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Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID |
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MM-110512-52663 |
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| Proposed acquisition of land by Prop. Park Sdn Bhd, a wholly-owned subsidiary of HUAYANG of approximately 67,364 sq. ft (1.55 acres) of Leasehold Land in the city of Kuala Lumpur for a total consideration of RM32,000,000 ("Proposed Acquisition") |
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| Description |
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With reference to Bursa Malaysia Berhad's letter dated 12 May 2011 in relation to Proposed Acquisition, the Company wishes to provide the following additional information :
(i) The Directors of the Vendor are :
(a) Dato' Shamir Kumar Nandy
(b) Lim Nyuk Yun
(c) Rada A/L Palanisamy
(ii) Dragontree Sdn Bhd is the Sole Corporate Shareholder of the Vendor. The ultimate shareholders of Dragontree Sdn Bhd are Lim Nyuk Yun and Dato' Shamir Kumar Nandy, each holding one share in Dragontree Sdn Bhd.
(iii) The Company has yet to determine the name of the Project and number of units to be developed at this juncture. The Development Order was approved with Plot Ratio of 7 for 2 blocks of commercial development buy the Company may be submitting an amendment plan after completion of the Sale and Purchase Agreement. The development of the project will be funded through internally generated funds and/or bank borrowings.
(iv) Prop. Park Sdn Bhd is to reimburse the Vendor RM1,356,750.00 being the development charges incurred in procuring the development order of the Land. This amount has been included under the total purchase consideration of RM32,000,000. Other than this, there are no other liabilities and no guarantee to be assumed from the Proposed Acquisition as disclosed earlier under item 2.5 of the announcement released to Bursa on 11 May 2011. |
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We refer to your Company's announcement dated 11 May 2011 in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-
(i) The name of the directors and substantial shareholders of the Vendors and
their shareholdings;
(ii) The state the name of the project, number of units and the source of
funds to finance the development cost of the project; and
(iii) To also state the contingent liabilities and gurantess to be assumed by
the Company arising from the transaction.
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) |
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Announcement Details/Table Section :
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