WASCO

1.270

+0.02 (+1.6%)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS WAH SEONG CORPORATION BERHAD ("WSC" OR "COMPANY") - ADDITIONAL INFORMATION IN RELATION TO THE DISPOSAL OF LEASEHOLD ESTATE AND BUILDINGS BY WS ENGINEERING & FABRICATION PTE. LTD., AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

WAH SEONG CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description 
WAH SEONG CORPORATION BERHAD ("WSC" OR "COMPANY")
- ADDITIONAL INFORMATION IN RELATION TO THE DISPOSAL OF LEASEHOLD ESTATE AND BUILDINGS BY WS ENGINEERING & FABRICATION PTE. LTD., AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

Further to the Company’s announcement dated 5 January 2022, the Board of Directors of WSC wishes to announce the following additional information in relation to the disposal of leasehold estate and buildings by WS Engineering & Fabrication Pte. Ltd., an indirect wholly-owned subsidiary of the Company:

(For consistency, the abbreviation used throughout this announcement shall have the same meaning as defined in the announcement dated 5 January 2022.)

 

1. BASIS OF ARRIVING AT THE DISPOSAL CONSIDERATION

 

WSEF placed this property in the market for more than a year with 2 (two) agents to market it. WSEF received only two firm offers during this period and selected the higher of the two to conclude the transaction.

 

2. UTILISATION OF PROCEEDS

 

The proceeds arising from the Disposal shall be utilized in the manner as set out below:-

 

Proposed Utilisation

Amount (RM)

Expected Utilisation Time Frame

Breakdown/ details

 

  Working Capital

 

 

 24,702,400

 

 

ongoing

 

The Engineering Division has USD175 million (equivalent to RM539.8 million based on the exchange rate of SGD1.00 to RM3.0848) order book currently comprising Fluor Limited Ineos projects, BW Energy Gabon EPC project and various other projects. 60% of this allocation will be used to fund material procurement and the balance 40% for services for the projects in hand.

 

Capital Expenditure

 

15,400,000

Within 12 months

This will be used to fund the construction of new workshops in Batam Yard.

Total

40,102,400

 

 

 

This announcement is dated 6 January 2022.

 



Announcement Info

Company Name WAH SEONG CORPORATION BERHAD
Stock Name WASEONG
Date Announced 06 Jan 2022
Category General Announcement for PLC
Reference Number GA1-06012022-00047


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