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1. INTRODUCTION
The Board of Directors of PHB wishes to announce that, our wholly owned
subsidiary, Keat Radio Co Sdn Bhd has disposed its investment properties
known as 44 & 46 Jalan Gemas and 24-B Jalan Terengganu to Ms Phnuah
Farn Farn for a consideration of Malaysian Ringgit Three Hundred and
Sixty Thousand Only (RM360,000).
2. BACKGROUND INFORMATION
All that piece of land known as Lot 2286 comprised in Geran 25869,
Seksyen 6, Bandar Georgetown, North East District, Penang together with
premises No 44 & 46 Jalan Gemas and 24-B Jalan Terengganu erected
thereon (with sitting tenants) for a consideration of Malaysian Ringgit
Three Hundred and Sixty Thousand Only (RM360,000).
3. RATIONALE FOR THE DISPOSAL OF INVESTMENT PROPERTIES
The Disposal represents an opportunity for Pensonic Group to unlock the
value of assets which do not contribute towards the Group’s core
business of home electrical appliances. The Disposal would also free the
Group from future holding and maintenance costs of the Investment
Properties. The proceeds from the Disposal would provide future cash
flow for the Group’s working capital purposes, reduce its borrowings
and/or contribute towards expansion of its core business.
4. FINANCIAL EFFECTS ON THE DISPOSAL OF INVESTMENT PROPERTIES
The disposal of investment properties does not have any effect on the
issued and paid up capital of PHB and substantial shareholders’
shareholdings. It also does not have any significant effect on the net
assets, earnings and gearing of Pensonic for the current financial year.
5. APPROVAL
The disposal of investment properties is not subject to the approval of the Shareholders of the Company.
6. DIRECTORS’ AND/OR MAJOR SHAREHOLDERS’ INTEREST
None of the Directors and/or Major Shareholders of PENSONIC and/or
persons connected to them has any interest, direct or indirect, in the
disposal of investment properties.
7. DIRECTORS’ STATEMENT
Having considered the rationale and all other aspects of the
subscription, the Board is of the opinion that it is in the best
interest of the Company to proceed with the disposal of investment
properties.
This announcement is dated 28th October 2010. |
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