malaysia Smelting Corporation Berhad (“MSC” or the “Company”) wishes to advise that pursuant to the decision of its Board of Directors (“Board”) to divest all mining subsidiaries in Indonesia as stated in the Company’s Annual Report for 2013, the Company has entered into two (2) separate sale and purchase agreements for the disposal of BCL and PT MSCI, respectively.
The rationale for the Proposed Disposals is to cease all mining operations in Indonesia and re-position MSC and its subsidiaries (“MSC Group”) to be more geographically focused in its tin mining and smelting business activities. Further details on the announcement are set out in the attached file.
| |
Announcement Info
| Company Name | MALAYSIA SMELTING CORPORATION BERHAD |
| Stock Name | MSC |
| Date Announced | 2 Jun 2014 |
| Category | General Announcement |
| Reference No | MS-140602-59832 |
