News
Advance Synergy Berhad ("ASB") Proposed Acquisition Of 24,675,000 Ordinary Shares Of RM1.00 Each Representing 32.9% Equity Interest In Malpac Holdings Berhad ("MALPAC") By Advance Synergy Capital Berhad ("ASC"), A Subsidiary Of The Company, For A Total Cash Consideration Of RM166,556,250 ("Proposed Acquisition")
BackApr 28, 2005
| General Announcement Reference No AS-050428-69859 |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 28/04/2005 |
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| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY BERHAD ("ASB") Proposed Acquisition of 24,675,000 ordinary shares of RM1.00 each representing 32.9% equity interest in Malpac Holdings Berhad ("Malpac") by Advance Synergy Capital Berhad ("ASC"), a subsidiary of the Company, for a total cash consideration of RM166,556,250 ("Proposed Acquisition") |
Contents :
We refer to our announcement on 20 June 1997 in respect of the Proposed Acquisition, we wish to inform the Exchange that, ASC and the vendors of Malpac have reached an amicable agreement to terminate the Proposed Acquisition.
Under the settlement agreement, the deposit of RM30 million paid by ASC for the Proposed Acquisition will be retained by the vendors of Malpac in exchange for 8,037,500 ordinary shares of RM1.00 each (representing approximately 10.716% of Malpac's issued and paid-up capital) in Malpac at the consideration sum of RM3.7325 per share. Consequently, the conditional sale and purchase agreement dated 14 August 1997 is deemed performed and completed by the parties and thereafter neither party shall have any further claim against each other.
Pursuant to the aforesaid settlement, ASB shall be deemed a substantial shareholder of Malpac by virtue of its 51.65% shareholdings in ASC.
(This announcement is dated 28 April 2005)