An unknown buyer entered into an agreement to acquire 60% stake in Buminox Sdn Bhd from Tatt Giap Group Berhad (KLSE:TATGIAP) for MYR 3.8 million in cash on December 31, 2012. Tatt Giap will sell 2.4 million shares of Buminox. The buyer will pay MYR 0.36 million upon the execution of agreement and balance within fourteen days from the date of agreement. The buyer shall also pay MYR 2.6 million to Tatt Giap Group being the reimbursement by the buyer to the Tatt Giap Group ... of the Tatt Giap Group’s shareholders’ advances to Buminox. The buyer will pay the reimbursement by way of twelve equal monthly installments of MYR 0.22 million each, the first monthly installment is to be made to Tatt Giap Group, one month from the date of agreement and each subsequent monthly installment of the reimbursement sum is to be made on the 1st day of each subsequent month. Upon completion Buminox shall cease to be a subsidiary of Tatt Giap Group. The transaction is not subject to the approval of the shareholders. The relevant authorities’ approvals, if required, will be obtained in due course. The Board of Directors of Tatt Giap Group consider that the transaction is fair, reasonable and on normal commercial terms and are not detrimental to the interest of the minority shareholders. The transaction is expected to be completed within fourteen days from December 31, 2012. Tatt Giap Group is expected to use the proceeds as working capital. The transaction will not have any material impact on the earnings, net assets and gearing, on consolidated basis, of Tatt Giap Group for the financial year ending December 31, 2013. The transaction will also not have any effect on the share capital and substantial shareholders’ stockholding of Tatt Giap Group.
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