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Ekovest Berhad (“EB” or “the Company”) is pleased to furnish herewith the following additional information as required by Bursa Malaysia Securities Berhad (“Bursa Securities”) via its letter dated 1 December 2010:-
1. Justification for the consideration:
The selling price was based on the developer's standard selling price to the public. The consideration sum was arrived after taking into the consideration of the 5% discount from the developer.
2. Manner in which the consideration will be satisfied including the terms of any arrangement for payment on deferred basis:
The consideration sum shall be paid by purchaser to the developer by progressive payment in the manner set out in Sales and Purchase Agreement. The progress payment certificate shall be certified by a qualified architect/engineer .
3. Net book value of the bungalow lots, based on latest financial statements:
Not applicable as all the costs incurred by developer for the bungalow lots were classified under development expenditure.
4. Effect of the Purchase on the Company’s earnings per share:
There is no significant effect of the transaction on the Company's Earnings per Share.
5. Breakdown in the source of funding:
The purchase consideration of RM15,356,484.00 will be funded from internally generated funds and/or financial institutions. The management has not decided on the breakdown of the funding requirements as the Company currently has adequate funds to complete the purchase.
6. Particulars of all liabilities, including contingent liabilities and guarantees to be assumed by the Company, arising from the Purchase.
There are no any liabilities, including contingent liabilities and guarantees to be assumed by the Company arising from the purchase.
7. Salient features of the agreement:
The salient features of the agreement are as follows;
Payment of Purchase Price
UPON THE EXECUTION OF THIS AGREEMENT BY WAY OF DEPOSIT AND EARNEST MONEY (“DEPOSIT”)
WITHIN 14 DAYS FROM THE DATE OF THE VENDOR’S WRITTEN NOTICE OF :
(a) THE COMMENCEMENT OF EARTHWORKS (INCLUDING RECLAMATION WORKS, IF ANY) OF THE SAID LOT - 15%
(b) THE COMMENCEMENT OF MAIN ROAD AND BRIDGE LEADING TO THE OTHER LOTS - 15%
(c) THE COMMENCEMENT OF THE DRAIN FRONTING THE SAID LOT - 15%
(d) THE COMMENCEMENT OF THE LAYING OF WATER PIPES UP TO THE BOUNDARY OF THE SAID LOT - 15%
(e) THE COMMENCEMENT OF THE LAYING OF ELECTRICITY UP TO THE BOUNDARY OF THE SAID LOT - 15%
(f) THE COMMENCEMENT OF THE ROAD FRONTING THE SAID LOT - 10%
(g) THE HANDING OVER OF VACANT POSSESSION OF THE SAID LOT TO THE PURCHASER - 5%
Interest on late payment - 10% per annum
Time of handing vacant possession - 36 months from the date of the Sale and Purchase Agreement
8. The highest percentage ratio applicable to the Purchase pursuant to paragraph 10.02(g) of the Main Market Listing Requirement:
The highest percentage ratio applicable to the Proposed Disposal pursuant to paragraph 10.02(g) of the Listing Requirements is 4.90%.
9. Terms of the tenure of the bungalow lots, if leasehold, the expiry date of the lease:
The tenure of the property is freehold .
10. Whether any valuation were carried out on the bungalow lots, if so, the name of the independent, registered valuer, dates and methods of valuation, quantification of the market values; time and place where the valuation reports my be inspected:
There was no any valuation carried out on the bungalow lots. The selling price was based on developer pricing list less 5 % discount.
11. Information as prescribed under item 4, part C, Appendix 10A of the Main Market Listing Requirements:
Where the real estate is in the process of being developed or is intended to be developed, the following additional details:
(a) The details of development potential, i.e. Name of the project, type of development - residential, industrial or commercial, number of units in respect of each type of development;
The acquisition is for the purpose of investment in a strategic location with potential for capital growth/development purpose. Any development on the properties will only be after the completion of the purchase which is expected in 36 months.
(b) The total development cost;
The development cost will only be ascertain after the completion of the purchase.
(c) The expected commencement and completion date(s) of development;
The development, if any, is expected to commence immediately after the completion of the purchase, which is expected in 36 months time and completed within 3 years from the commencement date.
(d) The expected profits to be derived;
Not Applicable.
(e) The stage or percentage of completion;
Not Applicable.
(f) The sources of funds to finance the development cost; and
Not Applicable.
(g) Whether relevant approvals for the development have been obtained and date(s) obtained.
Not Applicable. |
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We refer to your Company's announcement dated 29 November 2010, in respect of
the aforesaid Purchase.
In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-
1. Justification for the consideration;
2. Manner in which the consideration will be satisfied including the terms of
any arrangement for payment on a deferred basis;
3. Net book value of the bungalow lots, based on latest financial statements;
4. Effect of the Purchase on the Company’s earnings per share;
5. Breakdown in the source of funding;
6. Particulars of all liabilities, including contingent liabilities and
guarantees to be assumed by the Company, arising from the Purchase;
7. Salient features of the agreement;
8. The highest percentage ratio applicable to the Purchase pursuant to
Paragraph 10.02(g) of the Main Market Listing Requirements (“Main Market LR”);
9. Terms of the tenure of the bungalow lots, if leasehold, the expiry date of
the lease;
10. Whether any valuation were carried out on the bungalow lots, if so , the
name of the independent, registered valuer, dates and methods of valuation,
quantification of the market values; time and place where the valuation reports
may be inspected; and
11. Information as prescribed under item 4, part C, Appendix 10A of the Main
Market LR.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
KHOO KAY KWAN
Head, Issuers
Listing Division
Regulation
KKK/RSA
copy to:- General Manager & Head, Market Surveillance, Securities Commission
(via fax) |
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