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ACQUISITIONS AND DISPOSALS
Print this page Acquisitions and Disposals :: Changes in Company's Interest :: Disposal of Subsidiary Companies * Asterisks denote mandatory information Name of Announcer * Company Registration No. Announcement submitted on behalf of Announcement respect to * is submitted with HONG LEONG ASIA LTD. 196300306G HONG LEONG ASIA LTD. HONG LEONG ASIA LTD. NG SIEW PING, JASLIN COMPANY SECRETARY 13-Jul-2011 18:26:03 00090
Announcement is submitted by * Designation * Date & Time of Broadcast Announcement No.
>> Announcement Details The details of the announcement start here ... Announcement Title * Description Disposal of Subsidiary Companies
Further to the Company’s announcement released on 24 June 2011, the Board of Directors of Hong Leong Asia Ltd. (“HLA” or the “Company”) wishes to announce that the Company has today entered into a Share Sale and Purchase Agreement (“SSPA”) with Hylton Investments Limited (the “Purchaser”), for the purchase from the Company of the entire issued and paid-up shares in the capital of HL Karimun Granite Pte Ltd (“HLKG”) (the “Sale Shares”) for a cash consideration of $28 million (the “Consideration”). The Consideration was arrived at on a willing-buyer willing-seller basis, with HLA Group assuming all the inter-company debts due by HLKG Group to HLA Group. After taking into account past impairment losses and the assumption of the inter-company debt of HLKG Group by HLA Group, the Consideration represents a premium of 557.4% of the adjusted net asset value of HLKG Group as at 7 July 2011, which is the latest available date of the management accounts of HLKG Group. This translates to an estimated gain of $26 million at HLA Group level for the current financial year. The transfer of the Sale Shares from the Company to the Purchaser was completed today pursuant to the SSPA. The Company has also today entered into an off-take agreement (the “OTA”) with the Purchaser for the supply of granite by the Purchaser/Karimun Granite (Singapore) Pte Ltd (or its nominee subsidiary) to the HLA Group, for a period commencing from the Commencement Date (as defined in the OTA) and ending on 30 September 2013, subject to extension up to 31 December 2014 on the happening of circumstances traversed in the OTA. Following the completion of the transfer of the Sale Shares, HLKG together with its subsidiaries, namely, PTKG and KGS, have ceased to be subsidiaries of the Company. By Order of the Board HONG LEONG ASIA LTD. Ng Siew Ping, Jaslin Company Secretary 13 July 2011 Singapore
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13/7/2011
ACQUISITIONS AND DISPOSALS
Print this page Acquisitions and Disposals :: Changes in Company's Interest :: Disposal of Subsidiary Companies * Asterisks denote mandatory information Name of Announcer * Company Registration No. Announcement submitted on behalf of Announcement respect to * is submitted with HONG LEONG ASIA LTD. 196300306G HONG LEONG ASIA LTD. HONG LEONG ASIA LTD. NG SIEW PING, JASLIN COMPANY SECRETARY 13-Jul-2011 18:26:03 00090
Announcement is submitted by * Designation * Date & Time of Broadcast Announcement No.
>> Announcement Details The details of the announcement start here ... Announcement Title * Description Disposal of Subsidiary Companies
Further to the Company’s announcement released on 24 June 2011, the Board of Directors of Hong Leong Asia Ltd. (“HLA” or the “Company”) wishes to announce that the Company has today entered into a Share Sale and Purchase Agreement (“SSPA”) with Hylton Investments Limited (the “Purchaser”), for the purchase from the Company of the entire issued and paid-up shares in the capital of HL Karimun Granite Pte Ltd (“HLKG”) (the “Sale Shares”) for a cash consideration of $28 million (the “Consideration”). The Consideration was arrived at on a willing-buyer willing-seller basis, with HLA Group assuming all the inter-company debts due by HLKG Group to HLA Group. After taking into account past impairment losses and the assumption of the inter-company debt of HLKG Group by HLA Group, the Consideration represents a premium of 557.4% of the adjusted net asset value of HLKG Group as at 7 July 2011, which is the latest available date of the management accounts of HLKG Group. This translates to an estimated gain of $26 million at HLA Group level for the current financial year. The transfer of the Sale Shares from the Company to the Purchaser was completed today pursuant to the SSPA. The Company has also today entered into an off-take agreement (the “OTA”) with the Purchaser for the supply of granite by the Purchaser/Karimun Granite (Singapore) Pte Ltd (or its nominee subsidiary) to the HLA Group, for a period commencing from the Commencement Date (as defined in the OTA) and ending on 30 September 2013, subject to extension up to 31 December 2014 on the happening of circumstances traversed in the OTA. Following the completion of the transfer of the Sale Shares, HLKG together with its subsidiaries, namely, PTKG and KGS, have ceased to be subsidiaries of the Company. By Order of the Board HONG LEONG ASIA LTD. Ng Siew Ping, Jaslin Company Secretary 13 July 2011 Singapore
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13/7/2011
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