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The Board of Directors of ASB wishes to announce that ASCAP has on 21 December 2009 completed the disposal of ASCAP’s 100% equity interest in TCSB as a going concern inclusive of TCSB’s contracts, arrangements, assets and liabilities as identified and set out in the agreement dated 21 December 2009 entered into between ASCAP and Lim Han Weng and Bah Kim Lian for a total cash consideration of RM2,122,006.00 (“Disposal”).
TCSB is a private limited company incorporated in Malaysia on 27 August 2001 with an authorised share capital of RM1,000,000.00 divided into 1,000,000 ordinary shares of RM1.00 each of which 200,000 shares are issued and fully paid-up. TCSB is principally engaged in the provision of stage bus services.
The cash consideration of RM2,122,006.00 for the Disposal was arrived at on a willing buyer and willing seller basis.
The Disposal has no material effect on the earnings or net assets of the Group for the financial year ending 31 December 2009. Following the completion of the Disposal, TCSB ceased to be a subsidiary of ASCAP and ASB.
None of the Directors or major shareholders of ASB or persons connected with them has any interest, direct or indirect, in the Disposal.
This announcement is dated 21 December 2009. |
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