Oct 20, 2017 - DISPOSAL OF SHARES IN 7-ELEVEN MALAYSIA HOLDINGS BERHAD. 1. The Board of Directors (âBoardâ) of Berja
BERJAYA LAND BERHAD DISPOSAL OF SHARES IN 7-ELEVEN MALAYSIA HOLDINGS BERHAD 1.
The Board of Directors (“Board”) of Berjaya Land Berhad (“BLand”) wishes to announce that BLand had on 20 October 2017 disposed a total of 10.00 million ordinary shares (“SEM Shares”) representing 0.90% equity interest in 7-Eleven Malaysia Holdings Berhad (“SEM”) via a direct business transaction for a total cash consideration of RM14.90 million or at RM1.49 per SEM Share (“Disposal”).
2.
Following the Disposal, BLand now holds 6.50 million SEM Shares representing about 0.59% equity interest in SEM.
3.
The price of RM1.49 per SEM Share was based on the closing market price of SEM Shares on 19 October 2017.
4.
The SEM Shares were disposed free and clear of all liens, charges and claims of any kind or restriction. The gross proceeds arising from the Disposal will be utilised to repay borrowings of the BLand Group.
5.
The SEM Shares pursuant to the Disposal were acquired since December 2016. The carrying amount of SEM Shares in the books of the BLand Group as at 31 July 2017 is about RM1.34 per SEM Share.
6.
The Disposal has no effect on the issued share capital or substantial shareholders’ shareholdings of BLand. The Disposal also has no material effect on the net assets and gearing of the BLand Group. The BLand Group is expected to record a gain of about RM1.50 million pursuant to the Disposal.
7.
The Disposal is not subject to the approval of the shareholders of BLand or any relevant authority.
8.
Tan Sri Dato’ Seri Vincent Tan Chee Yioun (“TSVT”) is a major shareholder of BLand and SEM. Ms. Nerine Tan Sheik Ping (“Ms. Nerine Tan”) and Ms. Chryseis Tan Sheik Ling (“Ms. Chryseis Tan”) are Executive Directors and shareholders of BLand. They are daughters of TSVT. Ms. Nerine Tan and Ms. Chryseis Tan, being interested Directors, have abstained from all Board deliberations and voting in relation to the Disposal. Save as disclosed above, none of the other Directors and/or major shareholders of BLand or persons connected with them has any interest, direct or indirect, in the Disposal.
9.
The Board of BLand (save for Ms. Nerine Tan and Ms. Chryseis Tan) is of the opinion that the Disposal is in the best interest of the BLand Group.
The Audit Committee of BLand is of the opinion that the Disposal is fair, reasonable and on normal commercial terms and is in the best interest of the BLand Group. In addition, the Audit Committee of BLand is also of the view that the Disposal is not detrimental to the interest of the minority shareholders of BLand. 10.
The highest percentage ratio applicable to the Disposal pursuant to Paragraph 10.02(g) of Bursa Malaysia Securities Berhad’s Main Market Listing Requirements is about 0.33%.
