Disposal of 561,000 Ordinary Shares of Rm1.00 Each Representing 51% Equity Interest In Maica Polijaya Sdn Bhd

BackAug 24, 1999
Type Announcement
Subject Disposal of 561,000 Ordinary Shares of Rm1.00 Each Representing 51% Equity Interest In Maica Polijaya Sdn Bhd

Contents :

We are pleased to inform that the Company had on 23 August, 1999 disposed of its entire shareholding of 561,000 ordinary shares of RM1.00 each in Maica Polijaya Sdn Bhd (“Polijaya”) representing 51% of Polijaya’s issued and paid-up share capital to Syarikat Cahaya Rimba Sdn Bhd for a total cash consideration of RM168,300.00 (“the said Disposal”).


The Company acquired the 51% share capital of Polijaya in April, 1982 for a cash consideration of RM562,100 but the cost of investment has been written down to RM214,100 as at 31 July, 1999. The net tangible assets (“NTA”) of Polijaya as at 31 March, 1999 was RM418,556.00 or RM0.38 per share and the loss after tax for the year ended 31 March, 1999 was RM170,280 or RM0.155 per share. Polijaya is currently a dormant company. The sale price of RM0.30 per share is slightly below Polijaya’s NTA per share by RM0.08. The loss suffered by the Company on the said Disposal for the year ended 31 March, 1999 was RM46,436.

The said Disposal will not have a material effect on the NTA and earnings per share of the Group for the year ending 31 March, 2000 and is not subject to the approval of any authorities.

No person connected with the Directors and/or substantial shareholders of the Company has any interest, direct or indirect, in the said Disposal.

Thank you.






 

Announcement Info

Company Name MALAYSIA AICA BERHAD  
Stock Name M AICA    
Date Announced 24 Aug 1999  
Category General Announcement
Reference No CU-990731-38607