General Announcement

11/10/2005

DISPOSAL OF PROPERTIES

MALAYSIA BUILDING SOCIETY BERHAD

Type

Announcement
SubjectDISPOSAL OF PROPERTIES

Contents :



1. INTRODUCTION

The Board of Directors of Malaysia Building Society Berhad (the Company ) is pleased to announce that MBSB Development Sdn Bhd (MDSB), a wholly owned subsidiary of the Company has entered into two Sale and Purchase Agreements ( the said Agreements ) with Adli Ariff Development Sdn Bhd ( the Purchaser ) to dispose of one parcel of land measuring in area approximately 1,832 square meters and held under Geran 26317, Lot 142, Section 87A, Town and District of Kuala Lumpur, State of Wilayah Persekutuan Kuala Lumpur together with a double storey bungalow house erected thereon as well as another parcel of land measuring in area approximately 1,188.725 square meters and held under Geran 15369, Lot 143, Section 87A, Town and District of Kuala Lumpur, State of Wilayah Persekutuan Kuala Lumpur together with a single storey bungalow erected thereon (hereinafter collectively referred to as the Properties)

2. DETAILS OF THE DISPOSAL

Pricing basis
The aggregate value of the consideration is RM5,200,000. 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 Properties.

The total net book value of the Properties as per the Companys latest audited financial statements as at 31 December 2004 was RM5.142 million. The total cost of investment of the properties is RM8.925 miilion.

The Properties were purchased in 1997.

Details of the Purchaser
Adli Ariff Development Sdn Bhd (Company No. 28827-V) is a company incorporated in Malaysia having its business address at Box #4, Wisma Selangor Dredging, 9th Floor, South Block, 142A, Jalan Ampang, 50450 Kuala Lumpur.

The activity of the Purchaser is property development.

3. RATIONALE FOR 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 Properties will be utilized for working capital and/or repayment of borrowings.

5. EFFECT OF DISPOSAL

Share capital and substantial shareholders' shareholdings
There will be no impact on the Companys share capital and substantial shareholders shareholdings and there are no liabilities to be assumed arising from the above transaction.

Earnings
Assuming that the disposal of the Properties will be completed on 31st December 2005, the disposal is expected to contribute a gain of approximately RM59,000.00 to the Company and the Group for the financial year ending 31 December 2005. The earnings per share of the Company and the Group for the financial year ending 31 December 2005 is estimated to increase by 0.0176 sen as the result of the disposal.

NTA
There is no material impact on the net tangible assets per share of the Group.

6. CONDITION OF THE DISPOSAL

There is no pre-condition for the disposal of the Properties.

7. SALE & PURCHASE AGREEMENT

The salient terms of the said Agreements are as follows:

· The Properties shall be purchased free from encumbrances together with vacant possession at the total purchase price of RM5,200,000 upon the terms and condition contained in the said Agreements. (the
Total Purchase Price)
· The Purchaser has paid 10% of the Total Purchase Price amounting to RM520,000 upon execution of
the said Agreements.
· The balance of the Total Purchase Price of RM4,680,000 (the Balance Purchase Price) shall be paid
within three (3) months from the date of the said Agreements (the Completion Period) or as the case
may be, at an extended completion date which is one (1) month from the date of expiry of the
Completion Period (the Extended Period) subject to interest at the rate of 10% p.a. calculated on
a daily basis from the first day of the Extended Period to the day the Balance Purchase Price is
paid in full.

Barring any unforeseen circumstances the time frame for the completion of the above
transaction is approximately four (4) months from the date of the said Agreements.

8. DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST

Save as disclosed above, none of the Directors or major shareholders of the Company or persons connected to them have any interest, direct or indirect in the disposal of the Properties.

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 Policies and Guidelines on Issue/Offer of Securities.







Tables Section - This section is to be used to create and insert tables. Please make the appropriate reference to the table(s) in the Contents of the Announcement:










Created byMALAYSIA BUILDING SOCIETY/EDMS/KLSE15-06-2004 03:07:46 PM
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Announcement Info

Company NameMALAYSIA BUILDING SOCIETY BERHAD  
Stock Name MBSB
Date Announced11 Oct 2005  
CategoryGeneral Announcement
Reference NoMB-051007-42930

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