|
Contents |
: |
Kenanga Investment Bank Berhad (“KIBB”), on behalf of the Board of Directors of CMS (“Board”), wishes to announce that on 29 December 2009, the Board of Directors of its wholly-owned subsidiary, Concordance Holdings Sdn Bhd (“CHSB”) and the Board of Directors of its 51%-owned subsidiary, PPES Works (Sarawak) Sdn Bhd (“PPES”) had, respectively, received letters of offer from PetroSaudi International Ltd (“PetroSaudi” or the “Purchaser”) to acquire all the ordinary shares of RM0.25 each held by CHSB and PPES in UBG (“Sale Shares”) as at 29 December 2009 for a fixed cash consideration of RM2.50 per Sale Share (“Purchase Price”). It was further stated in PetroSaudi’s letters of offer that the last date for acceptance of its offers is 8 January 2010.
On behalf of the Board, KIBB wishes to announce that the Boards of CMS and PPES have on 8 January 2010, approved the Proposed Disposal subject to, inter-alia, the approval of the shareholders of CMS in an extraordinary general meeting to be convened. Accordingly, CHSB and PPES had on an even date, accepted the offers from PetroSaudi to dispose of their respective entire equity interests in UBG to PetroSaudi in accordance to the terms and conditions of the respective letters of offer subject to, inter-alia, the approval of the shareholders of CMS in an extraordinary general meeting to be convened.
Further details of the Proposed Disposal and the terms and conditions thereto are set out in the attachment below.
|
|