Disposal of Equity Interest in Kereta Komersil Seladang (M) Sdn Bhd
BackDec 24, 2009
| Type | Announcement |
| Subject | TAN CHONG MOTOR HOLDINGS BERHAD (“TCMH” or “the Company”) Disposal of Equity Interest in Kereta Komersil Seladang (M) Sdn Bhd |
| Contents | Further to the Company’s announcement made on 1 October 2009 in respect of the above matter, we are pleased to inform that the Company had received the letter of approval dated 22 December 2009 from the Ministry of International Trade and Industry (“MITI Approval Letter”) for the disposal by TCMH to Warisan TC Holdings Berhad of all of its 70% equity interest in Kereta Komersil Seladang (M) Sdn Bhd (“KKS”) comprising 10,500 ordinary shares of RM1.00 each for a cash consideration of RM700,000 (“Disposal of KKS”). It is also stated in the MITI Approval Letter that the equity condition in the manufacturing license for light commercial vehicles of KKS dated 25 August 2009 is amended from: “All the company’s shares are to be bought and held by Malaysian citizens including at least 30% reserved.” to “At least 70% of the company’s shares are to be bought and held by Malaysians inclusive of at least 30% reserved.” With the receipt of the MITI Approval Letter, all conditions precedent to the Disposal of KKS had been fulfilled and TCMH and Warisan TC Holdings Berhad would proceed to complete the Disposal of KKS on 5 January 2010 in accordance with the terms of the sale and purchase agreement whereupon KKS would cease to be a subsidiary of TCMH. This announcement is dated 24 December 2009. |
Announcement Info
| Company Name | TAN CHONG MOTOR HOLDINGS BERHAD |
| Stock Name | TCHONG |
| Date Announced | 24 Dec 2009 |
| Category | General Announcement |
| Reference No | TC-091224-46350 |