JOINT VENTURE AGREEMENT BETWEEN SEREMBAN TWO SDN BHD AND DISCRETE LIMITED
ROAD BUILDER (M) HOLDINGS BHD |
Type | Reply to query |
Reply to Query Letter by KLSE reference ID | KM-000904-57949 |
Subject | JOINT VENTURE AGREEMENT BETWEEN SEREMBAN TWO SDN BHD AND DISCRETE LIMITED |
Contents :
We refer to your letter dated 6 September 2000 and we are pleased to furnish herewith the following additional information for public release:-
1. The Joint Venture Agreement was dated 24 August 2000 ("JVA") and the salient features of the JVA were:-
a. The obligation of Discrete Limited ("DL") to proceed with the joint venture is conditional upon the approval of the relevant authorities (including the Foreign Investment Committee) and due diligence studies to be undertaken by DL;
b. Subject to the fulfillment of all conditions precedent, Alir Juta Permai Sdn Bhd ("JV Co") shall increase its authorised and paid up share capital to RM10,000,000 and the additional share capital shall be subscribed by Seremban Two Sdn Bhd and DL so that their respective equity shareholdings in the JV Co are 71% and 29%.
generated funds.
3. The JVA does not require shareholders' approval.
4. The relationship between Hung Pao Limited and Discrete Limited is as follows:-
- Hung Pao Limited ("HPL") is a substantial shareholder of Road Builder (M) Holdings Bhd with shareholdings of 8.84%. HPL is a wholly-owned subsidiary of Hung Pao Holdings Limited ("HPHL"). Asian Property Partners Limited owns 54.23% of the issued shares in HPHL.
DL is a wholly-owned subsidiary of Discrete Holdings Limited ("DHL") and Asian Property Partners Limited owns 54.23% of the issued shares in DHL.
5. It is the opinion of the Board of Directors of Road Builder (M) Holdings Bhd that the JVA is in the best interest of the Company.
Query Letter Contents :
We refer to your announcement on 24 August 2000 in respect of the above
mentioned JVA.
In this connection, kindly furnish the Exchange with the following additional
information for public release:-
Date and salient features of the JVA.
Source of funds for the subscription of the paid-up capital of the joint
venture company.
Whether the JVA requires shareholders' approval.
Relationship between Hung Pao Limited and Discrete Limited.
Statement by the entire Board of Directors of Road Builder (M) Holdings Bhd
stating whether the JVA 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.
Please furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully
INDERJIT SINGH
Senior Manager, Listing Operations
WR/CKM
Announcement Info
Company Name | ROAD BUILDER (M) HOLDINGS BHD |
Stock Name | ROADBLD |
Date Announced | 6 Sept 2000 |
Category | General Announcement |
Reference No | RB-000906-51077 |