|
Pursuant to Paragraph 9.19(26) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), ASB wishes to announce that Advance Synergy Capital Sdn Bhd (“ASCAP”), a wholly-owned subsidiary of ASB, has disposed 11,275,308 ordinary shares of RM1.00 each, representing 20.0% of the issued and paid up share capital of Kumpulan Powernet Berhad (“KPB”) on 9 March 2015 via the off-market direct business transaction for a total cash consideration of RM4,848,382.44 ("Consideration"). With the Disposal, ASCAP ceased to be a substantial shareholder of KPB and KPB ceased to be an associated company of ASB.
The Disposal will not have any effect on the issued and paid up share capital and substantial shareholders’ shareholdings of ASB. The Disposal will result in a loss of approximately RM0.8 million to ASB Group based on KPB’s latest announcement of the unaudited financial results as of 31 December 2014 but is not expected to have any material effect on the net assets of ASB Group for the financial year ending 31 December 2015.
None of the Directors and/or major shareholders of ASB or persons connected to them have any interest, direct or indirect, in the Disposal save for Dato’ Ahmad Sebi Bakar, the Group Executive Chairman and major shareholder of ASB, who is also the Executive Chairman cum Managing Director and major shareholder of KPB. By virtue of his interest in ASB, Dato’ Ahmad Sebi Bakar has deemed interest in ASCAP and KPB to the extent of ASCAP’s interest in KPB pursuant to Section 6A of the Companies Act, 1965, and has abstained from deliberating and voting on the Disposal.
This announcement is dated 9 March 2015.
|
