Aug 8, 2017 - Tan Sri Dato' Seri Vincent Tan Chee Yioun (âTSVTâ) is a major shareholder of BLand and BAssets. Ms. Ne
BERJAYA LAND BERHAD DISPOSAL OF SHARES IN BERJAYA ASSETS BERHAD 1.
The Board of Directors (“Board”) of Berjaya Land Berhad (“BLand”) wishes to announce that its 100%-owned subsidiary, Nada Embun Sdn Bhd (“NESB”) has on 3 August 2017 disposed 12.00 million ordinary shares (“BAssets Shares”) representing 1.01% equity interest in Berjaya Assets Berhad (“BAssets”) via a direct business transaction for a total cash consideration of RM12.96 million or at RM1.08 per BAssets Share (“Disposal”).
2.
Following the Disposal, the BLand Group now holds a total of 151,879,347 BAssets Shares representing about 12.78% equity interest in BAssets.
3.
The total cash consideration of RM12.96 million pursuant to the Disposal was arrived at after taking into consideration the current market conditions, prevailing market price of BAssets Shares as well as the size of the block of BAssets shares. The price of RM1.08 per BAssets Share represented a discount of 10.00% based on the 5-day volume weighted average market price up to and including 2 August 2017 of RM1.20 per BAssets Share.
4.
The BAssets 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 bank borrowings of the BLand Group.
5.
The BAssets Shares pursuant to the Disposal were acquired since 2004. The BLand Group’s carrying amount of BAssets Shares as at 30 April 2017 is about RM1.53 per BAssets Share.
6.
The Disposal has no effect on the issued share capital or major shareholders’ shareholdings of BLand. The Disposal also has no material impact on the net assets and gearing of the BLand Group. NESB has recorded a gain on Disposal of about RM5.28 million whilst the BLand Group incurred a loss of about RM5.40 million after realisation of post-acquisition reserve.
7.
The Disposal is not subject to the approval of the shareholders of BLand or any other relevant authority.
8.
Tan Sri Dato’ Seri Vincent Tan Chee Yioun (“TSVT”) is a major shareholder of BLand and BAssets. Ms. Nerine Tan Sheik Ping (“Ms. Nerine Tan”) and Ms. Chryseis Tan Sheik Ling (“Ms. Chryseis Tan”) are Executive Directors and shareholders of BLand. Ms. Chryseis Tan is also an executive director of BAssets. Ms. Nerine Tan and Ms. Chryseis Tan 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 0.27%.
