TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): NON RELATED PARTY TRANSACTIONS Acquisition of Land by Wholly-owned Subsidiary, Damai Estate Sdn. Bhd.

DOMINANT ENTERPRISE BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description Acquisition of Land by Wholly-owned Subsidiary, Damai Estate Sdn. Bhd.

 

 

Reference is made to our Announcement dated 29 November 2013.

 

Dominant Enterprise Berhad wishes to furnish the following additional information as per Bursa Malaysia Securities Berhad’s email dated 2 December 2013 for public release.

 

1. Further details on the market value of the surrounding properties that were used to arrive at the Purchase Price

 

There was an offer for a piece of land located at the same Daerah, Seberang Perai Selatan, measuring approximately 38,370 square meter at an offer price of RM38 per square feet. This offered land has yet to be converted into industrial land.

 

As compared to the land acquired by DAMAI which had converted to industrial land but also at costs of RM 38 per square feet, the price is considered much reasonable.

 

 

2. Details of Vendor are as follows :

 

                             
 

 

 

Name

 
 

 

 

Crystal Charmant Sdn. Bhd.

 
 

 

 

Company No.

 
 

 

 

301804-P

 
 

 

 

Registered Office

 
 

 

 

No. 29A, Lorong P.S. 1, Bandar Perda, 14000 Bukit Mertajam, Pulau Pinang

 
 

 

 

Principal Activity

 
 

 

 

Real Estate Investment

 
 

 

 

Issued and paid-up share capital

 
 

 

 

RM200,000 divided into 200,000 ordinary shares of RM1.00 each

 
 

 

 

Directors

 
 

 

 

Lim Ah Thong

 

Fang Theam Siew

 
 

 

 

Shareholders

 
 

 

 

H.F Kejenteraan Sdn. Bhd. 102,000 shares

 

Fang Theam Siew : 58,000 shares

 

Nyia Min Sim : 40,000 shares

 

  

 

3. Whether there is any other liabilities to be assumed by Dominant Enterprise Berhad arising from the Proposed Acquisition.

 

The property will be used to build a factory cum warehouses at an estimated cost of construction about RM6,000,000 to RM8,000,000. DAMAI has planned to finance 70% on total cost of construction. Therefore, there will be an additional Corporate Guarantee which equivalent to the  Bank Borrowings granted to DAMAI to finance the construction.

  

 

4.  Kindly be informed that the highest percentage ratio applicable to the Acquisition should be 5.20%.

 

 

 

This Announcement is dated 3 December 2013