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BURSA ANNOUNCEMENTS

Date : 22 September 2011

OTHERS TALIWORKS CORPORATION BERHAD (“Taliworks”) - Signing of Agreements by Taliworks (Yinchuan) Wastewater Treatment Co. Ltd (“Taliworks Yinchuan”), a wholly-owned subsidiary of Taliworks International Limited (“TIL”), which in turn, is a wholly-owned subsidiary of Taliworks in relation to the take-over of the four (4) existing municipal waste water treatment plants with recycled water facilities in Yinchuan City, in the People’s Republic of China on a Takeover-Operate-Transfer basis for a total value of RMB810 million (“Project”)

TALIWORKS CORPORATION BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionTALIWORKS CORPORATION BERHAD (“Taliworks”)
- Signing of Agreements by Taliworks (Yinchuan) Wastewater Treatment Co. Ltd (“Taliworks Yinchuan”), a wholly-owned subsidiary of Taliworks International Limited (“TIL”), which in turn, is a wholly-owned subsidiary of Taliworks in relation to the take-over of the four (4) existing municipal waste water treatment plants with recycled water facilities in Yinchuan City, in the People’s Republic of China on a Takeover-Operate-Transfer basis for a total value of RMB810 million (“Project”)
Further to the announcements made on 25th August 2010 and 27th January 2011, we wish to update the Exchange that Taliworks Yinchuan (the single-purpose company established to undertake the Project) had on 21st September 2011 entered into a concession agreement with Yinchuan Municipal Construction Bureau and an asset transfer agreement with Yinchuan City Waste Water Treatment Co. Ltd (“Water Company”) to assume the entire Project.
All other salient terms in the aforementioned agreements announced earlier on 25th August 2010 remain unchanged, save for the following:-

(i) The concession shall be for a period of thirty (30) years commencing from 21st September 2011 to 20th September 2041.

(ii) Taliworks Yinchuan shall remit the transfer price to the Water Company in three (3) tranches, the last of which shall be remitted before 31st December 2011.

(iii) Subject to the written approval from the Yinchuan Municipal Construction Bureau and the fulfillment of the terms and conditions of the concession agreement, TIL is entitled to transfer its shares in Taliworks Yinchuan to a third (3rd) party whereby the transfer shall not be more than thirty percent (30%) of the total shares of the company.

This announcement is dated 22nd September 2011.


Announcement Info

Company NameTALIWORKS CORPORATION BERHAD  
Stock Name TALIWRK    
Date Announced22 Sept 2011  
CategoryGeneral Announcement
Reference NoCS-110922-9AC21

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