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PROPOSED ACQUISITION BY KONSORTIUM BAS EKSPRES SEMENANJUNG (M) SDN. BHD. ("KBESM") OF 239,999 ORDINARY SHARES REPRESENTING 79.99% OF EQUITY INTEREST IN PENGANGKUTAN AWAM PUTRAJAYA TRAVEL & TOURS SDN BHD ("PAPTT") ("PROPOSED ACQUISITION")

GETS GLOBAL BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-12122017-00001
Subject PROPOSED ACQUISITION BY KONSORTIUM BAS EKSPRES SEMENANJUNG (M) SDN. BHD. ("KBESM") OF 239,999 ORDINARY SHARES REPRESENTING 79.99% OF EQUITY INTEREST IN PENGANGKUTAN AWAM PUTRAJAYA TRAVEL & TOURS SDN BHD ("PAPTT") ("PROPOSED ACQUISITION")
Description 
GETS GLOBAL BERHAD (formerly known as KBES Berhad) ("GETS" OR "THE COMPANY") 

PROPOSED ACQUISITION BY KONSORTIUM BAS EKSPRES SEMENANJUNG (M) SDN. BHD. ("KBESM" OR "THE PURCHASER") OF 239,999 ORDINARY SHARES ("SALE SHARES") (REPRESENTING 79.99% OF EQUITY INTEREST) IN PENGANGKUTAN AWAM PUTRAJAYA TRAVEL & TOURS SDN BHD ("PAPTT") FROM PUTRAJAYA LEISURES & SERVICES GROUP SDN BHD ("PULSE GROUP" OR "THE VENDOR")
Query Letter Contents

We refer to your Company’s announcement dated 11 December 2017, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1.        The net asset of PAPTT based on its latest audited financial statement.

2.        The details of the liabilities of RM4,969,047 to be assumed by KBESM arising from the Proposed Acquisition.

3.        The prospects of PAPTT.

4.        Whether the Proposed Acquisition is subject to the relevant government authorities and the estimated time frame for submission of the application to the relevant authorities.

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,

TAN YEW ENG
Vice President, Issuers
Listing, Regulation

TYE/NZ

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

The abbreviations used herein, unless the context otherwise states, shall bear the same meaning as those defined in the Company's announcement dated 11 December 2017.

We refer to the Bursa Malaysia Securities Berhad's queries via email on 12 December 2017 in respect of the above Proposed Acquisition, we furnished herewith the following additional information for public release:-

  1. The net asset (liability) of PAPTT based on the audited financial statements dated 31st December 2016 is (RM9,444,211).
  2. The details of the liabilities to be assumed by KBESM based on the shareholding percentage of 80% after the completion of the Proposed Acquisition are as follows:
    Trade payable RM4.312 million
    Other payable     RM0.657 million
  3. The Proposed Acquisition shall provide GETS Global Berhad (“GETS”) with an opportunity to venture into city bus services which is a new sustainable business to complement the existing business activities of express bus services, new bus sales and repair & maintenance services. GETS also shall further unlock the potentials of the other business activities under PAPTT including property management (Putrajaya Sentral Terminal, Park & Ride Complex & carparks), advertising (mobile and outdoor) and travel & tours to generate new significant revenue stream for PAPTT.   For PAPTT, the Proposed Acquisition  shall be managed professionally on commercial basis. As the Government-linked factor has been reduced, PAPTT shall now qualify to obtain incentives from relevant Government authorities including from Suruhanjaya Pengangkutan Awam Darat Malaysia (SPAD).
  4. No permission from any Government authority is required.

 

This announcement is dated 13 December 2017.


Announcement Info

Company Name GETS GLOBAL BERHAD
Stock Name GETS
Date Announced 13 Dec 2017
Category General Announcement for PLC
Reference Number GA1-13122017-00002


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