News
Disposal Of ASB Timber (PNG) Limited
BackMar 07, 2002
| General Announcement Reference No CU-030220-63990 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 07/03/2003 |
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| Type | : | Announcement |
| Subject | : | DISPOSAL OF ASB TIMBER (PNG) LIMITED |
Contents :
1. INTRODUCTION
The Board of Directors of Advance Synergy Berhad ("ASB") wishes to announce that an Agreement dated 7 March 2003 has been entered into with Dato' Abdul Manaf Bin Abdul Hamid to dispose of ASB's 100% equity interest comprising 2 shares of 1 Kina each in ASB Timber (PNG) Limited ("ASB Timber") for a cash consideration of RM2.00 ("Proposed Disposal").
2. DETAILS OF THE PROPOSED DISPOSAL
ASB Timber was incorporated in Papua New Guinea on 22 September 1994 with an authorised capital of 10,000 shares of 1 Kina each of which 2 shares are issued and fully paid. To date, ASB Timber has yet to commence operations.
The consideration of RM2.00 has been arrived on a willing-buyer willing-seller basis.
3. FINANCIAL EFFECTS
3.1 Issued and paid-up Share Capital
The Proposed Disposal will not have any effect on the issued and paid-up share capital of ASB.
3.2 Earnings and Net Tangible Assets
The Proposed Disposal is not expected to have any material effects on the earnings and net tangible assets of the ASB Group for the financial year ending 31 December 2003.
4.DIRECTORS' AND SUBSTANTIAL STOCKHOLDERS' INTERESTS
None of the Directors and substantial stockholders and/or persons connected with them have any interest, direct or indirect, in the Proposed Disposal.
(This announcement is dated 7 March 2003).