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(i) Proposed Disposal of 85,814,232 Ordinary Shares of RM1.00 Each In BH Insurance (M) Bhd ("BHI") Representing 80% Equity interest to AXA Affin General Insurance Berhad ("AXA Affin") for a Total Cash Consideration of RM362,580,164 Comprising the principal amount of RM359,000,000 and Interest Accrued On The Principal Amount Amounting to RM3,580,164 ("Proposed Disposal"); and

(ii) Proposed acquisition of a Freehold Land Held Under title no. Grn 34267, Lot No. 262, Section 63, Town of Kuala Lumpur, District and State of Wilayah Persekutuan ("Property") By Title Winner Sdn Bhd ("TWSB"), An 80%-owned Subsidiary Company of BHB From BHI For A Cash Consideration Of RM15,790,000 ("Proposed asset Acquisition")

(The proposed Disposal And Proposed Asset Acquisition Are Collectively Referred To As "proposals")

BackMar 02, 2010
Date Announced
:
 02/03/2010  




Type
:
 Announcement
Subject
:
BOUSTEAD HOLDINGS BERHAD (“BHB” OR “COMPANY”)

(I) PROPOSED DISPOSAL OF 85,814,232 ORDINARY SHARES OF RM1.00 EACH IN BH INSURANCE (M) BHD (“BHI”) REPRESENTING 80% EQUITY INTEREST TO AXA AFFIN GENERAL INSURANCE BERHAD (“AXA AFFIN”) FOR A TOTAL CASH CONSIDERATION OF RM362,580,164 COMPRISING THE PRINCIPAL AMOUNT OF RM359,000,000 AND INTEREST ACCRUED ON THE PRINCIPAL AMOUNT AMOUNTING TO RM3,580,164 (“PROPOSED DISPOSAL”); AND

(II) PROPOSED ACQUISITION OF A FREEHOLD LAND HELD UNDER TITLE NO. GRN 34267, LOT NO. 262, SECTION 63, TOWN OF KUALA LUMPUR, DISTRICT AND STATE OF WILAYAH PERSEKUTUAN (“PROPERTY”) BY TITLE WINNER SDN BHD (“TWSB”), AN 80%-OWNED SUBSIDIARY COMPANY OF BHB FROM BHI FOR A CASH CONSIDERATION OF RM15,790,000 (“PROPOSED ASSET ACQUISITION”)

(THE PROPOSED DISPOSAL AND PROPOSED ASSET ACQUISITION ARE COLLECTIVELY REFERRED TO AS “PROPOSALS”)

Contents
:
We refer to the announcements dated 22 February 2010 and 24 February 2010 in relation to the Proposals.

On behalf of the Board of Directors of BHB, Affin Investment Bank Berhad wishes to announce that on 2 March 2010 -

(i) BHB had entered into a sale and purchase agreement with AXA Affin in relation to the Proposed Disposal; and

(ii) TWSB, an 80%-owned subsidiary of BHB, had entered into another share and purchase agreement with BHI, BHB and Felda Marketing Services Sdn Bhd in relation to the Proposed Asset Acquisition.

Further details of the abovementioned Proposals are set out in the attachment of this announcement.

Attachments

  1. BStead020310.pdf (Size: 165,271 bytes)
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