News
Advance Synergy Berhad (ASB Or The Company) Proposed Disposal Of 49% Equity Interest In Ace Synergy Insurance Berhad (ACE) Comprising 49,000,000 Ordinary Shares Of RM1.00 Each To United Merchant Group Berhad (UMG) For A Total Cash Consideration Of RM71,000,000 (Proposed Disposal)
BackApr 24, 2002
| General Announcement Reference No MI-020424-62559 |
| Submitting Merchant Bank | : | SOUTHERN INVESTMENT BANK BERHAD |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 24/04/2002 |
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| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY BERHAD (ASB or the Company) Proposed Disposal of 49%equity interest in ACE Synergy Insurance Berhad (ACE) comprising 49,000,000 ordinary shares of RM1.00 each to United Merchant Group Berhad (UMG) for a total cash consideration of RM71,000,000 (Proposed Disposal) |
Contents :
1. INTRODUCTION
Southern Investment Bank Berhad, on behalf of the Board of Directors of ASB, wishes to announce that the Company has on 24 April 2002 entered into a Supplemental Agreement with UMG to vary certain terms of the sale and purchase agreement entered into on 13 July 2001 in relation to the Proposed Disposal (Principal Agreement).
The revised terms as set out in the Supplemental Agreement are a result of further negotiations between ASB and UMG following the delay in the completion of the Proposed Disposal.
The following major terms of the Principal Agreement has been varied or supplemented under the Supplemental Agreement:
2.1 Conditions PrecedentThe time period for satisfaction of the conditions precedent stated in the Principal Agreement shall be extended, and if any of the conditions precedent is not fulfilled by the date falling nine (9) months from the date of the Supplemental Agreement or such later date as may be agreed in writing, then:
(a) ASB shall refund to UMG all moneys paid by UMG towards payment of the purchase consideration together with interest thereon at the prevailing three (3)-month fixed deposit rate of Malayan Banking Berhad calculated from the relevant date(s) of payment of such moneys by UMG to ASB to the date of actual receipt by UMG of the refund of such moneys from ASB; and (b) Upon such refund, the Principal Agreement and Supplemental Agreement shall cease and determine and all obligations and liabilities of the parties hereunder shall cease to have effect and (save in respect of any antecedent breaches) none of the parties shall have any claim against the other for costs, damages, compensation or otherwise.
(a) ASB shall refund to UMG all moneys paid by UMG towards payment of the purchase consideration together with interest thereon at the prevailing three (3)-month fixed deposit rate of Malayan Banking Berhad calculated from the relevant date(s) of payment of such moneys by UMG to ASB to the date of actual receipt by UMG of the refund of such moneys from ASB; and (b) Upon such refund, the Principal Agreement and Supplemental Agreement shall cease and determine and all obligations and liabilities of the parties hereunder shall cease to have effect and (save in respect of any antecedent breaches) none of the parties shall have any claim against the other for costs, damages, compensation or otherwise.
2.2 Manner of Payment
4. DOCUMENTS FOR INSPECTIONThe consideration shall be satisfied by way of cash in the following manner:
Save for the above, all other terms of the Principal Agreement remain unchanged.
Save for the above, all other terms of the Principal Agreement remain unchanged.
The Principal Agreement and Supplemental Agreement are available for inspection at the registered office of ASB at Level 3A (Tower Block), Menara Milenium, 8 Jalan Damanlela, Bukit Damansara, 50490 Kuala Lumpur.
This announcement is dated 24 April 2002.