News
Advance Synergy Berhad (ASB) Proposed Disposal To United Merchant Group berhad (UMG) Of ASB's Entire 49% Equity Interest Comprising 49,000,000 Ordinary Shares Of RM1.00 Each In Ace Synergy Insurance Berhad (Proposed Disposal)
BackJul 23, 2001
| General Announcement Reference No MM-010723-60915 |
| Submitting Merchant Bank | : | PERDANA MERCHANT BANKERS BERHAD |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 23/07/2001 |
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| Type | : | Reply to query |
| Reply to Query Letter by KLSE reference ID | : | TH-010717-41214 |
| Subject | : | ADVANCE SYNERGY BERHAD (ASB) Proposed disposal to United Merchant Group Berhad (UMG) of ASB's entire 49% equity interest comprising 49,000,000 ordinary shares of RM1.00 each in ACE Synergy Insurance Berhad (Proposed Disposal) |
Contents :
Further to the announcement dated 13 July 2001, Perdana Merchant Bankers Berhad, on behalf of the Board of Directors of ASB, wishes to announce the following additional information:
1. The Proposed Disposal is expected to be completed by the first quarter of 2002.
2. The Proposed Disposal is estimated to generate an exceptional gain of RM4.1 million for the financial year ending 31 December 2002, which is expected to enhance net earnings per stock unit by an estimated 1 sen.
3. There are no liabilities to be assumed by UMG pursuant to the Proposed Disposal.
4. ASB's original cost of investment in ACE Synergy Insurance Berhad, based on the audited accounts for the financial year ended 31 December 2000, amounted to RM16.8 million comprising the initial cost of investment of RM13.9 million made in August 1996 and the balance of RM2.9 million incurred between December 1996 and December 1998.
5. Based on the present terms, the Proposed Disposal has not departed from the Securities Commission's Policies and Guidelines on Issue/Offer of Securities.
This announcement is dated 23 July 2001.
Query Letter content :
We refer to your announcement dated 13 July 2001 in respect of the aforesaid
matter.
In this connection, please furnish the Exchange with the following additional
information for public release:-
1. The estimated time frame for the completion of the Proposed Disposal.
2. The effect of the Proposed Disposal on the earnings per share of ASB.
3. Particulars of all liabilities to be assumed by UMG arising from the
Proposed Disposal.
4. Date of investment of ASB in ACE
5. A statement whether the Proposed Disposal has departed from the Securities
Commission's Policies and Guidelines on Issue/Offer of securities.
Kindly furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully
LISA LAM
Senior Manager
Listing Operations
LL/KLL/GTH