DISPOSAL OF FIXED ASSETS BELONGING TO SUBSIDIARY, WANG CORPORATION SDN BHD ("DISPOSAL")
|MAN YAU HOLDINGS BHD|
|Type||Reply to query|
|Reply to Query Letter by KLSE reference ID||PY-000802-54447|
|Subject||DISPOSAL OF FIXED ASSETS BELONGING TO SUBSIDIARY, WANG CORPORATION SDN BHD ("DISPOSAL")|
Contents :We refer to your letter of 2nd August 2000.
Our response are as follows :
(1) Basis for arriving at the sale consideration of RM1,950,000:
(a) We obtained an indicative valuation of RM1,900,000 from M/s Raine & Horne Zaki & Partners dated 18 July 2000.
(b) A force sale value would probably be in the region of RM1,700,000.
(c) Our Net Book Value was RM1,402,000.
(d) We requested for a higher amount than open market vale and obtion RM50,000 more.
(2) Not Applicable.
(3) We understand that we have made an error as we have confused ourselves with the basis year. We apologise for the error. It would be correct to say that the improvement of 0.012 sen per share would be beneficial in the financial year ending 31st December 2000. We are unable to determine an accurate forecast for the year 2000 as we have yet to complete the audits for 1998 and 1999 accounts.
Furthermore we have entered in a Memorandum of Understanding with the "White Knight" which will have great ramification on our financials.
(4) As per item (3) above our last audited Balance Sheet is as 31st December 1997.
(5) Please find enclosed a Statement by the Board of Directors as requested.
(6) Directors and shareholdings of Wangsa Pertiwi Sdn Bhd.
Names Shareholding Percentage
Farid Kamal bin Hussain 1 50%
Ong Poh Eng 1 50%
Should you require any further clarification please do not hesitate to contact us.
Query Letter Contents :
We refer to your announcement dated 1 August 2000.
In this connection, kindly furnish the Exchange with the following additional
information for public release :-
(1) The basis for arriving at the sale consideration of RM1,950,000.
(2) Whether persons connected to the directors and/or substantial shareholders
have any interest, direct or indirect, in the Disposal, the nature and extent
of their interests, the nature of the relationship with such director and/or
substantial shareholder, and the name of the connected person.
(3) The financial year in which the loss per share of your Company is expected
to improve from 0.11 sen to 0.098 sen, and the bases in arriving at the loss
(4) The effects on net tangible assets is based on the audited balance sheet of
the Company as at what date.
(5) A statement by the Board of Directors stating whether or not the Disposal
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.
(6) The names of the directors and shareholders of Wangsa Pertiwi Sdn Bhd and
their respective shareholdings therein.
Please furnish the Exchange with the announcement containing the aforesaid
information within two (2) market days from the date hereof.
KUALA LUMPUR STOCK EXCHANGE
Tan Yew Eng
Senior Manager, Listing Operations
Copy :Securities Commission
|Company Name||MAN YAU HOLDINGS BHD|
|Stock Name||MAN YAU|
|Date Announced||3 Aug 2000|