Transactions (Chapter 10 Of Listing Requirements):Related Party Transactions

BackApr 02, 2014
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description BHS INDUSTRIES BERHAD
(“BHS” OR THE “COMPANY”)

(I) PROPOSED DISPOSAL BY BHS OF SEVEN (7) PARCELS OF LAND COMPRISING SIX (6) PARCELS OF FREEHOLD AGRICULTURAL LAND HELD UNDER LOT 1081 GM 1489, LOT 1082 GM 1488, LOT 1083 GM 1499, LOT 1085 GM 1504, LOT 462 GM 436 AND LOT 463 GM 1479, AND ONE (1) PARCEL OF FREEHOLD VACANT LAND HELD UNDER LOT 99 GRN 379407, ALL LOCATED IN MUKIM AND DISTRICT OF KOTA TINGGI AND STATE OF JOHOR, TO HARTA SISTEM SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM5,954,000; AND

(II) PROPOSED DISPOSAL BY BHS OF THE ENTIRE EQUITY INTERESTS IN BHS RESOURCES PTE LTD, A WHOLLY-OWNED SUBSIDIARY OF BHS, TO HENG BOON SENG AND LIEW SAI YING FOR A TOTAL CASH CONSIDERATION OF SGD1,516,079 (EQUIVALENT TO RM3,931,648 (BASED ON THE BANK NEGARA MALAYSIA’S MIDDLE EXCHANGE RATE OF SINGAPORE DOLLAR 1.00: RM2.5933 AS AT 2 APRIL 2014))

The Board of Directors of BHS, wishes to announce that on 2 April 2014, BHS had entered into:


(a) a master sale and purchase agreement with Harta Sistem Sdn Bhd for the proposed disposal of seven (7) parcels of land comprising six (6) parcels of freehold agricultural land held under Lot 1081 GM 1489, Lot 1082 GM 1488, Lot 1083 GM 1499, Lot 1085 GM 1504, Lot 462 GM 436 and Lot 463 GM 1479, and one (1) parcel of freehold vacant land held under Lot 99 GRN 379407, all located in Mukim and District of Kota Tinggi and State of Johor for a total cash consideration of RM5,954,000; and


(b) a share sale agreement with Heng Boon Seng and Liew Sai Ying for the proposed disposal of the entire equity interests in BHS Resources Pte Ltd, a wholly-owned subsidiary of BHS, to Heng Boon Seng and Liew Sai Ying for a total cash consideration of Singapore Dollar 1,516,079 (equivalent to RM3,931,648 (based on the Bank Negara Malaysia’s middle exchange rate of SGD1.00: RM2.5933 as at 2 April 2014).

(collectively referred to as the “Proposed Disposals”)


Further details of the Proposed Disposals are as attached.


This announcement is dated 2 April 2014.

 


Announcement Info

Company Name BHS INDUSTRIES BERHAD  
Stock Name BHS    
Date Announced 2 Apr 2014  
Category General Announcement
Reference No CA-140401-60936

Attachments

  1. BHS_020414.pdf (Size: 287,495 bytes)