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BURSA ANNOUNCEMENTS

Date : 10 March 2016

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS TALIWORKS CORPORATION BERHAD ("TCB" OR THE "COMPANY") (I) PROPOSED DISPOSALS OF TCB'S ENTIRE INVESTMENT IN THE PEOPLE'S REPUBLIC OF CHINA FOR AN AGGREGATE CASH CONSIDERATION OF UNITED STATES DOLLARS 54.6 MILLION (EQUIVALENT TO APPROXIMATELY RM230 MILLION) AND (II) PROPOSED ACQUISITION OF 35% OF THE ISSUED AND PAID-UP ORDINARY SHARES IN SWM ENVIRONMENT HOLDINGS SDN BHD FOR A CASH CONSIDERATION OF RM245 MILLION (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

TALIWORKS CORPORATION BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
TALIWORKS CORPORATION BERHAD ("TCB" OR THE "COMPANY")

(I)	PROPOSED DISPOSALS OF TCB'S ENTIRE INVESTMENT IN THE PEOPLE'S REPUBLIC OF CHINA FOR AN AGGREGATE CASH CONSIDERATION OF UNITED STATES DOLLARS 54.6 MILLION (EQUIVALENT TO APPROXIMATELY RM230 MILLION) AND
(II)	PROPOSED ACQUISITION OF 35% OF THE ISSUED AND PAID-UP ORDINARY SHARES IN SWM ENVIRONMENT HOLDINGS SDN BHD FOR A CASH CONSIDERATION OF RM245 MILLION
(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

We refer to the announcement dated 25 February 2016 in relation to the Proposals (Initial Announcement). Unless otherwise stated, words and phrases used in this announcement shall have the same meanings as defined in the Initial Announcement.

For the purpose of this announcement, the exchange rate of USD1.00:RM4.2120 is used, being the middle rate for USD to RM quoted by BNM as at 12.00 p.m. on 25 February 2016, being the date of the Initial Announcement.

On behalf of the Board of Directors of the Company, CIMB Investment Bank Berhad and Hong Leong Investment Bank Berhad wish to announce that the Company had on even date via exchanges of letters with (i) CGSB and EMSB (as vendors under the Proposed Acquisition); and (ii) LGB HK (as purchaser under the Proposed Disposals), mutually agreed to an extension of the payment date of the Acquisition Deposit and Disposals Deposit to 29 days (previously 14 days) from the date of execution of the Acquisition SSA and Disposals SSA, respectively.

Accordingly, the Company:

  1. would pay the Acquisition Deposit of RM24.5 million to CGSB and EMSB; and
  2. would receive the Disposals Deposit of USD5.46 million (equivalent to approximately RM23.0 million) from LGB HK,

on or before 25 March 2016.

 

This announcement is dated 10 March 2016.






Announcement Info

Company Name TALIWORKS CORPORATION BERHAD
Stock Name TALIWRK
Date Announced 10 Mar 2016
Category General Announcement for PLC
Reference Number GA1-10032016-00052



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