ANNOUNCEMENT FOR RELEASE TO BURSA MALAYSIA by KieranRead

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									THE NEW STRAITS TIMES PRESS (MALAYSIA) BERHAD

SUBJECT:          DISPOSAL OF LAND BEARING POSTAL ADDRESS LOT NO.
                  64215, JALAN U8/88, SEKSYEN 8, BUKIT JELUTONG, SHAH
                  ALAM, SELANGOR DARUL EHSAN


1. Introduction

The New Straits Times Press (Malaysia) Berhad (NSTP or the Company) wishes to announce that
it has on 3 April 2008, entered into a Sale and Purchase Agreement (SPA) with Cerebos
(Malaysia) Sdn Bhd to dispose of the freehold industrial land held under Geran 58801, Lot No.
64215, Mukim of Damansara, District of Petaling, State of Selangor measuring approximately
20,234 square metres bearing the postal address Lot No. 64215, Jalan U8/88, Seksyen 8, Bukit
Jelutong, Shah Alam, Selangor Darul Ehsan (Land), for a total cash consideration of
RM13,068,000.00, subject to the terms and conditions contained in the SPA (Disposal).


2. Details of the Disposal

The purchaser, Cerebos (Malaysia) Sdn Bhd (Cerebos) was incorporated on 14 October 1960 and
as todate has an issued and paid-up share capital of RM4,305,994.00 comprising 4,305,994
ordinary shares of RM1.00 each. Cerebos is principally involved in producing food and health
supplements in Malaysia.

The purchase consideration for the Land consists of a deposit payment of RM1,306,800,
comprising RM261,360 payable prior to the execution of the SPA as earnest money and the sum
of RM1,045,440 payable at the date of the SPA. The balance purchase price of RM11,761,200
shall be released to the Company upon the expiry of fourteen (14) days after the Land
transfer documents are presented for registration at the relevant Land Registry or Land Office.

The said purchase consideration was arrived at on a ‘willing buyer - willing seller’ basis between
both parties. The Land is currently vacant and is free from any charges, caveats or other
encumbrances.

The proceeds from the Disposal will be utilised to reduce borrowings. The Land was originally
acquired by NSTP on 27 November 1995. Based on the latest audited financial statements of
NSTP as at 31 December 2006, the Land has a net book value of approximately
RM10,125,274.00.

The Disposal is not subject to approval of the shareholders of the Company.




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3. Financial Effects of the Disposal

The Disposal will have no effect on the issued and paid-up capital of the Company and is not
expected to have any material effect on the net assets of the NSTP Group. However, the gains to
be realised from the Disposal is expected to contribute positively to the earnings of the NSTP
Group for the financial year ending 31 December 2008.


4. Directors and Major Shareholders’ Interest

None of the directors, major shareholders of the Company, and persons connected to them has
any direct or indirect interests in the Disposal.


5. Board of Directors’ Statement

The Board is of the opinion that the Disposal is in the best interest of the Company.


6. Document for Inspection

A copy of the SPA dated 3 April 2008 will be made available for inspection by NSTP
shareholders at the Company’s registered office located at Balai Berita, 31 Jalan Riong, 59100
Kuala Lumpur (c/o Legal & Secretarial Department) during normal business hours from Mondays
to Fridays (except public holidays), for a period of three months from the date of this
announcement.


This Announcement is dated 3 April 2008.




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