(1) Introduction
Pursuant to Part C of Paragraph 9.04 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of TIGER wishes to announce that its wholly-owned subsidiary, Pembinaan Terasia Sdn. Bhd. ("PTSB") had accepted the Term Loan Facility of up to Ringgit Malaysia: Five Hundred Thousand only (RM500,000.00) and Overdraft Facility of up to Ringgit Malaysia: Two Million and Five Hundred Thousand only (RM2,500,000.00) granted by Ambank (M) Berhad (“Loan Facility”).
(2) Details and Salient Terms of the Loan Facility
Type of Loan : Term Loan and Overdraft Facility
Purpose of Loan : Short Term Working Capital
Tenure of Loan: Overdraft Facility – Subject to Periodic Review.
Term Loan Facility – 36 Months
Securities: Third Party First Legal Charge Over Two (2) Parcels of Agriculture Land Held Under Title No. GM439, Lot 2135 & GM 645, Lot 2136, both in Mukim of Petaling, District of Petaling, Selangor Darul Ehsan (“the Property”);
Guarantee: Corporate Guarantee by Tiger Synergy Berhad
(3) Financial Effects of the Borrowing of Funds
Share Capital and Substantial Shareholdings
The Loan Facility will not have any effect on the issued and paid-up capital of the Company or the shareholdings of the Company’s substantial shareholders.
Net Assets and Earnings per share
The Loan Facility is not expected to have any effect on the net assets and earnings per share of the Company.
Gearing
Assuming the Loan Facility is fully drawdown, the gearing ratio is 5.81% based on the audited consolidated results of the Group as at 30 June 2014.
(4) Interest of Directors, substantial shareholders and Persons connected to such Directors and/or substantial shareholders
None of the Directors, substantial shareholders of the Company or its subsidiaries and/or persons connected with them have any direct or indirect interest in the Loan Facility.
(5) Approval for the Borrowing of Funds
The Loan Facility is not subject to the shareholders’ approval in a general meeting of the Company.
(6) Statement by Directors
Having considered the rationale, the Board of Directors of the Company is of the opinion that the Loan Facility is in the best interest of the Company.
(7) Documents for Inspection
A copy of the Letter Offer of the Loan Facility is available for inspection at the Registered office of the Company at No. 482, Wisma Hwa Lian, Ground Floor, Jalan Zamrud 6, Taman Koop, 70200 Seremban, Negeri Sembilan Darul Khusus during the normal business hours for a period of one (1) month from the date of this announcement.
This announcement is dated 8 May 2015.