News
Advance Synergy Berhad ("ASB") - Proposed Disposal By United Merchant Group Berhad ("UMG") Of Its 50.1% Equity Interest In Perdana Merchant Bankers Berhad ("PMBB") To southern Bank Berhad ("SBB") For Cash ("Proposed Disposal Of PMBB"); And - Proposed Disposal Of UMG's Indirect Interest In Perdana Finance Berhad ("PFB") To Southern Bank Berhad ("SBB") For Cash ("Proposed Disposal Of PFB")
BackSep 20, 2000
| General Announcement Reference No CU-000920-54868 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 20/09/2000 |
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| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY BERHAD ("ASB") - PROPOSED DISPOSAL BY UNITED MERCHANT GROUP BERHAD ("UMG") OF ITS 50.1% EQUITY INTEREST IN PERDANA MERCHANT BANKERS BERHAD ("PMBB") TO SOUTHERN BANK BERHAD ("SBB") FOR CASH ("PROPOSED DISPOSAL OF PMBB"); AND - PROPOSED DISPOSAL OF UMG'S INDIRECT INTEREST IN PERDANA FINANCE BERHAD ("PFB") TO SOUTHERN BANK BERHAD ("SBB") FOR CASH ("PROPOSED DISPOSAL OF PFB") |
Contents :
Further to the earlier announcements made by ASB on 27 June 2000 and 28 June 2000, the Board of Directors of ASB is pleased to announce that UMG, a 50.75% owned subsidiary of ASB, was notified on 19 September 2000 and 20 September 2000 that approval had been granted by the Honourable Minister of Finance for the Proposed Disposal of PFB and the Proposed Disposal of PMBB respectively.
The above-mentioned Proposed Disposal of PMBB and Proposed Disposal of PFB remain conditional upon the following:-
(a) The approval of the Foreign Investment Committee, to be obtained by SBB;
(b) SBB being satisfied that there has been no breach of any of the representations and warranties given by UMG to SBB;
(c) SBB being satisfied that there has been no material adverse change in business, assets or financial position of PMBB and PFB respectively from the date of the sale of shares agreements in relation to the Proposed Disposal of PMBB and the Proposed Disposal of PFB;
(d) The approval of the shareholders of UMG and SBB in their respective extraordinary general meetings to be convened (if necessary); and
(e) Any other relevant authorities.
This announcement is dated 20 September 2000.