General Announcement

08/11/2004

NTPM HOLDINGS BERHAD - ACQUISITION OF A SUBSIDIARY COMPANY IN THAILAND

NTPM HOLDINGS BERHAD

Type

Announcement
SubjectNTPM HOLDINGS BERHAD
- ACQUISITION OF A SUBSIDIARY COMPANY IN THAILAND

Contents :

1. INTRODUCTION

      Pursuant to the notification received by the Company today, the Board of Directors of NTPM Holdings Berhad (NTPM or the Company) is pleased to announce that the Company has on 22 October 2004 acquired 10,000,000 shares of Baht 2.5 each (shares), representing 100% of the issued and paid-up capital of NTPM (Thailand) Co., Ltd., a company incorporated in Thailand (hereinafter referred to as NTCL) for a total cash consideration of Thai Baht Twenty Five Million (THB 25,000,000) only, which is equivalent to Ringgit Malaysia Two Million Three Hundred Sixty Thousand (RM2,360,000) only (hereinafter referred to as the Acquisition).

      As a result of the Acquisition, the Company holds 100% effective interest in NTCL, resulting NTCL becoming a wholly-owned subsidiary of the Company, wherein 6 shares in NTCL are held in trust by six (6) representatives from the Company in compliance with the rules and regulations in Thailand.
2. INFORMATION ON NTCL
      NTCL was incorporated in Thailand on 31 August 2004 with a registered capital of Baht One Hundred Million (THB 100,000,000). Its current issued and paid up capital is Baht Twenty Five Million (THB 25,000,000) comprising of Ten Million (10,000,000) shares of Baht 2.5 each.

      NTCL is intended to be involved principally as the distributor for the products of NTPM Group.

3. SOURCE OF FUNDS

      The Acquisition was financed through internally generated funds of the Group.
4. FINANCIAL EFFECTS OF THE ACQUISITION

      The Acquisition will not have any material effect on the earnings, net tangible assets and gearing of NTPM Group for the financial year ending 30 April 2005.
5. RATIONALE FOR THE ACQUISITION

      The Acquisition will enable NTPM Group to execute its strategy in expanding into the ASEAN market. NTCL will provide NTPM Group a strong foothold in Thailand and serve for future expansion plan in Myanmar, Cambodia and Vietnam.
6. APPROVAL REQUIRED
      The Acquisition is not subject to the approval of the shareholders and the relevant governmental authorities, apart from Bank Negara Malaysia, where approval has been obtained.
7. INTEREST OF THE DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND PERSONS CONNECTED TO THEM
      None of the Directors or substantial shareholders of the Company or the persons connected to them has any beneficial interest in the above transaction.
8. DIRECTORS STATEMENT
      The Directors of NTPM, after careful deliberation, are of the opinion that the said transaction is in the best interest of the Company.

This announcement is dated 8th day of November, 2004.


Remarks :-

The notification for the completion of the transfer of shares in NTCL was only received by the Company from NTCL in Thailand on 8th November 2004.


Announcement Info

Company NameNTPM HOLDINGS BERHAD  
Stock Name NTPM
Date Announced8 Nov 2004  
CategoryGeneral Announcement
Reference NoCS-040916-72538

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