OTHERS TALIWORKS CORPORATION BERHAD - RE-ORGANISATION
|Description||TALIWORKS CORPORATION BERHAD
TALIWORKS CORPORATION BERHAD ("TCB/the Company") - RE-ORGANISATION
Further to the announcement made on 23 June 2014, the Board of Directors of TCB is pleased to announce that TCB has re-organised some of its subsidiaries and joint venture companies in its toll road division (the "Re-organisation"). A chart showing the new structure of its toll road division is attached herewith.
Prior to this Re-organisation TCB held a direct 55% equity interest in Cerah Sama Sdn Bhd. ("Cerah Sama"). After the Re-organisation, TCB's economic interests in Cerah Sama remain at 55%.
Arising from the Re-organisation, Cerah Sama is now a subsidiary of TCB.
TCB has recently completed a strategic review of its businesses, strengths and weaknesses and opportunities for growth as well as how best to implement a dividend policy of a stable and growing dividend for its shareholders to better reflect the stable cashflow generating characteristic of infrastructure projects.As a result of this review, TCB will be actively pursuing operating infrastructure projects in developed markets.The purpose of this Re-organisation is to create a new holding company above Cerah Sama to pursue this growth strategy.
3. Financial Effects
The Re-organisation will result in Cerah Sama and its subsidiaries to be consolidated by TCB.
4. Directors' and Major Shareholders' Interest
None of the directors and/or major shareholders of TCB and/or persons connected with them have any interest, direct or indirect, in the Re-organisation.
5.Statement by the Directors
The Board of Directors of TCB, having considered all aspects of the Re-organisation, is of the opinion that it is in the best interest of TCB.
The Company will make the appropriate announcement further to any other development relating to this in due course.
This announcement is dated 8th day of August, 2014