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INTRODUCTION
The Board of Directors of Ta Ann Holdings BerhAd ("Ta Ann" or "the Company") wishes to announce that the Company has on 31 October 2003, acquired two ordinary shares of RM1.00 each from Encik Alli @ Ali Mat Bin Hj Dollah and Mr. Wong Kuok Kai representing 100% of the total issued and paid-up share capital of Ta Ann Plantation Sdn Bhd ("TAP") for a total cash consideration of RM2.00. With this acquisition, TAP becomes a wholly-owned subsidiary of Ta Ann.
TAP is a company dormant since its date of incorporation on 26 December 1995. This acquisition will not have any material impact on the Net Tangible Asset and Share Capital of Ta Ann, nor on its substantial shareholding structure. No approvals from regulatory bodies are required.
RATIONALE OF THE ACQUISITION
The new subsidiary acquired would be used as the vehicle for any plantation projects that may be undertaken by the Group.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
Encik Sa'id Bin Hj Dolah, an Executive Director of the Company and Datuk Wahab Bin Hj Dolah, a substantial shareholder of the Company, both being the brothers of Encik Alli @ Ali Mat Bin Hj Dollah, and Mr. Wong Kuo Hea, the Managing Director of the Company, being the brother of Mr. Wong Kuok Kai are deemed interested in the acquisition.
Save as disclosed above, none of the other Directors, major shareholders and persons connected with Directors or major shareholders has any interest, direct or indirect, in the acquisition.
DIRECTORS' STATEMENT
The Directors are of the opinion that the acquisition of TAP is in the best interest of the Company and the Group.
This announcement is dated 31st day of October, 2003