News

Advance Synergy Berhad ("ASB") Change In Group Structure

BackJul 06, 2007
General Announcement
Reference No AS-070706-62065
Company Name : ADVANCE SYNERGY BERHAD 
Stock Name : ASB
Date Announced : 06/07/2007


Type : Announcement
Subject : ADVANCE SYNERGY BERHAD ("ASB")
Change in Group Structure

Contents :

We wish to announce the following changes in the group structure of ASB:-

1) The change in ASB group structure involves Alangka-Suka Hotels & Resorts Berhad ("ASHR"), a 99.63%-owned subsidiary of ASB, acquiring the entire issued and paid-up share capital of Super Leisure Sdn Bhd ("SLSB") ("SLSB Shares"), a wholly-owned subsidiary of ASB held through Excellent Display Sdn Bhd, another wholly-owned subsidiary of ASB (hereinafter referred to as "Proposed Reorganisation").
SLSB is engaged in restaurant management and related activities. The ASHR group is involved in hotels and resorts and related activities. The Proposed Reorganisation will house SLSB under the ASHR umbrella as SLSB's business is complementary to that of ASHR group.
SLSB Shares comprising 100 ordinary shares of RM1.00 each will be disposed to ASHR at a nominal cash consideration of RM100.00. The SLSB Shares will be acquired free from all liens, pledges, charges, mortgages and any other encumbrances whatsoever with all rights attached thereto including any dividend, bonus or rights issue that may be declared as from the date of completion of the Proposed Reorganisation.
The Proposed Reorganisation has no effect on the share capital and major shareholders' shareholdings of ASB as it does not involve any
issuance of securities.
The Proposed Reorganisation is not expected to have any material impact on the earnings per share and net assets per share of ASB Group for the financial year ending 31 December 2007.
None of the directors, major shareholders and/or persons connected with the directors and major shareholders of ASB has any interest, direct or indirect, in the Proposed Reorganisation.

2) In addition, the issued and paid-up capital of Suntop Corporation Sdn Bhd ("Suntop"), a wholly-owned subsidiary of ASHR has been enlarged with the allotment of new shares to other new investors to facilitate the development of the resort and holiday homes project in Kota Tinggi, Johor to be undertaken by Suntop. Consequently, the equity interest of ASHR in Suntop has been reduced from 100% to 40% represented by 82,000 fully paid-up ordinary shares of RM1.00 each. Suntop has therefore ceased to be a subsidiary of ASB. Suntop is presently inactive.

[This announcement is dated 6 July 2007]