News

The Board of Directors of ASB wishes to announce that AHV has on 10 January 2013 entered into a Joint Venture Agreement (“JV Agreement”) with THHR to incorporate a private limited company in Malaysia (“JV Company”) with a view to jointly manage the Hotel to be developed by Lembaga Tabung Haji at Kuala Nerus, Kuala Terengganu, Terengganu (“Hotel”) under the Holiday Villa brand upon completion of the Hotel which is expected to be by middle of 2013.

The JV Company is proposed to be incorporated with an authorised and issued and paid up share capital of RM500,000.00 comprising 500,000 ordinary shares of RM1.00 each. The parties’ interest in the JV Company shall be in the following proportion:-

Consequently, upon incorporation, the JV Company shall be a 70%-owned subsidiary of AHV.

THHR is a company incorporated in Malaysia under the Companies Act, 1965 and having its registered address at Level 18, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur and its business address at Level 18, Bangunan Tabung Haji, 201, Jalan Tun Razak, 50400 Kuala Lumpur.

The JV Agreement 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 2013.  

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 JV Agreement.  

This announcement is dated 10 January 2013.