JAVA

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PROPOSED DISPOSAL OF 100% EQUITY INTEREST IN JAVA PLANTATIONS SDN BHD TO FCB PLANTATION HOLDINGS SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM5,197,118.37 SUBJECT TO ADJUSTMENTS ("PROPOSED DISPOSAL")

JAVA BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-10102017-00003
Subject PROPOSED DISPOSAL OF 100% EQUITY INTEREST IN JAVA PLANTATIONS SDN BHD TO FCB PLANTATION HOLDINGS SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM5,197,118.37 SUBJECT TO ADJUSTMENTS ("PROPOSED DISPOSAL")
Description
Abbreviations used in this document are defined in the announcement dated 6 October 2017)

We refer to the announcement dated 6 October 2017 and query dated 10 October 2017 pursuant to the above.
Query Letter Contents

We refer to your Company’s announcement dated 6 October 2017, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1)      Reconciliation of the net book values of the Land (between RM25.35 million and RM13.33 million) together with the explanation on the difference.

2)      Reason as to why the adoption of the comparison method as primary method by the Valuer is more fair and reasonable method.

3)      The basis in arriving at the agreed selling price of RM34.8 million.

4)      The termination clauses.

5)      The salient term of the SPA pertaining to the adjustments on the disposal consideration.

6)      Clarification on why none of the disposal proceeds are earmarked for the repayment of borrowings / term loans when the rationale for the Proposed Disposal is to reduce the Group’s gearing. To also state whether the entire Group’s borrowings consists only of Java Plantations Sdn Bhd’s (“Java Plantations”) borrowings.

7)      Revenue and profit contribution of Java Plantations to the Group based on the latest audited financial statements and the latest quarterly result.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
HENG TECK HENG
Vice President, Issuers,
Listing, Regulation
IJ/TEK

Cc : Market Surveillance Dept. , Securities Commission (via fax)

Details of the reply are set out in the attachment below.

This announcement is dated 11 October 2017.



Please refer attachment below.



Announcement Info

Company Name JAVA BERHAD
Stock Name JAVA
Date Announced 11 Oct 2017
Category General Announcement for PLC
Reference Number GA1-11102017-00084