PROPOSED ACQUISITION OF 90.09% EQUITY INTEREST IN C.I. READYMIX SDN BHD ("CI READYMIX") COMPRISING 6,306,306 ORDINARY SHARES OF RM1.00 EACH FOR A PURCHASE CONSIDERATION OF RM14,864,850 ("PROPOSED ACQUISITION")
| YTL CEMENT BERHAD |
Contents :
In connection with the above captioned subject, the following are the additional information requested by the Exchange for public release:-
1. The date of the Sale and Purchase Agreement was 27 September 2000.
2. The net loss and net tangible assets of CI Readymix based on the last audited accounts as at 30 June 1999 are RM3,913,119 and RM18,374,371 respectively.
3. The purchase consideration will be paid to the Vendor upon receipt of approval from the Foreign Investment Committee and subject to due diligence review by the Company within 3 months from the date of the Agreement.
4. No liabilities will be assumed by the Company.
5. The original cost of investment to the Vendors and the date of such investment by the Vendor was RM14,756,148 and 1 April 1997 respectively.
6. The Sale and Purchase Agreement can be inspected at the registered office of the Company at 11th Floor, Yeoh Tiong Lay Plaza, 55 Jalan Bukit Bintang, 55100 Kuala Lumpur. There are no other salient features of the Agreement except for the conditions precedent stated in the earlier announcement dated 27 September 2000.
7. The Board of Directors is of the opinion that the Proposed Acquisition is in the best interest of the Company.
We trust the above information meets your requirement.
Yours faithfully,
YTL CEMENT BERHAD
HO SAY KENG
Company Secretary
c.c. Securities Issues Department
Securities Commission
Fax 03 651 5213
Query Letter Contents :
We refer to your announcement dated 27 September 2000 in respect of the
aforesaid matter.
In this connection, kindly furnish the Exchange with the following additional
information for public release:-
The date of the Sale & Purchase Agreement for the Proposed Acquisition.
The net profit and net tangible assets of CI Readymix based on the latest
audited accounts.
The terms of payment of the purchase consideration of RM14,864,850.
Particulars of all liabilities to be assumed by your Company arising from the
Proposed Acquisition.
Original cost of investment to the Vendors in respect of CI Readymix, and the
date of such investments.
The salient features of the Sale & Purchase Agreement, and time and place where
it may be inspected.
A statement by the Board of Directors stating whether or not the
Proposed Acquisition is in the best interests of the company, and where a
director disagrees with such statement, a statement by the director setting
out the reasons and the factors taken into consideration in forming that
opinion.
Please furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully
LISA LAM
Senior Manager,
Listing Operations
LL/CY
Announcement Info
| Company Name | YTL CEMENT BERHAD |
| Stock Name | YTLCMT |
| Date Announced | 4 Oct 2000 |
| Category | General Announcement |
| Reference No | YC-001004-59207 |