EXECUTION OF A SHARE PURCHASE AGREEMENT BETWEEN UMW DRILLING 4 (L) LTD AND S.D. STANDARD DRILLING PLC IN RESPECT OF THE ACQUISITION OF THE ENTIRE ISSUED AND PAID-UP CAPITAL IN OFFSHORE DRILLER B324 LTD
| UMW HOLDINGS BERHAD |
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IJ-120627-40601 |
| Subject | EXECUTION OF A SHARE PURCHASE AGREEMENT BETWEEN UMW DRILLING 4 (L) LTD AND S.D. STANDARD DRILLING PLC IN RESPECT OF THE ACQUISITION OF THE ENTIRE ISSUED AND PAID-UP CAPITAL IN OFFSHORE DRILLER B324 LTD |
| Description | Share Purchase Agreement with S.D. Standard Drilling PLC ("SD") |
| Query Letter Contents | We refer to the Company's announcements dated 26 June 2012, in respect of the aforesaid matter. In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa Securities") with the following additional information for public release:- The Net Assets of OD B324 based on the latest audited financial statements; Further clarification on the prevailing market price as well as the relevant terms and conditions in the SPA that forms the basis for the consideration of USD214 million; The proforma effects on the gearing based on the latest audited financial statements assuming the entire purchase consideration is financed by bank borrowings; and The factors that were taken into consideration by the Board in forming the opinion that the Proposed Acqusition is in the best interests of the Group. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof. Yours faithfully HENG TECK HENG Head, Issuers Listing Division Regulation HTH/IJ c.c:- General Manager and Head, Market Surveillance, Securities Commission (via fax) |
Announcement Info
| Company Name | UMW HOLDINGS BERHAD |
| Stock Name | UMW |
| Date Announced | 28 Jun 2012 |
| Category | General Announcement |
| Reference No | UH-120627-56373 |