Proposed Disposal of Property

BackJun 14, 2010
Date Announced
:
 14/06/2010  




Type
:
 Announcement
Subject
:
Proposed Disposal of Property

Contents
:
On 10th June 2010, Nesline Sdn Bhd (Company No. 572449 K) a wholly owned subsidiary of Reliance Pacific Berhad ("RPB") has entered into Sale and Purchase Agreement with Andaman Land Sdn Bhd (Company No. 879405 H) to sell the following property for a total consideration of RM26 Million:-

(a) Geran 10923, Lot 256, Seksyen 89A, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur ("Geran 10923") measuring approximately 1718 square metres in area; and

(b) H.S.(D) 100252, PT 20, Seksyen 89A, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur ("H.S.(D) 100252") measuring approximately 290 square metres in area.

together with a two (2) storey office building erected thereon bearing postal address of No. 388, Jalan Tun Razak, 50400 Kuala Lumpur ("the Proposed Disposal of Property").

There are no directors, major shareholders or persons connected to the directors or major shareholders of RPB who has any interest, direct or indirect interest in the Proposed Disposal of Property.

The Proposed Disposal of Property is not expected to have any effect on the share capital and substantial shareholdings in RPB and there are also no significant effect on the earnings and net assets per share of RPB.

The Proposed Disposal of Property is not subject to any approvals. The rationale for the above sale is to deploy our financial resources more efficiently.

Announcement Details :
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