News

Proposed Disposal Of The Remaining 49% Equity Interest In Pc Ventures Sdn Bhd ("PCV") To Hirotako Holdings Berhad ("Hirotako") (Hereinafter Referred To As "proposed Disposal Of PCV")

BackMay 02, 2001
General Announcement
Reference No CU-010502-58179
Submitting Merchant Bank : Not Applicable
Company Name : ADVANCE SYNERGY BERHAD
Stock Name : ASB
Date Announced : 02/05/2001

Type : Announcement
Subject : PROPOSED DISPOSAL OF THE REMAINING 49% EQUITY INTEREST IN PC VENTURES SDN BHD ("PCV") TO HIROTAKO HOLDINGS BERHAD ("Hirotako") (hereinafter referred to as "Proposed Disposal of PCV")

Contents :

We refer to the earlier announcements made by Advance Synergy Berhad ("ASB") in respect of the Proposed Disposal of PCV.

The Board of Directors of ASB now wishes to announce that Hirotako has vide their letter dated 2 May 2001 notified ASB that the mode of payment for the sale consideration of RM20,090,000 for the Proposed Disposal of PCV has been varied and shall now be satisfied partly in cash of RM5,022,500 and the balance of RM15,067,500 through the issuance of 13,697,727 new ordinary shares of RM1.00 each in Hirotako at an issue price of RM1.10 per Hirotako share subject to the relevant approvals to be obtained by Hirotako. ASB shall subsequently undertake a renounceable offer for sale of 9,927,500 Hirotako shares to the shareholders of Hirotako at an offer price of RM1.10 per offer share on the basis of one offer share for every two existing Hirotako shares held. In addition, Hirotako will procure the underwriting for all the 13,697,727 new Hirotako shares to be issued to ASB such that ASB will receive the balance sale consideration of RM15,067,500 fully in cash.

Prior to this change, the mode of payment for the sale consideration of RM20,090,000 was by way of a cash payment of RM5,022,500 and the balance of RM15,067,500 through the issuance of 6,304,393 new ordinary shares of RM1.00 each in Hirotako at an issue price of RM2.39 per Hirotako share. Hirotako had also covenanted to procure the underwriting for the Hirotako shares to be issued for a cash sum of RM15,067,500.

(This announcement is dated 2 May 2001)