ARTICLE ENTITLED: "PRUDENT LEGACY PROJECTS RM640M SALES"
|MALAYSIA BUILDING SOCIETY BERHAD|
|Type||Reply to query|
|Reply to Query Letter by KLSE reference ID||PL-010205-59851|
|Subject||ARTICLE ENTITLED: |
"PRUDENT LEGACY PROJECTS RM640M SALES"
Contents :We refer to your letter dated February 5, 2001 on the above and wish to confrim that the news article appearing in the New Straits Times, Business Section, Page 24 on Monday, February 5, 2001 is correct.
Malaysia Building Society Berhad (MBSB) has on September 27, 1996 made an announcement to the Exchange on the acquisition of Prudent Legacy Sdn Bhd (PLSB). At that time, the total paid-up share capital of PLSB was 2 ordinary shares of RM1.00 each which was wholly owned by MBSB. On October 15, 1996, the said share capital has been fully transferred to MBSB Development Sdn Bhd (MDSB), a wholly owned subsidiary company of MBSB.
A Joint Venture Agreement dated May 3, 1996 was signed between MDSB, Grand Chart Sdn Bhd(GCSB) and MBSB whereby MDSB and GCSB are partners and MBSB as financier for the proposed development of a land located at part of PT 124 HS(D) 6 and Lot 255, Mukim 4, South-West District of Penang, Balik Pulau, Pulau Pinang.
PLSB was acquired for the purpose of developing the said land. The paid-up share capital of PLSB has on October 7, 1996 increased from RM2.00 to RM250,000.00 in order to comply with the minimum requirement in obtaining a Developers License under the Housing Developers (Control & Licensing) Act, 1966. MDSB and GCSB hold 51% and 49% of the total paid-up share capital respectively.
Subsequently on October 27, 1999, GCSB has transferred part of their shares which consists of 8% of the total paid-up share capital of PLSB to JKP Sdn Bhd (JKP).
Arising from the above, PLSB is now owned by three parties ie. MDSB, GCSB and JKP who own 51%, 41% and 8% of the total paid-up share capital of PLSB respectively.
We wish to clarify that the size of the project land is approximately 300 acres and not 120 acres as reported.
Mat Rashid Yeop
GROUP COMPANY SECRETARY
Query Letter Contents :
We refer to the above news article appearing in New Straits Times, Business
section, page 24, on Monday, 5 February 2001, a copy of which is enclosed for
In particular, we would like to draw your attention to the underlined sentence
which is reproduced as follows:-
"The 120ha township is being developed in five phases by Prudent Legacy, a
joint venture between MBSB Development Sdn Bhd ..."
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the
underlined sentence after due and diligent enquiry with all the directors,
substantial shareholders and all such other persons reasonably familiar with
the matters about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above reported
article, you are required to set forth facts sufficient to clarify any
misleading aspects of the same. In the event you confirm the above sentence or
any other part of the above reported article, you are required to set forth
facts sufficient to support the same.
Please furnish the Exchange with your reply within one (1) market day from the
CHONG FUI TZY
Manager, Listing Operations
c.c. Securities Commission (via fax)
|Company Name||MALAYSIA BUILDING SOCIETY BERHAD|
|Date Announced||6 Feb 2001|