News
Proposed Disposal Of The Entire Issued And Paid-Up Share Capital Of United Merchant Finance Berhad ("UMF"), Comprising 229,000,000 Ordinary Shares Of RM1.00 Each To Southern Bank Berhad ("SBB") For Cash ("Proposed Disposal Of UMF")
BackJun 08, 2000
| General Announcement Reference No MM-000608-44346 |
| Submitting Merchant Bank | : | PERDANA MERCHANT BANKERS BERHAD |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 08/06/2000 |
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| Type | : | Announcement |
| Subject | : | Proposed Disposal Of The Entire Issued And Paid-Up Share Capital Of United Merchant Finance Berhad ("UMF"), Comprising 229,000,000 Ordinary Shares of RM1.00 Each To Southern Bank Berhad ("SBB") For Cash ("Proposed Disposal OF UMF") |
Contents :
On behalf of the Board of Directors of ASB and UMG (a 50.75%-owned subsidiary of ASB), Perdana Merchant Bankers Berhad ("Perdana Bankers") is pleased to announce that on 24 May 2000, the Sale of Shares Agreement ("SSA") in relation to the Proposed Disposal of UMF (a wholly-owned subsidiary of UMG) has become unconditional. The balance provisional consideration was received on 8 June 2000.
Upon receipt of the balance provisional consideration from SBB, UMF has ceased to be a subsidiary company of both UMG and ASB.
In accordance with the terms of the SSA, the Designated Auditors, Messrs. Kassim Chan & Co have commenced the verification exercise on UMF based on UMF's net tangible assets as at 30 April 2000 to determine the actual consideration payable for the Proposed Disposal of UMF. UMG will make the necessary announcement on the actual consideration receivable in due course.
This announcement is dated 8 June 2000.