TALAMT

0.010

-0.005 (-33.3%)

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.


This announcement is dated 17 November 2021.




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