Dec 14, 2015 - Requirements of Bursa Malaysia Securities Berhad). UMW Holdings Berhad (âUMW ... dated 16th November 20
UMW HOLDINGS BERHAD (90278-P)
SHARE SALE AGREEMENT IN RESPECT OF THE PROPOSED DISPOSAL BY VINA OFFSHORE HOLDINGS PTE LTD OF 60% EQUITY INTEREST IN UMW HELMSION ENGINEERING PTE LTD TO HS ENGINEERING SERVICES PTE LTD (Announcement pursuant to Chapter 9.19(24) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad) UMW Holdings Berhad (“UMW Holdings” or “the Company”) wishes to announce that Vina Offshore Holdings Pte Ltd (“Vina”), a 70%-owned subsidiary of UMW Petropipe (L) Ltd, which in turn is a wholly-owned subsidiary of the Company, had today entered into a Share Sale Agreement (“the SSA”) with HS Engineering Services Pte Ltd (“HS Engineering”) for the proposed disposal by Vina of 180,000 ordinary shares, representing 60% of the issued and paid-up capital of UMW Helmsion Engineering Pte Ltd (“UMW Helmsion”), to HS Engineering, for a total cash consideration of SGD1,697,143 (“Proposed Disposal”), after taking into consideration the current financial performance and future business prospects of UMW Helmsion. UMW Helmsion is a private company limited by shares incorporated in Singapore which is involved in trading, repairing and servicing of lifting and hoisting machinery and provision of mechanical engineering services. None of the Directors or major shareholders of UMW Holdings or persons connected to them, has any interest, direct or indirect, in the Proposed Disposal. The Proposed Disposal is not subject to the approval of the Company’s shareholders. The Proposed Disposal is expected to be completed by 14th December 2015, subject to fulfilment of all conditions precedent in the SSA. Upon completion of the Proposed Disposal, UMW Helmsion will cease to be a subsidiary in the UMW Group. A copy of the SSA will be available for inspection, in accordance with UMW’s Documents Inspection Policy, at the registered office of UMW Holdings at 3rd Floor, The Corporate, No. 10, Jalan Utas (15/7), Batu Tiga Industrial Estate, 40200 Shah Alam, Selangor Darul Ehsan, during normal office hours (9.00 a.m. to 5.00 p.m.) on any weekday (except public holidays) from Tuesday, 17th November 2015 to Monday, 23rd November 2015. This announcement is dated 16th November 2015.
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Securities Commission (Corporate Finance & Investments)
