General Announcement

26/02/2007

PROPOSED ACQUISITION OF LAND BY SANICHI PRECISION MOULD SDN BHD FROM AMAZON CLASSIC SDN BHD FOR A CASH CONSIDERATION OF RM880,000.00 ("PROPOSED ACQUISITION")

SANICHI TECHNOLOGY BERHAD

Type

Announcement
SubjectPROPOSED ACQUISITION OF LAND BY SANICHI PRECISION MOULD SDN BHD FROM AMAZON CLASSIC SDN BHD FOR A CASH CONSIDERATION OF RM880,000.00 ("PROPOSED ACQUISITION")

Contents :

1. INTRODUCTION

The Board of Directors of Sanichi Technology Berhad ("STB" or "the Company") wishes to announce that Sanichi Precision Sdn Bhd ("SPM"), a wholly owned subsidiary company of STB has on 30 January 2007 entered into a conditional Sale and Purchase Agreement ("the Agreement") with Amazon Classic Sdn Bhd ("ACSB") for a piece of land held under HS(D) 290337, PTD 65021 in Mukim Senai-Kulai, District of Johor Bahru, State of Johor ("the Land") containing an area measuring approximately 0.607 acre in area for a total cash consideration of Ringgit Malaysia Eight Hundred and Eighty Thousand (RM880,000/-) only. SPM will acquire the Land free from all and any encumbrances and with vacant possession but subject to all conditions and restrictions of title express or implied affecting the Land.

2. SALIENT TERMS OF THE AGREEMENT AND CONSITIONS TO THE PROPOSED ACQUISITION
Upon execution of the Agreement, SPM paid ACSB a deposit of 10% of the purchase consideration amounting to Ringgit Malaysia Eighty-eight Thousand (RM88,000/-) only. The balance of 90% of the purchase consideration or Ringgit Malaysia Seven Hundred Ninety-Two Thousand (RM792,000/-) shall be payable by SPM three (3) months from the date of the Agreement.

3. BASIS OF DETERMINING THE PURCHASE CONSIDERATION
The purchase consideration was arrived at on a willing buyer-willing seller basis.

4. SOURCES OF FINANCING THE PROPOSED ACQUISITION
The acquisition of the Land will be financed by Bank borrowings and internally generated funds.

5. RATIONALE FOR THE PROPOSED ACQUISITION
The Proposed Acquisition will enable SPM to build an extension of its factory on the Land, which is located next to its current factory.

6. FINANCIAL EFFECTS OF THE PROPOSED ACQUISITION

6.1 Share Capital and Substantial Shareholders' Shareholdings
There will be no changes in the Company's share capital and the substantial shareholders' shareholding as the purchase consideration is to be satisfied entirely by cash.

6.2 Net Assets and Gearing
The Proposed Acquisition is not expected to have any material effects on the net assets and gearing of STB.

6.3 Earnings
The Proposed Acquisition is not expected to have any material effects on the earnings of the STB for the financial year ending 30 June 2007. However, the earnings of STB are expected to be enhanced in the long term from the increased capacity from the expansion of its factory proposed to be built on the Land.

7. APPROVALS REQUIRED
The Proposed Acquisition does not require any approval from any authorities or the shareholders of STB.

8. DIRECTORS' AND/OR MAJOR SHAREHOLDERS' INTEREST
None of the Company's directors and/or major shareholders or persons connected to them have any interest, directly or indirectly, in the Proposed Acquisition.

9. STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors, having considered all aspects of the land, is of the opinion that the Proposed Acquisition is in the interest of the STB.

10. DOCUMENTS AVAILABLE FOR INSPECTION
A copy of the Agreement is available for inspection during normal business hours at the Registered Office of STB at PLO 135, Jalan Cyber 5, Kawasan Perindustrian Senai Fasa 3, from Mondays to Fridays (except public holidays) for a period of fourteen (14) days from the date of this announcement.

This announcement is dated 26 February 2007


Announcement Info

Company NameSANICHI TECHNOLOGY BERHAD (MESDAQ Market) 
Stock Name SANICHI
Date Announced26 Feb 2007  
CategoryGeneral Announcement
Reference NoC&-070226-46658

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