Date : 12 April 2011

PROPOSED ACQUISITION OF 200,000 ORDINARY SHARES OF RM1.00 EACH REPRESENTING THE ENTIRE EQUITY INTEREST IN 59 INC SDN. BHD. FROM FADZIL BIN AHMAD, USMAN BIN SURATMAN AND MOHD. SHAMIR BIN MOHD. HASSAN FOR A TOTAL CASH CONSIDERATION OF UP TO RM110,000,000

MALAYSIAN RESOURCES CORPORATION BERHAD

TypeReply to query
Reply to Bursa Malaysia's Query Letter - Reference IDMM-110411-59028
SubjectPROPOSED ACQUISITION OF 200,000 ORDINARY SHARES OF RM1.00 EACH REPRESENTING THE ENTIRE EQUITY INTEREST IN 59 INC SDN. BHD. FROM FADZIL BIN AHMAD, USMAN BIN SURATMAN AND MOHD. SHAMIR BIN MOHD. HASSAN FOR A TOTAL CASH CONSIDERATION OF UP TO RM110,000,000
DescriptionWe refer to your query letter dated 11 April 2011 and append below our reply for your attention:
Query Letter ContentsWe refer to your Company's announcement dated 7 April 2011 in respect of the
aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-

(i) The net book value of the Land (as defined in the aforesaid announcement)
based on the latest audited accounts;
(ii) The expiry date of the leasehold;
(iii) The source of funds to finance the development of the Land; and
(iv) Whether relevant approvals for the development have been obtained and
date(s) obtained.
(v) The breakdown between the internally generated funds and borrowing for the
source of funding for the purchase consideration.

Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.


Yours faithfully



KHOO KAY KWAN
Head, Issuers
Listing Division
Regulation

MZM

copy to:- General Manager & Head, Market Surveillance, Securities Commission
(via fax)

1)    The net book value of the Land (as defined in the aforesaid announcement) based on the latest audited accounts:

The Land has no net book value since it is yet to be registered into the name of 59 Inc Sdn Bhd pending payment of alienation premium and related charges to the Land Office.

2)    The expiry date of the leasehold:

The tenure of the leasehold is 99 years from the issuance of the land title. The expiry date of the leasehold can only be determined after the land title has been issued. The Land will be registered into the name of 59 Inc Sdn Bhd after payment of alienation premium, quit rent and other charges which are due within 3 months from 7 February 2011, being the date of the letter from the Land Office.

3)    The source of funds to finance the development of the Land:

The development of the Land will be financed via a combination of funding sources comprising internally generated funds, proceeds from sale of the development and/or bank borrowings.

4)    Whether relevant approvals for the development have been obtained and date(s) obtained:

No approval from the relevant authorities was sought or obtained for the development.  The Land has yet to be registered into the name of 59 Inc Sdn Bhd.

5)    The breakdown between internally generated funds and borrowing for the source of funding for the purchase consideration:

As mentioned under note 2.3.3 of the announcement, the purchase consideration would be paid in installments. The source of funding for the balance of the purchase consideration would depend  on the prevailing cash position of the Company at the relevant point of time.

 

 

 

 

 

 

 

 

 

 

 



Announcement Info

Company NameMALAYSIAN RESOURCES CORPORATION BERHAD  
Stock Name MRCB    
Date Announced12 Apr 2011  
CategoryGeneral Announcement
Reference NoMR-110412-60196