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Tenaga Nasional Berhad (TNB) wishes to announce to the Kuala Lumpur Stock Exchange that effective 22 August 2000 it has divested its equity holding of 72% in Perusahaan Otomobil Elektrik (Malaysia) Sdn. Bhd. (POEM) thus reducing its stakeholding in POEM from 92% to 20%.
Whilst TNB held 92% equity in POEM, Frazer Nash Research Ltd (FNR) was holding the balance of 8%. The divestment of 72% by TNB resulted in FNR becoming the majority shareholder of 80% equity in POEM. FNR is a British-based multi-national group involved in the research and development of high technology electronic products. FNR has been selected as an exclusive supplier of electric vehicles to Sydney 2000 Olympic Games and these vehicles are being manufactured by POEM.
The divestment has been satisfied by a consideration in the form of share swapping of 36,000,000 POEM shares with 1,578,947 Electrostorm Inc. (Electrostorm) shares at USD6 per share. Electrostorm is a FNR Group company duly incorporated in the United States of America, formed to serve the very large market for the electric vehicles in North America. The valuation of the shares was done on a willing seller-willing buyer basis.