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Date : 15 December 2000

CO-OPERATION AGREEMENT SIGNED ON 17TH NOVEMBER 2000 BETWEEN YANFULL INVESTMENTS LIMITED, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND HENG FAT TRADING COMPANY ("Heng Fat") ("CO-OP AGREEMENT")

GOLDEN PLUS HOLDINGS BERHAD

TypeReply to query
Reply to Query Letter by KLSE reference IDNM-001201-55768
SubjectCO-OPERATION AGREEMENT SIGNED ON 17TH NOVEMBER 2000 BETWEEN YANFULL INVESTMENTS LIMITED, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND HENG FAT TRADING COMPANY ("Heng Fat") ("CO-OP AGREEMENT")

Contents :

In reference to the query from the Kuala Lumpur Stock Exchange dated 14 December 2000 in respect of the abovematter, we are pleased to furnish the following additional information for public release:


1. The total capital outlay for this Co-Op Agreement will comprise the gross development cost for the mix development of Huang Du Garden, which will comprise the land cost and construction cost.

      • The carrying cost for the development land totals Chinese Reminbi Two Hundred and Fifty Four Million (RMB254 million) and was acquired in 1995 by Yanfull (Shanghai) Co Ltd, a wholly owned subsidiary of the Group.
      • Based on best estimates, the cost of construction for the first phase of 90,000 m2 of saleable space, is approximately Chinese Reminbi One Thousand Eight Hundred Eighty Seven per meter square equivalent to a total of approximately Chinese Reminbi One Hundred and Seventy Million.
    The first phase of the development is subject to the necessary approvals of the authorities before construction can commence. The remaining construction cost for the balance of the gross saleable area estimated to be approximately 317,000 meter square (which is also subject to approval) cannot be practicaly estimated currently as concept planning has not commence.

2. The net carrying book value, which is the subject of the Co-Op Agreement, as at 30th September 2000, totals Chinese Reminbi Two Hundred and Fifty Four Million at the subsidiary company level and approximately Ringgit Malaysia Ninty Seven Million at the Group level (net value excluding deferred tax and unrealised gain on foreign currency translation).

3. Under the Co-Op Agreement, the Group, as the developer and land owner maintains full control over the entire development. Heng Fat in substance is a consultant whose responsibility is to assist to secure the bridging finance and the necessary approvals for the development. Thus the Co-Op Agreement is entered into in the ordinary course of business as a property developer, and has not been made subject to the approval of shareholders or any relevant government authorities.

4. The liabilities that will arise from the Co-Op Agreement will be normal contracting liabilities that will be incurred for the construction works, which will form part of work in progress and subsequently cost of sales for the development property. Based on best estimates, the total cost of construction for the first phase of the development is approximately Chinese Reminbi One Hundred and Seventy Million.

5. The Board of Directors of the Company after due consideration and deliberation, is of the opinion that the Co-Op Agreement is in the best interest of the Group and the Company.

6. None of the persons connected with the directors and substantial shareholders have any interest, direct or indirect, in the Co-Op Agreement.

Query Letter Contents :

We refer to your announcement dated 30 November 2000 in respect of the
aforesaid matter.
In this connection, kindly furnish the Exchange with the following additional
information for public release :
1. Total capital outlay in the JV;
2. The net book value of the land which is the subject of the JV;
3. Whether the JV is subject to the approval of shareholders and any relevant
government authorities;
4. Particulars of all liabilities to be assumed by GPLUS arising from the JV,
if any;
5. A statement by the Board of Directors stating whether or not the JV is in
the best interest of GPLUS; and
6. Whether any person connected with the directors and substantial shareholders
have any interests, direct or indirect, in the JV.

Please furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully


INDERJIT SINGH
Senior Manager
Listing Operations

IS/NIK



Announcement Info

Company NameGOLDEN PLUS HOLDINGS BERHAD  
Stock Name GPLUS    
Date Announced15 Dec 2000  
CategoryGeneral Announcement
Reference NoGP-001214-61752
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