News
Announcement On Disposal Of Shares
BackJan 25, 2011
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | CS-110124-53493 |
| Subject | ANNOUNCEMENT ON DISPOSAL OF SHARES |
| Contents | We refer to the letter from Bursa Malaysia Berhad dated 24 January 2011 in respect of the disposal of shares in Lubuk Tiara Sdn. Bhd. ("LTSB") by Rimbunan Sawit Berhad ("RSB" or "the Company"). We furnish herewith the following information as requested :- (1) The rational for the disposal of shares in LTSB is in exchange for a higher stake in PJP Pelita Biawak Plantation Sdn. Bhd. ("PJP"). PJP has a larger mature area, 2,694 Ha, which is approximately 88% larger than that of LTSB’s mature area (1,438 Ha). Also, the oil palm trees in PJP are matured aging form 5 to 11 years which are in their prime. (2) RSB shall obtain Shareholders Approval as the total percentage ratio of both Proposed Disposal of LTSB ordinary shares and Proposed Acquisition of PJP transaction is 29.38% when aggregated. (3)The nature and extent of interests of interested directors and major shareholders LAKMNS is the major shaeholder of LTSB by virtue of its substantial shareholdings in LTSB. However, the disposal is not regarded as a related party transaction pursuant to Paragraph 10.08(11)(n) of the Main Market Listing Requirements. Saved as disclosed above, none of the directors and major shareholders of RSB Group and their person connected have any interest, direct or indirect, in the Disposal. (4) The Salient Terms and Condition in the Share Sale Agreement –Refer Appendix D1. (5) Description on LTSB’s real estate - Refer Appendix D2 (6) Details of LTSB’s estate - Refer Appendix D3 (7) The SSA and other relevant documents in connection with the Disposal will be available for review for a period of 3 months from the date of announcement. |
| Query Letter Content | We refer to your Company's announcement dated 19 January 2011, in respect of the aforesaid Disposal. In this connection, kindly furnish Bursa Malaysia Securities Berhad with the following additional information for public release:- 1. Detailed elaboration on the rationale of the Disposal. 2. To state that shareholders approval is required as the total percentage ratio for both Proposed Disposal of Lubuk Tiara Sdn Bhd ("LTSB") ordinary shares and Proposed Acquisition of PJP Pelita Biawak Sarawak Sdn Bhd ordinary shares ("PJP") transactions is 29.38%, when aggregated, as prescribed in Paragraph 10.12, Chapter 10 of the Main Market Listing Requirements ("LR"). 3. It was noted that the Disposal is a Related Party Transaction ("RPT"), in view that Lembaga Amanah Kebajikan Masjid Negeri Sarawak ("LAKMNS") is a major shareholder of LTSB. To state accordingly its relationship and nature of their interest. 4. The Salient Terms and Conditions of the Share Sale Agreement ("SSA") between LAKMNS and Rimbunan Sawit Berhad ("RSB"). 5. Description of LTSB’s real estate(s), as follows: (a) The address or identification, and brief description of the real estate(s); (b) Terms of tenure; if leasehold, the expiry date of the lease; (c) The Net Book Value (NBV) based on RSB’s latest audited financial statements; and (d) The encumbrances, if any. 6. The following details of the real estate(s) belonging to LTSB: (a) Type of estate or plantation; (b) Maturity of trees; and (c) The production for the past 3 years 7. How long will the SSA and all other relevant documents in connection with the Disposal will be available for review at RSB’s registered office. 8. To also state whether the Directors and/or major shareholders of RSB Group and person connected with them have any interest, direct or indirect, in the Disposal. 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/ALC Copy to: General Manager & Head, Market Surveillance Department, Securities Commission (via fax) |
Announcement Info
| Company Name | RIMBUNAN SAWIT BERHAD |
| Stock Name | RSAWIT |
| Date Announced | 25 Jan 2011 |
| Category | General Announcement |
| Reference No | CCS-110125-BDC3A |
Attachments
- RSAWIT_250111.pdf (Size: 21,427 bytes)
- RSAWIT_250111A.pdf (Size: 18,431 bytes)
- RSAWIT_250111B.pdf (Size: 65,680 bytes)