News
Advance Synergy Berhad ("ASB") Proposed Disposal Of 100% Equity Interest In Interwell International Limited ("IIL"), A Subsidiary Of ASB
BackOct 31, 2005
| General Announcement Reference No AS-051031-62084 |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 31/10/2005 |
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| Type | : | Announcement |
| Subject | : | ADVANCE SYNERGY BERHAD ("ASB") Proposed Disposal of 100% equity interest in Interwell International Limited ("IIL"), a subsidiary of ASB |
Contents :
We wish to inform the Exchange that Alangka-Suka International Limited ("ASIL"), a subsidiary of ASB had accepted an offer from Leeds Property Limited ("the Purchaser") to acquire its entire shareholding of 2 ordinary shares of USD1.00 each representing 100% of the total issued and paid-up share capital in its wholly-owned subsidiary, IIL ("IIL Shares"), a company incorporated in the British Virgin Islands. IIL owns a hotel property located at 37, Leinster Gardens, London W2 3AN, England, United Kingdom.
The cash consideration for the IIL Shares is estimated to be approximately ?5.6 million (equivalent to approximately RM37.7 million) based on a price of ?10.1 million for the hotel property (equivalent to approximately RM68.0 million) less the amount of any loans outstanding to IIL's bankers at the date of completion (estimated to be approximately ?4.5 million) (equivalent to approximately RM30.3 million). Simultaneous with the completion of the disposal, the Purchaser will grant a leaseback of the aforesaid hotel to ASIL for a period of ten years from the date of completion.
The aforesaid disposal of IIL Shares and the grant of a leaseback (collectively, referred to as "the Proposal") are subject to such terms and conditions of a formal agreement to be entered into between ASIL and the Purchaser.
None of the directors, major stockholders and/or persons connected with the directors and major stockholders of ASB has any interest, direct or indirect, in the Proposal.
The Board of Directors of ASB, after careful deliberation, is of the opinion that the Proposal is in the best interest of ASB.
A separate announcement will be released upon execution of the said formal agreement.
[This announcement is dated 31 October 2005]