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On 6 November 2003 the Company announced the following:-
· that it has entered into a Conditional Share Sale Agreement ("Conditional SSA") with Alcovest Connection Sdn Bhd, Orionsun Gains Sdn Bhd and Tiara Senja Sdn Bhd to acquire the entire issued and paid-up share capital of Eurologic Sdn Bhd ( Eurologic ) comprising 100,000 Shares for an indicative purchase consideration of RM175 million, to be satisfied by way of RM10 million in cash and the balance of RM165 million via the issuance of 73,991,031 new Shares in the Company ( Consideration Shares ) at an issue price of RM2.23 per Share. The final purchase consideration for this proposed acquisition of Eurologic is however subject to the final valuation of the Privatisation Project (as defined hereunder) which will be based on the terms and conditions of a Concession Agreement to be executed and also the approval of the Securities Commission.
· Eurologic is an investment holding company and is presently dormant. Eurologic proposes to acquire a 65% interest in N S Water Konsortium Sdn Bhd ("Konsortium"). Konsortium has been granted an exclusive right to undertake the privatisation of Jabatan Bekalan Air Negeri Sembilan ( JBANS ) by the State Government of Negeri Sembilan.
· Upon completion of the Proposed Acquisition, the Company is proposing to change its name to N S Water Corporation Berhad.
The Company wishes to announce that on the 5 March 2004, the Konsortium, in a 50:50 joint venture with Zecon Engineering Berhad, has received a letter of award from JBANS to undertake emergency work for the construction of the Sungai Muar Raw Water Transfer ( Project ) value at RM64 million.
This Project involves the construction of a river gate, water-intake and pump station, approximately 18 km of pipeline and pumping stations for the transfer of water from the lower part of Sungai Muar to a dam. It has a completion period of 8.5 months and the commencement date is on 15th March 2004.
This announcement is dated 8 March 2004.