Announcement Details/Table Section :
The Board of Directors of ASB wishes to announce that ASHR has on 7 July 2011 entered into an agreement for the disposal of its entire shareholding of 143,500 shares representing 70% equity interest in Suntop to MB Resorts Sdn Bhd (Company No. 764803-P) for a cash consideration of RM3,269,000.00 only (“Disposal”).
Suntop is a private limited company incorporated in Malaysia on 8 February 1988 with an authorised share capital of RM250,000.00 divided into 250,000 ordinary shares of RM1.00 each of which 205,000 shares are issued and fully paid-up. Suntop is presently an investment holding company and the registered proprietor of 2 pieces of adjoining vacant leasehold land located at Mukim of Pantai Timur, Daerah Kota Tinggi, Johor measuring approximately 14.6 acres in total.
Based on the last valuation carried out on 21 December 2010 by Suleiman & Co Property Consultants Sdn Bhd, the market value of the aforesaid land is RM2,800,000.00.
The cash consideration of RM3,269,000.00 for the Disposal was arrived at on a willing buyer willing seller basis.
The Disposal is not expected to have any material effect on the earnings or net assets per share of ASB Group for the financial year ending 31 December 2011. Following the completion of the Disposal, Suntop will cease to be a subsidiary of ASHR and ASB.
None of the directors, major shareholders and/or persons connected with the directors and major shareholders of ASB has any interest, direct or indirect, in the Disposal.
[This announcement is dated 7 July 2011]
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