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DOLPHIN

0.120

(%)

DISPOSAL OF PROPERTY BY DOLPHIN ENGINEERING (M) SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF DOLPHIN INTERNATIONAL BERHAD TO HYDRA-LINE HYDRAULICS SDN. BHD. ("PROPOSED DISPOSAL")

DOLPHIN INTERNATIONAL BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-08082019-00002
Subject DISPOSAL OF PROPERTY BY DOLPHIN ENGINEERING (M) SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF DOLPHIN INTERNATIONAL BERHAD TO HYDRA-LINE HYDRAULICS SDN. BHD. ("PROPOSED DISPOSAL")
Description
DISPOSAL OF PROPERTY BY DOLPHIN ENGINEERING (M) SDN. BHD., A WHOLLY OWNED
SUBSIDIARY OF DOLPHIN INTERNATIONAL BERHAD TO HYDRA-LINE HYDRAULICS SDN. BHD. ("PROPOSED DISPOSAL")
Query Letter Contents

We refer to your Company’s announcement dated 6 August 2019, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1)      It is noted that the valuation of the Property as at 31 December 2018 is RM4,000,000. In this respect, please provide the name of the independent valuer and method of valuation.

2)      Further explanation as to why the Proposed Disposal will not affect the day-to-day operational work given that the Property is your Company’s operation office.

3)      Particulars of any liabilities and guarantees as required under Item 4(d) of Appendix 10A of the Main Market Listing Requirements.

4)      Whether any approval from the relevant government authorities is required for the Proposed Disposal together with the estimated timeframe for submission to such authorities.

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
/TEK

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

We hereby reply the queries as follows:-

 

1. It is noted that the valuation of the Property as at 31 December 2018 is RM4,000,000. In this respect, please provide the name of the independent valuer and method of valuation.

 

The valuation report dated 31 January 2019 was carried out by Savills (Malaysia) Sdn Bhd based on Comparison approach.

 

 

2. Further explanation as to why the Proposed Disposal will not affect the day-to-day operational work given that the Property is your Company’s operation office.

 

The operation office will be shifted to the Company’s new factory cum office located at No. 20, Jalan Industri PBP 9, Taman Industri Pusat Bandar Puchong, 47100 Puchong, Selangor Darul Ehsan which will be fully completed by February 2020 after handling over the current office units to the Vendors. Hence, the Proposed Disposal will not affect the day-to-day operation work of Dolphin Group.

 

 

3. Particulars of any liabilities and guarantees as required under Item 4(d) of Appendix 10A of the Main Market Listing Requirements.

 

There were no liabilities to be assumed by the Purchasers arising from the Proposed Disposal.

 

 

4. Whether any approval from the relevant government authorities is required for the Proposed Disposal together with the estimated timeframe for submission to such authorities.

 

The Proposed Disposal is not subject to the approval of any relevant authorities.

 

 

The Company wishes to inform that the highest percentage ratio applicable to the Proposed Disposal is 14.61% under Paragraph 10.02(g)(ii) instead of 55.04%, as announced on 6 August 2019. This is mainly due to this Proposed Disposal is not required to be aggregated with the previous two Disposals by the Company.





Announcement Info

Company Name DOLPHIN INTERNATIONAL BERHAD
Stock Name DOLPHIN
Date Announced 09 Aug 2019
Category General Announcement for PLC
Reference Number GA1-08082019-00066