General Announcement

09/12/1999

SUBSCRIPTION AND ACQUISITION OF 250,000 ORDINARY SHARES IN KEMAMAN TECHNOLOGY & INDUSTRIAL PARK SDN BHD ('KTIP')

AHMAD ZAKI RESOURCES BERHAD

TypeReply to query
Reply to Query Letter by KLSE reference IDPY-991123-52457
SubjectSUBSCRIPTION AND ACQUISITION OF 250,000 ORDINARY SHARES IN KEMAMAN TECHNOLOGY & INDUSTRIAL PARK SDN BHD ('KTIP')

Contents :

Failure to make an immediate announcement in respect of the acquisition/subscription of 250,000 ordinary shares of RM1.00 each at par in Kemaman Technology & Industrial Park Sdn Bhd ("KTIP") through a joint-venture with Mestika Unngul Sdn Bhd, Hexaway Sdn Bhd and Teraju Emas Sdn Bhd

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We refer to your fax dated 2nd December 1999 with regard to the above matter. We wish to clarify that we have not responded accordingly within the 2 market days as stipulated in your letter due to fact that the fax has only reached us on the 7th of December 1999. Our clarification on the matters raised in your letter are as follows:

(1) The initial subscription of 25% equity interest in KTIP by our wholly owned subsidiary Ahmad Zaki Sdn Bhd ("AZSB") was made prior to the Company being listed on the Kuala Lumpur Stock Exchange and hence no announcement was required at that particular time.

(2) The investment in KTIP was merely by way of subscription of new ordinary shares by AZSB. No joint venture agreement was entered into by AZSB

(3) Prior to the acquisition of 350,000 ordinary shares at RM3.50 per share from MUSB, HWSB and Terajumas for a total consideration of RM1,225,000 as announced earlier on 4 November 1999, the shareholdings of MUSB, HWSB, Terajumas, GPQ and AZSB in KTIP are as follows:

% Ordinary shares
Mestika Unggul Sdn Bhd (MUSB) 10.0% 100,000
Hexaway Sdn Bhd (HWSB) 20.0% 200,000
Terajumas Sdn Bhd (Terajumas) 5.0% 50,000
Gabongan Pemborong Quarry Sdn Bhd (GPQ) 40.0% 200,000
Ahmad Zaki Sdn Bhd 25.0% 250,000

    In addition to the acquisition of 350,000 ordinary shares by AZSB, AZSB and GPQ had also subscribed for 437,500 ordinary shares at RM1.00 per share in KTIP in the following manner:

Gabongan Pemborong Quarry Sdn Bhd (GPQ) 40.0% 175,000
Ahmad Zaki Sdn Bhd 60.0% 262,500
--------- -----------
100.0% 437,500
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    Accordingly, pursuant to the abovementioned acquisition and subscription by AZSB, AZSB's shareholding in KTIP now comprises 862,500 ordinary shares.

(4) The total capital outlay by AZRB's Group for the 862,500 ordinary shares in KTIP is RM 1,737,500.



We trust the above are in order.



Announcement Info

Company NameAHMAD ZAKI RESOURCES BERHAD  
Stock Name AZRB
Date Announced9 Dec 1999  
CategoryGeneral Announcement
Reference NoAZ-991208-31084

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