General Announcement

01/09/2005

SERSOL TECHNOLOGIES BERHAD("SerSol") Related Party Transaction - Tenancy Agreement with substantial shareholders/Directors of SerSol

Amended Announcements
Please refer to the earlier announcement reference number: C&050829-48057

SERSOL TECHNOLOGIES BERHAD

Type

Announcement
SubjectSERSOL TECHNOLOGIES BERHAD("SerSol")
Related Party Transaction - Tenancy Agreement with substantial shareholders/Directors of SerSol

Contents :

Remark:
We refer to our announcement dated 30/08/2005 ref no: C&050829-48057 in relation to the Related Party Transactions.
The commencement date of the said transaction is subject to the shreholders' approval in the General Meeting of the Company.
SerSol will be seeking shareholders approval for the related party transactions at an Extraordinary General Meeting to be convened.


INTRODUCTION

      The Board of Directors of Sersol Technologies Berhad (SerSol) wishes to announce that Multi Square Sdn Bhd (MSSB) a wholly-owned subsidiary of SerSol, has entered into a Tenancy Agreement for the rental of a premises known as No. 20, Jalan Agggerik 31/36, Taman Kota Kemuning Seksyen 31, 40460 Shah Alam Selangor from Tan Fie Jen & Tan Fie Ping (The Landlord) of RM2,000-00 per month for a period of one year. The commencement date is subject to the shareholders' approval in the General Meeting of the Company.

      (Related Party Transaction)
      Mr Tan Fie Ping a Managing Directors and substantial shareholder of SerSol is also a directors of MSSB.
      Mr Tan Fie Jen, is an Executive Director and substantial shareholder of Sersol.
      Ms Tan Bee Ngoh is a an executive Director, major shareholder of Sersol and a spouse of Mr Tan Fie Ping

2. BRIEF INFORMATION ON THE PROPOSED RENTED PREMISES

2.1 Information on the subject matter
      The premise is a double storey corner lot terrace house located at No. 20, Jalan Anggerik 31/36, Kota Kemuning Seksyen 31, 40460 Shah Alam Selangor. The property is furnished with air-conditioners, furnitures, water heater and refrigerator. This house is to be used as a hostel for the employee of MSSB.

2.2 Rental
      The monthly rental is RM2,000-00 and due for payment on or before seventh (7th) of every month.


3. FINANCIAL EFFECTS OF THE TRANSACTION

3.1 Share Capital
      The transaction will not have any effect on the share capital, shareholding structure or substantial shareholders of SerSol.

3.2 Earnings
      The transaction is not expected to have any material effect on the earnings and earnings per share of SerSol Group for the financial year ending 31 December 2005.

3.3 Net Tangible Assets
      The transaction will not have any material effect on the net tangible assets per share of SerSol.






4. RATIONALE FOR THE TRANSACTION
      The transaction will gain the Group of SerSol to make use of the vacant property to locate its employees at one place at a cheaper rate. As a comparison, the monthly rent for a furnished house located at the same area ranges from RM2500 to RM3000.


5. INTEREST OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED WITH THEM.
Name of DirectorDirector of:-Direct / Indirect Interest
Mr Tan Fie PingSersol Technologies Berhad (SerSol) and Multi Square Sdn Bhd (MSSB) Tan Fie Ping is a Managing Director and substantial shareholder of SerSol. He is also a Director of MSSB.
He has direct interest in the transaction.
Mr Tan Fie JenSersol Technologies Berhad (SerSol)Tan Fie Jen is an Executive Director of SerSol and the brother of Tan Fie Ping. He is also a substantial shareholder of SerSol.
Ms Tan Bee NgohSersol Technologies Berhad (SerSol) and Multi Square Sdn Bhd (MSSB)Ms Tan Bee Ngoh is an Executive Director of SerSol, major shareholder of SerSol and Director of MSSB, is also the spouse of Tan Fie Ping. She is deemed to have interest in the transaction

      Mr Tan Fie Ping, being the Managing Director and substantial of SerSol is also a director of MSSB. Mr Tan Fie Jen is an Executive Director and substantial shareholder of SerSol, and they are brothers. While Ms Tan Bee Ngoh is the spouse of Mr Tan Fie Ping.

      Mr Tan Fie Ping and Mr Tan Fie Jen having direct interest on the said property and Ms Tan Bee Ngoh is deemed to be interested in the transaction, all of them have been abstained from voting on the resolution in respect of the said transaction.

      Save as disclosed above, and so far as the Directors of SerSol are aware, none of other directors or substantial shareholders of SerSol, or persons connected to them, has any interest, direct or indirect, in the said transaction.


6. APPROVALS REQUIRED
      SerSol will be seeking shareholders' approval for the Related Party Transactions at an Extraordinary General Meeting to be convened.
      The transaction is in the ordinary course of business of the SerSol Group and is carried out under normal tenancy terms and conditions which is no favourable than those generally made available to other landlords.


7. CONDITIONS TO THE TRANSACTION

The said transaction is within the authority of the Board of Directors of SerSol.


8. STATEMENT BY THE BOARD OF DIRECTORS OF SERSOL / DIRECTORS RECOMMENDATION
      In view of the rationale as stated under paragraph 4 above, the Board of SerSol is of the opinion that the transaction is not detrimental of SerSol group but rather in their opinion is in the best interest of SerSol.






    Announcement Info

    Company NameSERSOL TECHNOLOGIES BERHAD (MESDAQ Market) 
    Stock Name SERSOL
    Date Announced1 Sept 2005  
    CategoryGeneral Announcement
    Reference NoC&-050901-64049

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