News
Advance Synergy Berhad (ASB) Proposed Disposal of 49% Equity Interest In Ace Synergy Insurance Berhad (ACE) Comprising 49,000,000 Ordinary Shares of RM1.00 Each To Advance Synergy Capital Berhad (Formerly Known As United Merchant Group Berhad) (ASC) For A Total Cash Consideration Of RM71,000,000 (Proposed Ace Disposal)
BackOct 25, 2002
| General Announcement Reference No MI-021025-67324 |
| Submitting Merchant Bank | : | SOUTHERN INVESTMENT BANK BERHAD |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 25/10/2002 |
 |
|
|
| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY BERHAD (ASB) Proposed disposal of 49% equity interest in ACE Synergy Insurance Berhad (ACE) comprising 49,000,000 ordinary shares of RM1.00 each to Advance Synergy Capital Berhad (formerly known as United Merchant Group Berhad) (ASC) for a total cash consideration of RM71,000,000 (Proposed ACE Disposal) |
Contents :
We refer to the announcement made on 13 July 2001 in relation to the Proposed ACE Disposal.
Southern Investment Bank Berhad (SIBB) is pleased to announce, on behalf of the Board of Directors of ASB, that the Securities Commission had, pursuant to ASC's application, reverted via its letter dated 23 October 2002 with its approval on the Proposed ACE Disposal. In addition, the Foreign Investment Committee (FIC) had, pursuant to ASC's application, reverted via its letter dated 23 October 2002 that it has no objection to the Proposed ACE Disposal subject to ACE meeting at least 30% Bumiputera equity interest and to reduce its foreign equity interest to not more than 51% before 31 December 2003.
The Board of Directors of ASB has been advised by ASC that they will be seeking further clarification in regard to the conditions imposed by the FIC and will seek a waiver if necessary.
The above announcement is dated 25 October 2002.