Sale Of Investment And Subsidiary Company.
BackMay 22, 2003
| General Announcement Reference No RP-030509-48573 |
| Company Name | : | RELIANCE PACIFIC BERHAD |
| Stock Name | : | RPB |
| Date Announced | : | 22/05/2003 |
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| Type | : | Announcement |
| Subject | : | Sale of Investment and Subsidiary Company. |
Contents :
1.0 Sale of Investment
Xplonet Capital Sdn Bhd ("Xplonet"), a wholly owned subsidiary of RPB has on 21 May 2003 entered into a conditional Sale and Purchase Agreement with Ingenuity Solutions Berhad ("ISB") ("the Agreement") to sell to ISB its 239,591 ordinary shares of RM1.00 each in Ingenuity Microsystem Sdn Bhd ("IMSB") for a sum of RM1,960,290.00.
The said sum of RM1,960,290.00 agreed on a willing buyer willing seller basis shall be satisfied by an allotment and issuance of 1,960,290 ordinary shares of ISB of RM1.00 each (before share split of the ISB shares).
The sale and purchase is conditional on the approval of the FIC for the sale and purchase contemplated under the Agreement and the approval of the SC for the allotment and issue by ISB of its shares pursuant to the Agreement.
2.0 Sale of Subsidiary CompanyThe said sum of RM1,960,290.00 agreed on a willing buyer willing seller basis shall be satisfied by an allotment and issuance of 1,960,290 ordinary shares of ISB of RM1.00 each (before share split of the ISB shares).
The sale and purchase is conditional on the approval of the FIC for the sale and purchase contemplated under the Agreement and the approval of the SC for the allotment and issue by ISB of its shares pursuant to the Agreement.
RPB Capital Holdings Sdn Bhd ("RPB Capital"), a wholly owned subsidiary of RPB has on the same date entered into a conditional Sale and Purchase Agreement with ISB ("the Agreement") to sell to ISB its 1,020,000 ordinary shares of RM1.00 each in Reliance Computer Centre Sdn Bhd ("RCC") for a sum of RM752,445.50.
The said sum of RM752,445.50 agreed on a willing buyer willing seller basis shall be satisfied by an allotment and issuance of 7,524,455 ordinary shares of ISB of RM0.10 each (after share split of the ISB shares).
The sale and purchase is conditional on the approval of the SC, MESDAQ Market and the FIC in connection with the proposed initial public offering by ISB of its ordinary shares and the listing of and quotation for the same on the MESDAQ Market.
Material EffectsThere is no material effects on RPB's group earnings per share and net tangible asset per share for the financial year ending 31 March 2004.
There is no directors or substantial shareholders interest in respect of the aforesaid transaction.
Rationale
The above exercise will consolidate RPB's investments on information technology in Malaysia under a proposed IT listed vehicle, namely ISB.
Bursa Announcement
