Total Disposal Of Shares In Reliance Shipping & Travel Agencies (Selangor) Sdn Bhd

BackMay 07, 2007
1.0 Introduction
The Board of Directors of RPB wishes to announce that Reliance Shipping & Travel Agencies Sdn Bhd (Company No. 9040 M) ("RTA KUL"), a wholly-owned subsidiary of RPB will disposed of the total shares of 200,000 ordinary shares of RM1.00 each representing 100% of the issued & paid up capital of Reliance Shipping & Travel Agencies (Selangor) Sdn Bhd (Company No. 39745 U) ("RTA SEL") to PYO Travel Sdn Bhd (Company No. 142435 W) ("PYO") for a total cash consideration of RM193,238 ("the Disposal").

Upon completion of the Disposal, RTA SEL will ceased to be the subsidiary company of RPB.

2.0 Directors and substantial shareholders' interests
There are no directors, substantial shareholders or persons connected to the directors nor substantial shareholders of the Company who has any interest, direct or indirect in the Disposal except the following:-
2.1 Mr Thong Swe Cheong who is a substantial shareholder of RPB is a director and shareholder of PYO.


3.0 Shareholders' approval and other relevant Government Authorities approval

3.1 Shareholders approval is not required as the consideration is less than RM250,000 in accordance with Section 10.08 (1) (a) of the Listing Requirements and the percentage ratios is less than 5%.

3.2 Other Government Authorities

The Disposal is subject to the approval of the Ministry of Tourism.


4.0 Financial Effect on Net Tangible Assets and Earnings

The Disposal will not have any material effects on the RPB Groups' net tangible assets and earnings for the financial year ending 31 March 2008.

5.0 Rationale
The rationale for the above sale is due to the change of our business model moving towards franchising.

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