General Announcement for PLC

04/03/2022

Proposed disposal of the entire issued share capital of Len Cheong Resources Sdn. Bhd. ("LCR") for a total cash consideration of approximately RM1.29 million ("Proposed Disposal")

SAND NISKO CAPITAL BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-03032022-00001
Subject Proposed disposal of the entire issued share capital of Len Cheong Resources Sdn. Bhd. ("LCR") for a total cash consideration of approximately RM1.29 million ("Proposed Disposal")
Description 
SAND NISKO CAPITAL BERHAD ("SNC" OR "THE COMPANY") REPLY TO THE LETTER FROM BURSA MALAYSIA SECURITIES BERHAD DATED 03 MARCH 2022 (REF:IQL-03032022-00001)
Query Letter Contents

We refer to your Company’s announcement dated 1 March 2022 in respect of the aforesaid matter.

 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-:

 

  1. The date and the salient terms and conditions of the sale and purchase agreement. If none, to provide an explanation for such arrangement and safeguard available to SNC.
  2. Since LCR has yet to commence any construction activities, to state the reason and utilisation of the investment of RM1.5 million in LCR on 25 October 2021.
  3. To state the assets and real properties owned by LCR, if relevant, and the details including the net book value and market value.
  4. Justification for disposing LCR for RM1.29 million since SNC had invested RM1.5 million in LCR recently.
  5. To tabulate the effects of the Proposed Disposal on the net assets per share, gearing and earnings per share of the SNC Group.
  6. The expected losses to the SNC Group, if any.
  7. Explanation as to why the Company stated that there is no assurance that the Proposed Disposal can be completed within the stipulated timeframe where the Disposal Consideration had been paid in full upon execution of the relevant transfer documents on 1 March 2022.

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

 

Yours faithfully

 

 

 

 

Listing

Regulation

 

c.c.: Market Surveillance Dept., Securities Commission Malaysia (via fax)

Please refer to the attachment for our reply to the query letter from Bursa Malaysia Securities Berhad.

 

This announcement is dated 4 March 2022. 

Please refer attachment below.

Attachments

Reply to Bursa Query.pdf
116.8 kB


Announcement Info

Company Name SAND NISKO CAPITAL BERHAD
Stock Name SNC
Date Announced 04 Mar 2022
Category General Announcement for PLC
Reference Number GA1-04032022-00053


Related Announcements for SNC
Date Title
04/08/2022 OTHERS SAND NISKO CAPITAL BERHAD ("SNC" OR "THE COMPANY") - OFFER OF OPTIONS UNDER EMPLOYEES' SHARE OPTION SCHEME OF THE COMPANY
06/05/2022 OTHERS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") VARIATION OF UTILISATION OF PROCEEDS ("VARIATION")
01/03/2022 TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") PROPOSED DISPOSAL OF THE ENTIRE ISSUED SHARE CAPITAL OF LEN CHEONG RESOURCES SDN. BHD. ("LCR") FOR A TOTAL CASH CONSIDERATION OF APPROXIMATELY RM1.29 MILLION ("PROPOSED DISPOSAL")
01/03/2022 OTHERS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") JOINT VENTURE AGREEMENT ("JVA") BETWEEN LEN CHEONG INDUSTRIES SDN. BHD. ("LCI"), A WHOLLY OWNED SUBSIDIARY OF SNC, WITH INTEGRATED BIOGRANIX VENTURES SDN. BHD. ("INTEGRATED") ("PARTIES")
28/01/2022 TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") PROPOSED ACQUISITION BY LEN CHEONG RESOURCES SDN BHD (A WHOLLY-OWNED SUBSIDIARY OF SNC) ("LCR" OR "PURCHASER") OF A PIECE OF FREEHOLD LAND HELD UNDER GRN 9505 LOT 68, MUKIM OF LENDU, DISTRICT OF ALOR GAJAH, STATE OF MELAKA MEASURING WITH AN APPROXIMATE AREA OF 25.880 ACRES ("PROPERTY") FOR A TOTAL CASH CONSIDERATION OF RM5,823,000 ("PURCHASE PRICE")("PROPOSED ACQUISITION")
20/12/2021 OTHERS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") MEMORANDUM OF UNDERSTANDING BETWEEN LEN CHEONG INDUSTRIES SDN BHD ("LCI") A WHOLLY-OWNED SUBSIDIARY OF SNC AND FABULOUS SUNVIEW SDN BHD ("SUNVIEW") ON COLLABORATION TO INTEGRATE LARGE SCALE SOLAR FARM
16/12/2021 MULTIPLE PROPOSALS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") (I) SHARE SPLIT; AND (II) BONUS ISSUE OF WARRANTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
01/12/2021 TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") PROPOSED JOINT VENTURE BETWEEN LEN CHEONG RESOURCES SDN BHD ("LCR" OR THE "DEVELOPER") A WHOLLY-OWNED SUBSIDIARY OF SNC AND MUTIARA MAHAJUTA SDN BHD (REPRESENTING A GROUP OF INDIVIDUAL LANDOWNERS) ("MUTIARA" OR THE "LANDOWNER") FOR LONG-TERM 2 PHASES DEVELOPMENT OF LANDS IN THE STATE OF MELAKA ("PROPOSED JV")
22/11/2021 MULTIPLE PROPOSALS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") (I) SHARE SPLIT; AND (II) BONUS ISSUE OF WARRANTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
12/11/2021 MULTIPLE PROPOSALS SAND NISKO CAPITAL BERHAD ("SNC" OR "COMPANY") (I) SHARE SPLIT; AND (II) BONUS ISSUE OF WARRANTS (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")