Tan Chong Motor Holdings

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Shareholders' Approval For Proposed Acquisition of Property Involving The Interests Of Directors

BackApr 27, 2005
Type Announcement
Subject Shareholders' approval for proposed acquisition of property involving the interests of directors

Contents :

The Board wishes to inform that the Company will seek the shareholders’ approval to pass the following resolution as an ordinary resolution at the Thirty-Third Annual General Meeting ("AGM") of the Company to be held on 20 May 2005 pursuant to Section 132E of the Companies Act, 1965:-


PROPOSED ACQUISITION BY TAN CHONG & SONS MOTOR COMPANY SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF TAN CHONG MOTOR HOLDINGS BERHAD, OF ALL THAT PARCEL OF LEASEHOLD LAND (EXPIRING 6 SEPTEMBER 2065) HELD UNDER TITLE NUMBER PN 4914, LOT NO.73, SEKSYEN 13, TOWN OF PETALING JAYA, DISTRICT OF PETALING, STATE OF SELANGOR DARUL EHSAN BEARING POSTAL ADDRESS NO. 9, JALAN KEMAJUAN 12/18, 4620 PETALING JAYA, SELANGOR DARUL EHSAN WITH A LAND AREA OF APPROXIMATELY 78,801 SQUARE FEET TOGETHER WITH A 4½ STOREY BUILDING OF A TOTAL BUILT-UP AREA OF APPROXIMATELY 78,720 SQUARE FEET, A SUBSTANTIAL SECTION OF WHICH CURRENTLY HOUSES A NISSAN SHOWROOM, SPARE PARTS STORE AND SERVICE WORKSHOP FROM TUNG PAO SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF WARISAN TC HOLDINGS BERHAD

"THAT pursuant to Section 132E of the Companies Act, 1965, approval be and is hereby given to Tan Chong & Sons Motor Company Sdn Bhd ("TCM"), a wholly-owned subsidiary of the Company, to acquire all that parcel of leasehold land (expiring 6 September 2065) held under title number PN 4914, Lot No. 73, Seksyen 13, Town of Petaling Jaya, District of Petaling, State of Selangor Darul Ehsan bearing postal address No.9, Jalan Kemajuan 12/18, 46200 Petaling Jaya, Selangor Darul Ehsan with a land area of approximately 78,801 square feet together with a 4 ½ storey building of a built-up area of approximately 78,720 square feet (the “Proposed Acquisition”), a substantial section of which currently houses a Nissan showroom, spare parts store and service workshop from Tung Pao Sdn Bhd (“Vendor”), a wholly-owned subsidiary of Warisan TC Holdings Berhad which is deemed to be connected with Dato' Tan Heng Chew and Tan Eng Soon, directors of the Company, by virtue of the provisions of Section 122A of the Companies Act, 1965, upon such arms’ length and commercially acceptable terms and conditions as the Board of Directors of TCM or a committee appointed by the Board of Directors of TCM shall determine and agree upon with the Vendor.”

Further details of the Proposal Acquisition are set out in the Circular to shareholders to be despatched together with the 2004 Annual Report to the shareholders of the Company on 28 April 2005.

 

Announcement Info

Company Name TAN CHONG MOTOR HOLDINGS BERHAD  
Stock Name TCHONG    
Date Announced 27 Apr 2005  
Category General Announcement
Reference No TC-050427-67B3A