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Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID |
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NE-120213-33360 |
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| Proposed acquisition of freehold land in the city of Johor Bahru by Grandeur Park Sdn Bhd, a wholly-owned subsidiary of Hua Yang Berhad |
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| Description |
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With reference to the queries raised in Bursa Securities’ letter dated 13 Feb 2012, we append our replies as below, the terms and numbering of which is consistent with the ones used in the letter:
Q.1 – No liabilities, including contingent and guarantee are to be assumed from the proposed Acquisition.
Q.2
– (a) The name of the project is yet to be decided at this juncture.
- (b) The development costs of the acquired land shall be funded by internal generated fund and external borrowings and the quantum of the borrowings are yet to be ascertained.
- (c ) Approvals of the development have yet to be obtained.
Q.3 - The gearing for the Proposed Acquisition will increase from 33% as at 31 March 2011 to 36%. We wish to correct the statement that we made earlier in our announcement dated 9 February 2012 on the effects of the Proposed Acquisition on the Net Asset per share which should read as “The Proposed Acquisition is expected to increase the non-current asset value of HUAYANG group to the extent of the value of the property to be taken into account. “ There is no effect on the net asset per share.
Q.4 - The Proposed Acquisition is not subject to approval of the relevant government authorities.
Q.5 – The 4th Land parcel is not encumbered.
This announcement is dated 14 February 2012 |
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We refer to the Company's announcement dated 9 February 2012, in respect of the
aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-
(1) Particulars of all liabilities, including contingent liabilities and
guarantees to be assumed by HUAYANG, arising from the Proposed Acquisition;
(2) Information on the following or an appropriate negative statement:-
(a) Name of the project;
(b) Source of funds to finance the development cost;
(c) Whether relevant approvals for the development have been obtained and
date(s) obtained;
(3) Illustration of the effect of the Proposed Acquisition on the net assets
per share and gearing of HUAYANG;
(4) Whether the Proposed Acquisition is subject to the approval of the relevant
government authorities and the estimated time frame for submission of the
application to the relevant authorities; and
(5) The encumbrances, if any, on the 4th Land Parcel.
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
KKK/RSA
Copy to: General Manager & Head, Market Surveillance Department, Securities
Commission (via fax) |
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Announcement Details/Table Section :
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