General Announcement for PLC

25/07/2019

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS ADVANCE SYNERGY BERHAD ("ASB" OR "THE COMPANY") PROPOSED DISPOSAL OF 40% EQUITY INTEREST IN HELENIUM HOLDINGS LIMITED, A 40%-OWNED INDIRECT ASSOCIATE COMPANY OF ASB HELD VIA SYNERGY REALTY INCORPORATED, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY HELD VIA ADVANCE SYNERGY PROPERTIES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF ADVANCE SYNERGY BERHAD ("PROPOSED DISPOSAL")

ADVANCE SYNERGY BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description 
ADVANCE SYNERGY BERHAD ("ASB" OR "THE COMPANY") 
PROPOSED DISPOSAL OF 40% EQUITY INTEREST IN HELENIUM HOLDINGS LIMITED, A 40%-OWNED INDIRECT ASSOCIATE COMPANY OF ASB HELD VIA SYNERGY REALTY INCORPORATED, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY HELD VIA ADVANCE SYNERGY PROPERTIES SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF ADVANCE SYNERGY BERHAD ("PROPOSED DISPOSAL")

Further to the Company’s announcements dated 6 August 2018, 19 July 2019 and 23 July 2019 regarding the Proposed Disposal, the Board of Directors of ASB wishes to set out below further details on the proposed utilisation of proceeds from the Proposed Disposal:-

 

The net cash consideration of GBP4.75 million is intended to be utilised to finance the working capital of ASB Group for amongst others, any or all of the following:-

 

Purpose

Amount

(GBP’ million)

Expected timeframe for the utilisation of proceeds

(from the completion of the Proposed Disposal)

Estimated expenses  for the Proposed Disposal

0.15

within 12 months

Refurbishment of Holiday Villa Beach Resort & Spa Langkawi and the recently acquired hotel property known as Beaver Hotel, London and working capital

3.00

within 12 months

Operating expenses of ASB Group

1.60

within 12 months

Total

4.75

 

 

The actual utilisation has not been determined at this juncture and may differ at the time of utilisation.

            

This announcement is dated 25 July 2019.

 



Announcement Info

Company Name ADVANCE SYNERGY BERHAD
Stock Name ASB
Date Announced 25 Jul 2019
Category General Announcement for PLC
Reference Number GA1-25072019-00113


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