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Below are the announcement releases of 2011.
27 May 2011
Quarterly rpt on consolidated results for the financial period ended 31/3/2011
24 May 2011
MONTHLY PRODUCTION FIGURES (MINING / PLANTATION / TIMBER)
18 May 2011
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS):NON RELATED PARTY TRANSACTIONS Subject: Acquisition of Remaining 30% Equity Interest in Subsidiary - Miracle Harvest Sdn Bhd ("MHSB") The Board of Directors of Kwantas Corporation Berhad (Kwantas or the Company) is pleased to announce that the Company had on today acquired the remaining 30% equity interest of Miracle Harvest Sdn Bhd (MHSB), a subsidiary incorporated in Malaysia (Collectively known as the Acquisition). MHSB is a company incorporated and registered on 15 June 2005 under the Companies Act, 1965 in Malaysia and having its registered office at Lot 154, Jalan Sungai Padungan, 93100 Kuching, Sarawak. The principal activities of MHSB are involved in the operations of oil palm plantations and with a total paid-up capital of RM10,000.00 divided into 10,000 ordinary shares of RM1.00 each. Details of the Acquisition: 1.INTRODUCTION The total purchase consideration of the Acquisition is RM18,188,701. The Acquisition has resulted in the acquisition of the remaining of 30% equity interest in MHSB by Kwantas. Prior to the Acquisition, Kwantas held 70% equity interest in MHSB. Subsequent to the Acquisition, MHSB is the wholly owned subsidiary of Kwantas. 2.BASIS OF CONSIDERATION The purchase consideration for the Acquisition was arrived at a willing-seller willing-buyer basis and the equity interest acquired is free from all charges, liens, pledges and other encumbrances and with all rights, benefits and entitlements attached hereto. 3.RATIONALE FOR THE ACQUISITION The Acquisition is part of the Companys strategic planning to consolidate and strengthen its operation in the plantation division of the Group. 4.SOURCE OF FUNDS The Purchase Price is satisfied entirely in cash, which will be financed through internally generated funds of the Company. 5.EFFECTS OF THE ACQUISITION 5.1 Share Capital and Substantial Shareholders Shareholding The Acquisition will not have any effect on the issued and paid-up share capital of Kwantas as well as Kwantas substantial shareholders shareholdings, as the Purchase Price is wholly satisfied by cash and does not involve any issuance of shares in Kwantas. 5.2 Earnings Per Share (EPS) The Acquisition is not expected to have any material effect on the consolidated EPS of the Company for the financial year ended 30 June 2011 but will in longer term enhances the EPS. 5.3 Net Assets Per Share (NA) The Acquisition is not expected to have any material effect on the NA of the Company. 5.4 Gearing As set out in Section 4 above, the Purchase Price is funded through internally generated funds of Kwantas. The Acquisition will not have any effect on the gearing level of the Company. 6.RISK FACTORS All palm oil producers are subject to risks inherit in the oil palm plantation business and the palm oil industry. These include but are not limited to entry of new players, changes in the weather conditions, outbreak of pests and diseases, constraints in labour supply, changes in law and tax regulations affecting the palm oil, increase in production costs and threat of substitutes for palm oil products. Any adverse changes in the abovementioned conditions could have a negative effects on the oil palm plantation industry, which the Company operates in. 7.DIRECTORS AND MAJOR SHAREHOLDERS INTERESTS None of the directors or major shareholders and/or persons connected to the directors or major shareholders has any interest, direct and indirect in the Acquisition. 8.DIRECTORS STATEMENT The Board of Directors of Kwantas, having reasonably considered all aspects of the Acquisition, is of the opinion that the Acquisition is in the best interest of the Company. 9.APPROVAL REQUIRED The Acquisition is not subject to the approval of Shareholders or regulatory authorities. 10.PERCENTAGE RATIO The highest percentage ratio applicable to the Acquisition pursuant to Paragraph 10.02 (g) of the Listing Requirements is 2.54%, being the aggregate value of the consideration paid in relation to the transaction compared with the market value of all ordinary shares of the listed issuer.
12 May 2011
OTHERS Subject: Disposal of entire 70% Shareholding in Green Ace Resources Sdn Bhd ("Disposal") Reference is made to the announcement dated 10 January 2011 in relation to the Disposal. The Board of Directors of Kwantas Corporation Berhad (KCB) is pleased to announce that the Disposal was completed on 12 May 2011 with the fulfilment of all conditions precedent stipulated in the Conditional Sale Shares Agreement and Supplement Agreement dated 6 January 2011 and 7 April 2011 respectively between KCB and Golden Agri Resources Sdn Bhd in respect of the Disposal.
28 April 2011
MONTHLY PRODUCTION FIGURES (MINING / PLANTATION / TIMBER)
26 April 2011
MONTHLY PRODUCTION FIGURES (MINING / PLANTATION / TIMBER)
07 April 2011
OTHERS Subject: Supplement Agreement in respect of the Disposal of the entire 70% Shareholding in Green Ace Resources Sdn Bhd (GARSB) dated 7 April 2011. Additional Information to the Announcement Reference No. KC-110110-67406 & KC-110112-63713 Submitted on 10 January 2011 & 12 January 2011 respectively. 1. INTRODUCTION Further to the Companys announcements on 10 January 2011 and 12 January 2011, the Board of Directors of Kwantas (the Company) is pleased to announce the Company had on 7 April 2011 (Effective Date) entered into a Supplemental Agreement (SA) with Golden Agri Resources Sdn Bhd (the Purchaser) for the disposal of its entire 70% shareholding in Green Ace Resources Sdn Bhd. With effect from the date of this SA, the Sale Shares Agreement (SSA) dated 6 January 2011 shall be varied, amended and altered in the following manner: i)The total cash consideration for the Sale of Shares shall be revised from RM32,405,293.18 to RM30,957,534.28. The revision in price was mainly due to the exclusion of 270 hectares of land (Excluded Land) from the sales arrangement; ii)The final sum of payment shall be revised from RM28,840,710.93 to RM27,392,952.03; and iii)The Purchaser shall cause and procure the Company to apply the sub-division of the land so that a separate document of title for the Excluded Land is issued, and upon the issuance of the document of the title for the Excluded Land, the Purchaser shall cause and procure the Company to transfer the Excluded Land to the Vendor. Except as amended herein, all the terms and conditions of the SSA shall remain in full force and effect and the SSA and SA shall from and after the Effective Date be read as a single and integrated document. 2. EARNINGS The revision in price will affect the net gain of disposal to reduce from RM32 million to RM30.5 million. 3. PERCENTAGE RATIO The highest percentage ratio applicable to the Disposal pursuant to Paragraph 10.02 (g) of the Listing Requirements is 5.04%, being the aggregate value of the consideration received in relation to the transaction compared with the market value of all ordinary shares of the listed issuer.