General Announcement
26/01/2006TRANSFER OF SHARES IN PRUDENT LEGACY SDN BHD
MALAYSIA BUILDING SOCIETY BERHAD |
Type | Announcement |
Subject | TRANSFER OF SHARES IN PRUDENT LEGACY SDN BHD |
Contents :
TRANSFER OF 102,500 ORDINARY SHARES OF RM1.00 EACH, REPRESENTING 41% OF THE ISSUED AND PAID-UP CAPITAL OF PRUDENT LEGACY SDN. BHD. FROM GRAND CHART SDN. BHD. TO MBSB DEVELOPMENT SDN.BHD. FOR A TOTAL CASH CONSIDERATION OF RM1 ONLY.
CONTENTS:
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 on 26 January 2006 acquired 102,500 ordinary shares of RM1 each in Prudent Legacy Sdn. Bhd. (PLSB) from Grand Chart Sdn. Bhd., for a total cash consideration of RM1 only. (the Transfer)
PLSB is a joint venture vehicle incorporated on 9 April 1996 in connection with a Joint Venture Agreement dated 3 May 1996 and the supplementary thereto dated 25 January 1999 entered into by the Company, MDSB and Grand Chart Sdn. Bhd. Subsequently the relationship of the shareholders were regulated by a Shareholders Agreement dated 19 April 1999 entered into by the Company, MDSB, Grand Chart Sdn. Bhd. and JKP Sdn. Bhd. The authorised capital of PLSB is RM250,000 comprising 250,000 ordinary shares of RM1 each while its issued share capital consists of 250,000 ordinary shares of RM1.00 each. Prior to the Transfer, the shareholders of PLSB were Grand Chart Sdn. Bhd., MDSB and JKP Sdn. Bhd. each holding 102,500 ordinary shares (41%), 127,500 ordinary shares (51%) and 20,000 ordinary shares (8%) in PLSB respectively.
The principal activity of PLSB is that of a Developer currently engaged in the on-going development of the Bandar Baru Air Putih township in Balik Pulau, Penang (the Project). Other than the said Project, PLSB has not engaged in any other development project either directly or otherwise since the date of its incorporation.
For the purpose of development of the Project, two (2) loan facilities were granted to Grand Chart Sdn. Bhd. by the Company vide Loan Agreements dated 3 May 1996 and 22 April 1998 respectively. (the Loan Agreements)
The Transfer forms part of the terms for settlement of all outstanding amount due to the Company by Grand Chart Sdn. Bhd. under the Loan Agreements. The loans were fully settled in December 2005.
Pursuant to the Transfer, MDSB has increased its shareholding in PLSB to 230,000 ordinary shares of RM1 each in PLSB representing 92% of the issued and paid-up capital in PLSB whereas the remaining shareholder, JKP Sdn. Bhd. shall continue to maintain its shareholding of 8% of the issued and paid-up capital of PLSB.
MDSBs initial investment cost in PLSB is RM127,500. The Transfer does not have any significant effect on the net tangible assets per share and the earnings of the Company and its Group for the year ending 31 December 2006.
Save as disclosed herein, the Directors of the Company further wish to announce that the transaction is in the best interest of the Company and that none of the Directors and/or major shareholders of the Company, MDSB or PLSB or persons connected thereto has any interest, direct or indirect in the transaction.
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 by | MALAYSIA BUILDING SOCIETY/EDMS/KLSE | 15-06-2004 03:07:46 PM |
Last 5 edit | MALAYSIA BUILDING SOCIETY MALAYSIA BUILDING SOCIETY MALAYSIA BUILDING SOCIETY MALAYSIA BUILDING SOCIETY MALAYSIA BUILDING SOCIETY | 06-07-2004 05:13:09 PM 06-07-2004 05:13:08 PM 06-07-2004 10:14:36 AM 30-06-2004 02:20:29 PM 30-06-2004 02:18:30 PM |
Announcement Info
Company Name | MALAYSIA BUILDING SOCIETY BERHAD |
Stock Name | MBSB |
Date Announced | 26 Jan 2006 |
Category | General Announcement |
Reference No | MB-060126-54630 |