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BURSA ANNOUNCEMENTS

Date : 17 May 2016

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS TALIWORKS CORPORATION BERHAD ("TCB" OR THE "COMPANY") (I) 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) 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)	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)	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 announcements dated 25 February 2016, 10 March 2016, 22 April 2016 and 10 May 2016 as well as the circular to shareholders dated 25 April 2016 in relation to the Proposals (Circular). Unless otherwise stated, capitalised terms used in this announcement shall bear the same meanings as ascribed to them in the Circular.

On behalf of the Board, CIMB and HLIB wish to announce that the Proposals have been completed today following the payment of:

  1. the balance of the disposals consideration of USD49.14 million by LGB HK to the Company; and
  2. the balance of the purchase consideration of RM220.5 million by the Company to each of CGSB and EMSB in accordance with the percentage of 56.73% and 43.27%, respectively.

Accordingly, TIL, TSL and SWMT have ceased to be subsidiaries of the Company and SWMH has become a 35% associated company of TCB effective today.

This announcement is dated 17 May 2016.






Announcement Info

Company Name TALIWORKS CORPORATION BERHAD
Stock Name TALIWRK
Date Announced 17 May 2016
Category General Announcement for PLC
Reference Number GA1-17052016-00039



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