General Announcement

27/10/1999

ADVANCE SYNERGY BERHAD (1225-D) (ASB) UNITED MERCHANT GROUP BERHAD (286452-T) (UMG OR THE COMPANY) -Proposed disposal by UMG of 74,524,000 ordinary shares of RM1.00 each in Ban Hin Lee Bank Berhad (BHL), representing 43.53% of the total issued and paid-up share capital of BHL as at 9 August 1999 to Southern Bank Berhad (SBB) for a cash consideration of RM372,620,000 (Proposed Disposal)

ADVANCE SYNERGY BERHAD

TypeAnnouncement
SubjectADVANCE SYNERGY BERHAD (1225-D) (ASB)
UNITED MERCHANT GROUP BERHAD (286452-T) (UMG OR THE COMPANY)
-Proposed disposal by UMG of 74,524,000 ordinary shares of RM1.00 each in Ban Hin Lee Bank Berhad (BHL), representing 43.53% of the total issued and paid-up share capital of BHL as at 9 August 1999 to Southern Bank Berhad (SBB) for a cash consideration of RM372,620,000 (Proposed Disposal)

Contents :

On behalf of the Board of Directors of ASB, Perdana Merchant Bankers Berhad is pleased to announce that UMG (a 50.75% owned subsidiary company of ASB) has been notified by SBB vide a letter dated 14 October 1999 that the Sale and Purchase Agreement dated 5 August 1999 in relation to the Proposed Disposal has become unconditional as at 11 October 1999. Accordingly, the consideration arising from the Proposed Disposal has been duly paid by SBB to UMG on 19 October 1999 and both ASB and UMG have ceased to be the substantial shareholder of BHL.

Announcement Info

Company NameADVANCE SYNERGY BERHAD  
Stock Name ASB
Date Announced27 Oct 1999  
CategoryGeneral Announcement
Reference NoMM-991027-60792

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