News
Company Announcement
BackJul 09, 1999
| General Announcement Reference No CU-990709-33836 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 09/07/1999 |
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| Type | : | Announcement |
| Subject | : | COMPANY ANNOUNCEMENT |
Contents :
The Board of Directors of Advance Synergy Berhad ("ASB" or "Company") wishes to make the following announcement :-
(i) The Company had on 7 July 1999 received approval from Bank Negara Malaysia ("BNM") for United Merchant Group Berhad ("UMG"), a 50.75% subsidiary of ASB, to commence negotiations with Southern Bank Berhad pertaining to its proposed exercise involving its 43.53% equity interest comprising 74,524,000 ordinary shares in Ban Hin Lee Bank Berhad. A further announcement will be made upon finalisation of the proposed exercise by UMG and the necessary approval being obtained from BNM; and
(ii) Further to ASB's announcement on 21 April 1999 in respect of the proposed exercise involving the Company's equity interest of 50.75% in UMG, ASB has ceased negotiation in respect of this matter in view of the non-approval from BNM to enter into an agreement.