General Announcement

08/04/2005

SALE AND PURCHASE of ALL THAT LAND HELD UNDER H.S.(D) 93832, P.T.NO.27758, H.S.(D) 93833,P.T.NO 27759 AND H.S.(D) 95375, P.T.NO.29301 ALL IN MUKIM SUNGAI BULOH, DAERAH PETALING AND STATE OF SELANGOR PURCHASER : KENWIN DEVELOPMENT SDN BHD VENDOR : MALAYSIA BUILDING SOCIETY BERHAD

MALAYSIA BUILDING SOCIETY BERHAD

Type

Announcement
SubjectSALE AND PURCHASE of
ALL THAT LAND HELD UNDER H.S.(D) 93832, P.T.NO.27758, H.S.(D) 93833,P.T.NO 27759 AND H.S.(D) 95375, P.T.NO.29301 ALL IN MUKIM SUNGAI BULOH, DAERAH PETALING AND STATE OF SELANGOR
PURCHASER : KENWIN DEVELOPMENT SDN BHD
VENDOR : MALAYSIA BUILDING SOCIETY BERHAD

Contents :

1. INTRODUCTION


The Board of Directors of Malaysia Building Society Berhad (the"Company") is pleased to announce that the Company has entered into a Sale and Purchase Agreement with Kenwin Development Sdn Bhd (the "Purchaser") on 8 April 2005 to dispose of three parcels of land, details of which are as per the following :-

(a) All that land held under H.S. (D) 93832, P.T.No.27758, Mukim Sungai Buloh, Daerah Petaling and State of Selangor and measuring 179,189 square feet;

(b) All that land held under H.S.(D) 93833, P.T.No.27759, Mukim Sungai Buloh, Daerah Petaling and State of Selangor and measuring 198,294 square feet;

(c) All that land held under H.S.(D) 95375, P.T.No.29301, Mukim Sungai Buloh, Daerah Petaling and State of Selangor and measuring 239,969 square feet;

hereinafter referred to collectively as the "Property".

2. DETAILS OF THE DISPOSAL

Pricing basis

The aggregate value of the consideration is RM32,000,000.00 (the"Purchase Price"). The sale consideration was arrived at through negotiations on a willing buyer-willing seller basis after taking into consideration the location and the present state of the Property.

The aggregate net book value of the Property as per the Company's latest audited accounts as at December 2003 was RM31.999 Million.

Details of the Purchaser

Kenwin Development Sdn Bhd (formerly known as Prima Toys Sdn Bhd)(Company No.477092-H) a private company limited by shares and incorporated in Malaysia and having its business address at No.16, Medan Setia Dua, Plaza Damansara, Bukit Damansara, 50490 Kuala Lumpur.

The principal activity of the Purchaser is property development.

3. RATIONALE OF THE DISPOSAL

The disposal is in line with the Company's overall objective of disposing some of its non-strategic assets.

4. UTILISATION OF PROCEEDS

The total proceeds from the disposal of the Property will be utilized for working capital and/or repayment of borrowings.

5. EFFECT OF DISPOSAL

Share Capital and substantial shareholders' shareholding

There will be no impact on MBSB's share capital and substantial shareholders' and there are no liabilities to be assumed by the company arising from the above transaction.

Earnings

The sale of the Property has no material impact on the earnings and the earnings per share of the Group.

Net Tangible Assets ("NTA")

The sale of the Property will not have any material impact on the NTA of the Group.

6. CONDITION OF DISPOSAL

The disposal of the Property is subject to approval being obtained from the Foreign Investment Committee.

7. SALE AND PURCHASE AGREEMENT

The terms of the said Agreement are as follows:-

* The sale of the Property shall be on a deferred payment basis wherein the full payment of the Purchase Price to the Company shall be made/secured by the Purchaser by way of a guarantee by a Bank/Financial Institution addressed to the Company for the unconditional payment by the issuing Bank/Financial Institution of the entire Purchase Price or any part thereof that remains outstanding on the expiry of 4 years from the date of the said Agreement. (the"Bank Guarantee").
* Notwithstanding the issuance of the Bank Guarantee, the Purchaser shall be entitled at any time prior to full payment of the Purchase Price under the terms of the said Agreement, to make any part payment of the Purchase Price to the Company provided that such part payment shall be in multiples of RM100,000.00 only.
* The Purchaser shall pay interest at the rate of 7% per annum on the Purchase Price or any part of the Purchase Price that remains outstanding after the expiry of 1 year from the date of issuance of the said Bank Guarantee.

Barring any unforeseen circumstances, the transaction is expected to be completed within 6 months from the date of the Agreement.

8. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors or major shareholders of MBSB or persons connected to them have any interest, direct or indirect in the disposal of the Property.

The Board also wishes to announce that in their opinion, the transaction is in the best interest of the Company.

9. STATEMENT IN RESPECT OF SC'S GUIDELINES AND OFFER OF SECURITIES

The transaction does not involve any issuance or offer of securities. Hence it has not departed from the Commissions's policies and Guidelines on Issue/Offer of Securities.









Announcement Info

Company NameMALAYSIA BUILDING SOCIETY BERHAD  
Stock Name MBSB
Date Announced8 Apr 2005  
CategoryGeneral Announcement
Reference NoMB-050408-35271

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