TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): NON RELATED PARTY TRANSACTIONS PROTASCO BERHAD (“PB” OR THE “COMPANY”) - PROPOSED ACQUISITION OF 95,000,000 ORDINARY SHARES OF IDR 1,000 EACH IN PT ANGLO SLAVIC INDONESIA (“PT ASI”) (“PT ASI SHARE(S)”), REPRESENTING 76% EQUITY INTEREST IN PT ASI FROM PT ANGLO SLAVIC UTAMA (“PT ASU” OR “VENDOR”) (“PROPOSED ACQUISITION”)
| PROTASCO BERHAD |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | PROTASCO BERHAD (“PB” OR THE “COMPANY”) - PROPOSED ACQUISITION OF 95,000,000 ORDINARY SHARES OF IDR 1,000 EACH IN PT ANGLO SLAVIC INDONESIA (“PT ASI”) (“PT ASI SHARE(S)”), REPRESENTING 76% EQUITY INTEREST IN PT ASI FROM PT ANGLO SLAVIC UTAMA (“PT ASU” OR “VENDOR”) (“PROPOSED ACQUISITION”) |
Reference is made to the Company’s announcements dated 28 December 2012 (“First Announcement”), 28 June 2013, 1 August 2013, 3 September 2013 and 30 September 2013 in relation to the Proposed Acquisition. Unless otherwise stated, defined terms in this announcement shall carry the same meanings as defined in the First Announcement. In the First Announcement, AmInvestment Bank Berhad (“AmInvestment Bank”) had announced on behalf of the Board of Directors of PB, amongst others, that as part of the terms of the SPA, a Deposit amounting to RM50,000,000 was paid to the Vendor upon signing of the SPA. Accordingly, foreign quoted securities (“Blocked Securities”) amounting to approximately the Deposit were blocked to secure the Deposit. In the event of non-completion, the Blocked Securities may at the option of PB be sold and the proceeds from the sale of the Blocked Securities shall thereafter be remitted to PB. On behalf of the Company, AmInvestment Bank wishes to announce that since the execution of the SPA, the Company had requested the Vendor to top-up the Blocked Securities when the value of the Blocked Securities decreased below RM50,000,000 attributable to the drop in the Blocked Securities’ share price and home currency exchange rate. As at the date of this announcement, there is 354,426,585 Blocked Securities retained by the Company. Based on the closing market price of IDR520 (equivalent to RM0.144*) for each Blocked Security as at 8 October 2013, the total value of the Blocked Securities amounts to approximately RM51.05 million. Note:- * Based on the buying rate of RM0.0277:IDR100 on 8 October 2013 as published by Bank Negara Malaysia. | |
Announcement Info
| Company Name | PROTASCO BERHAD |
| Stock Name | PRTASCO |
| Date Announced | 9 Oct 2013 |
| Category | General Announcement |
| Reference No | MB-131009-55783 |