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We refer to the announcement dated 14 December 2009 (Ref: CM-091214-31185) in relation to the above and Bursa Malaysia Securities Berhad’s ("Bursa Securities") letter dated 15 December 2009 (Ref: NE-091215-39095) for additional information on the abovementioned matter.
The additional information requested is as follows:
1. Basis and justification in arriving at the disposal consideration of RM23,000,000 other than taking into account the net assets of CMS Trust Management of RM13,628,625;
The disposal consideration was arrived on a willing-seller and willing-buyer basis and after taking into consideration the audited net assets of CMS Trust Management as at 31 December 2008 of RM13,628,625 and CMS Trust Management’s asset size under management as at 30 November 2009 of approximately RM2.0 billion.
2. Intended application of the disposal consideration of RM23,000,000 and the breakdown, including the timeframe for full utilization of the proceeds, if applicable;
Out of the total consideration of RM23,000,000, RM12,693,598 is attributable to CMS Capital and the balance to the other vendor, AGI. The sale proceeds of RM12,693,598 will be utilised by CMS Capital within six (6) months from date of receipt for payments of dividend to its shareholders, working capital requirements and investment in private equity fund.
3. Particulars of liabilities to be assumed by Kenanga Investment Bank Berhad arising from the Proposed Disposal;
The liabilities to be assumed by Kenanga Investment Bank Berhad is stated in item 7 of their announcement dated 14 December 2009.
4. The highest percentage ration applicable to the Proposed Disposal pursuant to Paragraph 10.09(g) if the Listing Requirements;
The highest ratio applicable to the Proposed Disposal pursuant to Paragraph 10.02(g) of the Listing Requirements is 1.02%.
5. Whether the Proposed Disposal requires the relevant authorities approval (if any) and the estimated timeframe for submission if the application to the relevant authorities; and
The Proposed Disposal is subject to approval of the following authorities:
(i) The Securities Commission;
(ii) Bank Negara Malaysia; and
(iii) Any other relevant authorities/parties.
within 6 months from the date of the announcement.
6. The time and place where the Share Sale Agreement is available for inspection.
A copy of the Share Sale Agreement is available for inspection at the Company’s registered office at Level 6, Wisma Mahmud, Jalan Sungai Sarawak, 93100 Kuching, Sarawak during normal business hours on Monday to Friday (except public holidays) for a period of 3 months from the date of the announcement.
This announcement is dated 16 December 2009. |
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We refer to your announcement dated 14 December 2009 in respect of the above
matter.
In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-
Basis and justification in arriving at the disposal consideration of
RM23,000,000 other than taking into account the net assets of CMS Trust
Management of RM13,628,625;
Intended application of the disposal consideration of RM23,000,000 and the
breakdown, including the timeframe for full utilisation of the proceeds, if
applicable;
Particulars of liabilities to be assumed by Kenanga Investment Bank Berhad
arising from the Proposed Disposal;
The highest percentage ratio applicable to the Proposed Disposal pursuant to
Paragraph 10.02(g) of the Listing Requirements;
Whether the Proposed Disposal requires the relevant authorities approval (if
any) and the estimated time frame for submission of the application to the
relevant authorities; and
The time and place where the Share Sale Agreement is available for inspection.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
HENG TECK HENG
Senior Manager, Issuers
Listing Division
Regulation
HTH/NAE
c.c. Head, Market Surveillance, Securities Commission (via fax) |
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