News

Further to the Company’s announcement dated 6 August 2018, the Board of Directors of ASB wishes to announce that SRI had entered into a Share Purchase Agreement (“SPA”) dated 18 July 2019 with 34A-36 Kilburn High Road Limited (“KHRL” or “Purchaser”), a subsidiary of Grand City Property S.A. (“GCP”), to dispose of its entire investment of 40% equity interest (represented by 6,400,040 ordinary shares of USD1.00 each) in Helenium for a net cash consideration of GBP4.75 million (equivalent to approximately RM25.2 million) based on the estimated net asset value, after providing for amongst others, the Property value of GBP21.825 million and the repayment of the existing bank loan in Helenium, in the provisional completion accounts as at the Completion Date (as defined below) subject to the actual net asset value to be agreed by the parties pursuant to the provision in the SPA. The offer price for SRI’s investment in Helenium as announced on 6 August 2018 of GBP8.73 million is based on the Property value of GBP21.825 million without taking into consideration the current assets and current liabilities including the bank loans of Helenium as at Completion Date.

The remaining 60% equity interest in Helenium is held by Dato’ Ahmad Sebi Bakar (“DAS”) (Group Chairman of the Company) and Mr Anton Syazi Dato’ Ahmad Sebi (“AS”) (Group Executive Deputy Chairman of the Company). SRI, DAS and AS (collectively referred to as “Vendors”) and the Purchaser had entered into the SPA for the purchase by the Purchaser of all the issued shares in Helenium being the 16,000,100 issued shares with a par value of USD1.00 each (“Sale Shares”).

The Proposed Disposal was completed on 18 July 2019 (“Completion Date”) and Helenium has ceased to be our indirect associate company on the same date.

Further details on the Proposed Disposal are set out in the attachment.

This announcement is dated 19 July 2019.