General Announcement for PLC

02/08/2017

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS PROPOSED DISPOSAL OF A FIVE (5) STOREY COMMERCIAL BUILDING WITH A POSTAL ADDRESS OF NO. 56, JALAN LARUT, 10050 PULAU PINANG WHICH IS ERECTED ON A PIECE OF FREEHOLD LAND UNDER INDIVIDUAL TITLE NO. GRN 8892, LOT NO. 1047, SEKSYEN 13, BANDAR GEORGETOWN, DISTRICT OF TIMOR LAUT, STATE OF PENANG AND MEASURING APPROXIMATELY 1,590.91 SQUARE METERS IN AREA

MESINIAGA BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description 
PROPOSED DISPOSAL OF A FIVE (5) STOREY COMMERCIAL BUILDING WITH A POSTAL ADDRESS OF NO. 56, JALAN LARUT, 10050 PULAU PINANG WHICH IS ERECTED ON A PIECE OF FREEHOLD LAND UNDER INDIVIDUAL TITLE NO. GRN 8892, LOT NO. 1047, SEKSYEN 13, BANDAR GEORGETOWN, DISTRICT OF TIMOR LAUT, STATE OF PENANG AND MEASURING APPROXIMATELY 1,590.91 SQUARE METERS IN AREA

Further to our follow-up announcement dated 1st August 2017, the Company wishes to provide the following clarification on details and breakdown of the utilization of proceeds from the Proposed Disposal.

 

Details and breakdown of the utilization of proceeds from the Proposed Disposal

 

Type of proposed utilization

Amount to be allocated

Time frame for full utilization

GST

RM900,000

Upon due as per GST ruling

RPGT and other incidental expenses

RM500,000

Within 3 months

Short-term loan repayment

RM10,000,000

Within 4 months

Future investment

RM 3,300,000

Within 12 months

Working Capital for general operational expenses including office equipment maintenance and utilities

RM1,200,000

Within 12 months

 

The nature of future investment is in reference to funding the Company’s operations in the same business as currently conducted by the Company.

 

The timeframe for full utilization of the proceeds shall be within 12 months from Completion Date i.e. 31 August 2017 or from the extended completion date as provided in the Sales and Purchase Agreement.

 

Dated 2nd August 2017



Announcement Info

Company Name MESINIAGA BERHAD
Stock Name MSNIAGA
Date Announced 02 Aug 2017
Category General Announcement for PLC
Reference Number GA1-02082017-00088


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