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We refer to your letter dated 10 February 2000 and wish to confirm that Mines City Hotel Sdn Bhd, a wholly owned subsidiary of Country Heights Holdings Berhad (CHHB) has acquired 100% of the paid up capital of Oriental Integrated Sdn Bhd (now known as Kin No Uma Sdn Bhd) comprising 2 ordinary shares of RM1.00 each at par for a cash consideration of RM1.00 per share on 18 July 1998. At the time of acquisition, KNU was dormant. Subsequently, KNU commenced business on 8 August 1998 as the manager and operator of a Japanese restaurant at the Palace of the Golden Horses. However, since 1 June 1999, the operation of the Japanese restaurant has been transferred to Mines City Hotel Sdn Bhd and therefore KNU is currently dormant.
Borneo Heights Sdn Bhd, a 70% subsidiary of CHHB had acquired 100% of the paid up capital of EE comprising 2 ordinary shares of RM1.00 each at par for a cash consideration of RM1.00 per share on 7 September 1999. EE is currently dormant.
Magnitude Knight (M) Sdn Bhd, a wholly-owned subsidiary of CHHB had acquired 51% each of the paid up capital of PGCC and PBC, both incorporated in the Republic of South Africa comprising 51 ordinary shares of One Rand each at par for a cash consideration of One Rand per share on 10 November 1998. The principal activities of PGCC are the provision of sporting and recreational facilities while PBC, the provision of boating and other social facilities.
None of the directors and substantial shareholders as well as persons connected to a director or substantial shareholder of CHHB had any interest, direct or indirect, in the said acquisitions.
The said acquisitions did not have any financial effect on the issued and paid-up share capital, earnings per share and net tangible assets of CHHB for the year ended 28 February 1999.