News

The Board of Directors of ASB wishes to announce that AHV has on 8 April 2014 entered into Share Sale Cum Settlement Agreement (“Agreement”) with TH Hotel & Residence Sdn Bhd (Company No. 126483-D) (“THHR”) for the disposal of its entire shareholding of 350,000 shares representing 70% equity interest in THV to THHR, the company which is currently holding the remaining 30% equity interest in THV, for a cash consideration of RM350,000.00 only (“Proposed Disposal”).

THV is a private limited company incorporated in Malaysia on 9 May 2013 with an authorised share capital of RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each of which 500,000 shares are issued and fully paid-up. THV was jointly incorporated by AHV and THHR to undertake the business of hotel management.

The cash consideration of RM350,000.00 for the Proposed Disposal is at par value of the shares.

In conjunction with the Proposed Disposal, there is a settlement sum of RM400,000.00 to be paid by THHR to AHV for the management services rendered by AHV under the Management Services Agreements entered into by THV.

AHV and THHR have agreed that the completion for the Proposed Disposal shall be the Business Day falling 14 days after the day upon which the conditions of the Agreement have been fulfilled, or such other date as may be agreed upon between the parties. Following the completion of the Proposed Disposal, THV ceased to be a subsidiary of AHV, ASHR and ASB.  

The Proposed Disposal is not expected to have any material effect on the earnings per share or net assets per share of ASB Group for the financial year ending 31 December 2014.

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 Disposal.

This announcement is dated 8 April 2014.