| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | CS-110124-55071 |
| Subject | ANNOUNCEMENT ON ACQUISITION OF SHARES |
| Contents | We refer to the letter from Bursa Malaysia Berhad dated 24 January 2011 in respect of the acquisition of shares in PJP Pelita Biawak Plantation Sdn. Bhd. ("PJP") by Rimbunan Sawit Berhad ("RSB" or "the Company"). We furnish herewith the following information as requested :- (1) The additional shares acquisition of PJP will further enable RSB to increase its equity interest in PJP thereby allowing RSB Group to have a bigger slice of the income of PJP on consolidation due to the fact that the age of Oil Palm trees in PJP are between 4 to 13 years which is the prime production years for oil palm trees. This acquisition will increase the mature area of RSB’s planted hectare besides enjoying higher yield in PJP. (2) The Salient Terms and Condition in the Share Sale Agreement –Refer Appendix A1 (3) RSB shall obtain Shareholders Approval as the total percentage ratio of both Proposed Disposal of Lubuk Tiara Sdn. Bhd. ("LTSB") ordinary shares and Proposed Acquisition of PJP transaction is 29.38% when aggregated. (4) The nature and extent of interests of interested directors and major shareholders. LAKMNS is the major shareholder of PJP by virtue of its substantial shareholdings in PJP. However, the Acquisition 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 Acquisition. (5) NTA, NBV of PJP - Refer Appendix A2. (6) Description of PJP’s real estate -Refer Appendix A3. (7) Details of PJP’s estate - Refer Appendix A4. (8) The SSA and other relevant documents in connection with the Acquisition 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 Acquisition. In this connection, kindly furnish Bursa Malaysia Securities Berhad with the following additional information for public release:- 1. How will the additional shares Acquisition of PJP Pelita Biawak Plantation Sdn Bhd ("PJP") will enhance the future growth potential of Rimbunan Sawit Berhad ("RSB"). 2. The Salient Terms and Conditions of the Share Sale Agreement ("SSA") between LAKMNS and RSB. 3. 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"). 4. It was noted that the Acquisition is a Related Party Transaction (“RPT”) in view that LKMNS is a major shareholder of PJP. To state accordingly its relationship and nature of their interest. 5. The Net Profit, Net Assets and Net Book Value (NBV) of PJP’s real estate(s) or property(s) based on RSB’s latest audited financial statements. 6. Description of PJP’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; and (c) The encumbrances, if any. 7. The following details of the real estate(s) belonging to PJP: (a) Type of estate or plantation; (b) Maturity of trees; and (c) The production for the past 3 years 8. How long will the SSA and all other relevant documents in connection with the Acquisition will be available for review at RSB’s registered office. 9. 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) |
| Company Name | RIMBUNAN SAWIT BERHAD |
| Stock Name | RSAWIT |
| Date Announced | 25 Jan 2011 |
| Category | General Announcement |
| Reference No | CC-110125-56899 |
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