TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS TALAM TRANSFORM BERHAD ("TTB" or "the Company") PROPOSED DISPOSAL OF THE ENTIRE 85% EQUITY INTEREST IN JILIN PROVINCE MAXCOURT HOTEL LIMITED, A COMPANY INCORPORATED IN THE PEOPLES REPUBLIC OF CHINA BY MALIM ENTERPRISE (HK) LIMITED ("MEL"), A COMPANY INCORPORATED IN HONGKONG TO JILIN PROVINCIAL EXPRESSWAY GROUP COMPANY LIMITED ("JPEGCL") AND ASSIGNMENT AMOUNT OF CREDITORS RIGHTS, BY TTB AND MEL TO JPEGCL
TALAM TRANSFORM BERHAD |
Type | Announcement |
Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
Description | TALAM TRANSFORM BERHAD ("TTB" or "the Company") PROPOSED DISPOSAL OF THE ENTIRE 85% EQUITY INTEREST IN JILIN PROVINCE MAXCOURT HOTEL LIMITED, A COMPANY INCORPORATED IN THE PEOPLES REPUBLIC OF CHINA BY MALIM ENTERPRISE (HK) LIMITED ("MEL"), A COMPANY INCORPORATED IN HONGKONG TO JILIN PROVINCIAL EXPRESSWAY GROUP COMPANY LIMITED ("JPEGCL") AND ASSIGNMENT AMOUNT OF CREDITORS RIGHTS, BY TTB AND MEL TO JPEGCL |
The Board of Directors of TTB wishes to announce that the Company and its indirect wholly-owned subsidiary, Malim Enterprise (HK) Limited (Company No. 377635) (“MEL”), a company incorporated in Hong Kong have both entered into 2 separate agreements with Jilin Provincial Expressway Group Company Limited (“JPEGCL” or “Purchaser”) on 17 November 2021 as follows:-
1. Assignment Agreement (“AA”) between TTB and JPEGCL to dispose the assignment amount of creditor’s rights of RMB3,820,610-00 in Jilin Province Maxcourt Hotel Limited (“JPMHL”) by the Company to JPEGCL for a cash consideration of RMB3,820,610-00 [“Consideration 1”] (which is equivalent to approximately RM2,451,685-00) [“Proposed Disposal 1”].
2. Share Sale Agreement cum Assignment Agreement (“SSAA”) between MEL and JPEGCL to dispose 3,200,000 ordinary shares representing the entire 85% equity interest held by MEL in JPMHL and assignment amount of creditor’s rights of RMB68,917,022-00 in JPMHL by MEL to JPEGCL for a total cash consideration of RMB68,917,023-00 (“Consideration 2”) which comprises the equity interest of RMB1-00 and assignment amount of creditor’s rights of RMB68,917,022-00 (which is equivalent to approximately RM44,224,054-00) [“Proposed Disposal 2”].
Proposed Disposal 1 and Proposed Disposal 2 are collectively known as “Proposed Disposal”.
Consideration 1 and Consideration 2 are collectively known as “Consideration”.
Upon the completion of the Proposed Disposal, JPMHL shall cease to be an indirect 85% subsidiary of TTB.
Please refer to the attachment for details of the announcement.
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Please refer attachment below.
Announcement Info
Company Name | TALAM TRANSFORM BERHAD |
Stock Name | TALAMT |
Date Announced | 17 Nov 2021 |
Category | General Announcement for PLC |
Reference Number | GA1-17112021-00044 |