General Announcement
13/11/2003SARAWAK CONCRETE INDUSTRIES BERHAD ("SCIB" OR "COMPANY") - PROPOSED ACQUISITION OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF EUROLOGIC SDN BHD ("EUROLOGIC") COMPRISING 100,000 ORDINARY SHARES OF RM1.00 EACH ("SHARES") FOR AN INDICATIVE PURCHASE CONSIDERATION OF RM175,000,000 TO BE SATISFIED BY WAY OF RM10,000,000 IN CASH AND THE BALANCE OF RM165,000,000 VIA THE ISSUANCE OF 73,991,031 NEW SHARES IN SCIB AT AN ISSUE PRICE OF RM2.23 PER SHARE ("PROPOSED ACQUISITION")
| SARAWAK CONCRETE INDUSTRIES BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | PY-031111-40235 |
| Subject | SARAWAK CONCRETE INDUSTRIES BERHAD ("SCIB" OR "COMPANY") - PROPOSED ACQUISITION OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF EUROLOGIC SDN BHD ("EUROLOGIC") COMPRISING 100,000 ORDINARY SHARES OF RM1.00 EACH ("SHARES") FOR AN INDICATIVE PURCHASE CONSIDERATION OF RM175,000,000 TO BE SATISFIED BY WAY OF RM10,000,000 IN CASH AND THE BALANCE OF RM165,000,000 VIA THE ISSUANCE OF 73,991,031 NEW SHARES IN SCIB AT AN ISSUE PRICE OF RM2.23 PER SHARE ("PROPOSED ACQUISITION") |
Contents :
We refer to the Company's announcement dated 6 November 2003 and the letter dated 11 November 2003 from the Kuala Lumpur Stock Exchange ("KLSE") in respect of the aforesaid matter.
In this respect, AmMerchant Bank Berhad ("AmMerchant Bank"), on behalf of the Board of Directors of SCIB ("Board"), wish to clarify that :-
(1) Subsequent to the announcement, the Board has been advised that N S Water Konsortium Sdn Bhd ("Konsortium") is now in discussions with a contractor to carry out the capital expenditure works for the Privatisation Project. In view of this, the Board is unable to comment on the expected capital expenditure to be assumed or guaranteed by SCIB. An announcement will be made to the KLSE in due course once the arrangements for the capital expenditure programme have been finalised.
(2) Konsortium (the proposed concession holder) and the State Government of Negeri Sembilan are currently in the midst of negotiating the final terms and conditions of the concession agreement for the Privatisation Project ("Concession Agreement"). Accordingly, the salient features of the Concession Agreement will only be announced to the KLSE upon execution of the Concession Agreement by both parties;
(3) As the final terms and conditions of the Concession Agreement are in the midst of being finalised, the Board is of the view that it is pre-mature to comment on the quantum and timing of the expected contributions from Konsortium that will accrue to SCIB at this juncture.
This announcement is dated 13 November 2003.
Query letter content :-
Content of the query letter dated 11 November 2003 from the Kuala Lumpur Stock Exchange
(ref :/PY031111-40235) :
"We refer to your announcement dated 6 November 2003 in respect of the aforesaid matter.
In this connection, kindly furnish the Exchange with the following additional information for public release :-
(1) Proportion of the capital expenditure for the Privatisation Project to be assumed or guaranteed by SCIB.
(2) Salient features of the Concession Agreement, executed between the State Government of Negeri Sembilan and N S Water Konsortium Sdn. Bhd., and the time and place where this agreement may be inspected.
(3) The expected date on which profit contribution from N S Water Konsortium Sdn. Bhd. will accrue to SCIB and the expected returns to be derived.
Please furnish the Exchange with your reply within two (2) market days from the date hereof.
Yours faithfully
Tan Yew Eng
Sector Head, Issues & Listing
LPY/zm"
Query Letter Contents :
We refer to your announcement dated 6 November 2003 in respect of the aforesaid
matter.
In this connection, kindly furnish the Exchange with the following additional
information for public release :-
(1) Proportion of the capital expenditure for the Privatisation Project to be
assumed or guaranteed by SCIB.
(2) Salient features of the Concession Agreement, executed between the State
Government of Negeri Sembilan and N S Water Konsortium Sdn. Bhd., and the time
and place where this agreement may be inspected.
(3) The expected date on which profit contribution from N S Water Konsortium
Sdn. Bhd. will accrue to SCIB and the expected returns to be derived.
Please furnish the Exchange with the announcement containing the aforesaid
information within two (2) market days from the date hereof.
Yours faithfully
Tan Yew Eng
Sector Head, Issues & Listing
LPY/zm
Copy :Securities Commission
Announcement Info
| Company Name | SARAWAK CONCRETE INDUSTRIES BERHAD |
| Stock Name | SCIB |
| Date Announced | 13 Nov 2003 |
| Category | General Announcement |
| Reference No | MM-031113-56087 |