News
Advance Synergy Berhad ("ASB") - Proposed Disposal By United Merchant Group Berhad ("UMG"), A 50.75% Owned Subsidiary Of ASB, Of 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 SBB For Cash ("Proposed Disposal Of PFB")
BackOct 02, 2000
| General Announcement Reference No CU-001002-44848 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 02/10/2000 |
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| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY BERHAD ("ASB") - PROPOSED DISPOSAL BY UNITED MERCHANT GROUP BERHAD ("UMG"), A 50.75% OWNED SUBSIDIARY OF ASB, OF 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 SBB FOR CASH ("PROPOSED DISPOSAL OF PFB") |
Contents :
Further to the earlier announcements made on 27 June 2000, 28 June 2000 and 20 September 2000, the Board of Directors of ASB is pleased to announce that the Securities Commission ("SC") has vide its letter dated 28 September 2000 approved the Proposed Disposal of PMBB for a cash consideration. The cash consideration will be equivalent to 50.1% of the aggregate of:-
(i) 1.5 times of the Completion NTA (the adjusted net tangible assets as at the Completion Accounts Date) less the proceeds from the Proposed Disposal of PFB;
(ii) 1.25 times of the Proceeds from the Proposed Disposal of PFB; and
(iii) the original net book value of any Disputed Value Assets (i.e. Loan assets which value as determined by the designated auditors and set out in the provisional Completion NTA is not agreed to by UMG and which are the subject of an option given to UMG to purchase from PMBB), as at the Completion Accounts Date.
The SC's approval on the Proposed Disposal of PMBB is subject to the following conditions:-
(a) UMG is to obtain SC's prior approval on any changes on the formula used for determining the sale consideration;
(b) The sale proceeds from the Proposed Disposal of PMBB is to be utilised for the purchase of Disputed Value Assets and the remaining proceeds (after the purchase of the Disputed Value Assets, if any) is to be utilised for the core business, as and when identified by UMG; and
(c) Relevant disclosure on the utilisation of the sale proceeds is to be made in UMG's quarterly report and the annual report until the sale proceeds are fully utilised.
This announcement is dated 2 October 2000.