PROPOSED DISPOSAL BY CABNET M&E SDN BHD ("CME"), A WHOLLY-OWNED SUBSIDIARY OF CABNET HOLDINGS BERHAD ("CABNET"), OF A UNIT OF SERVICED APARTMENT HELD UNDER STRATA TITLE GERAN 537924/M1A/22/172 LOT 48351 BANDAR JOHOR BAHRU, DISTRICT OF JOHOR BAHRU, STATE OF JOHOR ("PROPERTY") ("PROPOSED DISPOSAL")
| CABNET HOLDINGS BERHAD |
| Type | Reply to Query | ||||||||||||||||||||||||||||||||
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-14032023-00001 | ||||||||||||||||||||||||||||||||
| Subject | PROPOSED DISPOSAL BY CABNET M&E SDN BHD ("CME"), A WHOLLY-OWNED SUBSIDIARY OF CABNET HOLDINGS BERHAD ("CABNET"), OF A UNIT OF SERVICED APARTMENT HELD UNDER STRATA TITLE GERAN 537924/M1A/22/172 LOT 48351 BANDAR JOHOR BAHRU, DISTRICT OF JOHOR BAHRU, STATE OF JOHOR ("PROPERTY") ("PROPOSED DISPOSAL") | ||||||||||||||||||||||||||||||||
| Description | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS Cabnet Holdings Berhad (Cabnet or the Company) - Sale and Purchase Agreement enter by Cabnet M&E Sdn. Bhd., a wholly-owned subsidiary of Cabnet. |
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| Query Letter Contents | We refer to your Company’s announcement dated 10 March 2023, in respect of the aforesaid matter. 1) The encumbrances on the Property, or a negative statement. 6) The particulars of any guarantees given by Cabnet and/or CME to the purchasers. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully, Cc : Market Surveillance Dept. , Securities Commission (via fax) |
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Unless otherwise stated, the terms used throughout this announcement shall have the same meanings as defined in the Announcement made on 10 March 2023. The Company wishes to furnish additional information in reply to Bursa Query dated 14 March 2023.
1) The encumbrances on the Property, or a negative statement.
Reply: There is no existing encumbrance on the said property. Under the SPA, The Vendor agrees to sell and the Purchaser agrees to purchase the Property on an as-is where is basis free from all and any of the encumbrances except caveats lodged as a result, through or attributable to the Purchaser.
2) The manner in which the deposit of RM75,000 will be paid, including the terms of any arrangement for payment on a deferred basis. If the deposit has been paid, to state the date of payment.
Reply: The deposit of RM75,000 is paid in cash. The deposit had been paid by Purchaser to Purchaser’s solicitors, as stakeholders, on 1 March 2023.
Reply: The valuation of the Property was carried out by CBRE WTW Valuation & Advisory Sdn Bhd on 17 November 2021 and subsequently update valuation was carried out on 5 December 2022.
The Property is valued using the Comparison Approach. The Comparison Approach entails analysing recent transactions and asking prices of similar property in the locality for comparison purposes with adjustments made for differences in location, size, age and condition of unit, tenure, title restrictions if any and other relevant characteristics to arrive at the market value.
Reply: The pro forma effects of the Proposed Disposal on the gearing of Cabnet Group based on the audited consolidated financial statements of the Company as at 31 December 2021 are as follows:
Notes:
(1) Taking into consideration of the expected gain from Proposed Disposal assuming the Proposed Disposal had been effected on 31 December 2021 is approximately RM107,000.
Reply: Save for the Vendor’s obligations under the SPA, there are no other liabilities, including contingent liabilities, to be assumed by Cabnet pursuant to the signing of the SPA.
6) The particulars of any guarantees given by Cabnet and/or CME to the Purchaser.
Reply: There are no guarantees given by Cabnet and/or CME to the Purchaser.
7) The direct and indirect shareholdings of Darshini Naidu A/P Murugesu and Darshen Naidu A/L Murugesu, as well as the indirect shareholdings of Murugesu A/L Vindasamy, in Cabnet, or a negative statement.
Reply: The direct and indirect shareholdings of Darshini Naidu A/P Murugesu and Darshen Naidu A/L Murugesu, as well as the indirect shareholdings of Murugesu A/L Vindasamy, in Cabnet, are set out as below: -
Note:-
*Deemed interest by virtue of Section 8 of the Companies Act, 2016 through his spouse, Madam Sivajothi A/P Sivalingam shareholding in Cabnet.
#Deemed interest by virtue of Section 8 of the Companies Act, 2016 through their parent, Mr Murugesu A/L Vindasamy and Madam Sivajothi A/P Sivalingam shareholdings in Cabnet.
This Announcement is dated 15 March 2023. |
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Announcement Info
| Company Name | CABNET HOLDINGS BERHAD |
| Stock Name | CABNET |
| Date Announced | 15 Mar 2023 |
| Category | General Announcement for PLC |
| Reference Number | GA1-14032023-00038 |