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YNH PROPERTY BHD ("YNH" or "the Company")
Proposed Acquisition of 4,230,000 ordinary shares of RM1.00 each in D'Kiara Place Sdn Bhd ("DKP") representing the balance 30% equity interest of DKP from DKLS Industries Bhd by Kar Sin Berhad ("KSB"), a wholly owned subsidiary of YNH, for a total cash consideration of RM33,895,775.83 and an indebtedness to DKLS by DKP amounting to RM2,189,191.54. |
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The Board of Directors of YNH Property Bhd ("YNH" or "the Company") wishes to announce that KSB, a wholly owned subsidiary of the Company has on 21 March 2008 entered into an Agreement for the Acquisition of Shares ("SAA") with DKLS Industries Berhad ("DKLS") for the acquisition of the balance 30% equity interest in DKP held by DKLS, comprising 4,230,000 ordinary shares of RM1.00 each ("Sale Shares"), representing 30% of the issued and paid up share capital of DKP for a total cash consideration of RM33,895,775.83 and an indebtedness to DKLS by DKP amounting to RM2,189,191.54. ("Proposed Acquisition").
KSB had on 8 August 2007 entered into an Agreement for the Acquisition of Shares from Triple-H Auto Parts Sdn Bhd ("THSB") of its entire equity interest in DKP which comprises 9,870,000 ordinary shares of RM1.00 each and representing 70% of the issued and paid up share capital of DKP, for a total cash consideration of RM67,868,833 and an indebtedness to THSB by DKP amounting to RM4,631,167. This acquisition is pending completion. Upon the completion of the acquisition of 70% from TAPSB and the balance 30% acquisition in DKP, DKP will be a wholly-owned subsidiary of KSB.
Please refer to the attached document for the full text of the announcement pertaining to the abovementioned Proposed Acquisition.
This announcement is dated 21 March 2008. |
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