News
Advance Synergy Furniture Sdn Bhd ("ASF")(Special Administrators Appointed) - Approval Of The Modifications To The Proposal Of The Special Administrators As Set Out In the Modifications To The Proposal Dated 16 September 2002 ("Modifications To The Proposal")
BackOct 28, 2002
| General Announcement Reference No CU-021026-45839 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 28/10/2002 |
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| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY FURNITURE SDN BHD ("ASF")(SPECIAL ADMINISTRATORS APPOINTED) - Approval of the Modifications to the Proposal of the Special Administrators as set out in the Modifications to the Proposal dated 16 September 2002 ("Modifications to the Proposal") |
Contents :
The Board of Directors of Advance Synergy Berhad ("ASB" or "Company") wishes to announce that on 25 October 2002 ASB has been notified by the Special Administrators of ASF, a wholly owned subsidiary of ASB, that the Modifications to the Proposal was approved in accordance with Section 46 (4) of the Pengurusan Danaharta Nasional Berhad Act, 1998 at a secured creditors meeting held on 24 October 2002.
The Modifications to the Proposal proposes that the assets of ASF be liquidated and that an Approved Liquidator be appointed whereupon the Special Administrators' appointment will be terminated.
The termination of the Special Administration took effect from 24 October 2002 with the appointment of the Liquidator, Mr Saw Eng Guan of Messrs. Saw & Co, Chartered Accountants (M).
The accounts of ASF have been excluded from the consolidated accounts of ASB since 1 January 2000. Based on the latest available audited accounts of ASF for the financial year ended 31 December 2000, the total assets value amounted to RM45,339,588 and the deficit on shareholders' equity was RM20,675,375.
The return to the creditors and shareholders (if any) will be worked out during the course of liquidation in an arrangement under the applicable and related laws and statutes. At this juncture, the ASB Group does not expect any recovery as unsecured creditor and shareholder of ASF and the maximum loss arising is expected to be RM15.2 million at Company level and RM7.1 million at Group level for the financial year ending 31 December 2002. Accordingly, the ASB Group's net tangible assets value per stock unit would be reduced by 2.1 sen.
There will be no operational impact on ASB Group as ASF is currently inactive.
(This announcement is dated 28 October 2002)