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Reduction Of Equity Interest In Salcon Xinlian Group Limited ("SXQL") (Formerly Known As Salcon Water International Limited), A Wholly-Owned Subsidiary Of Salcon Berhad In Respect Of The Proposed Subscription

BackFeb 14, 2017
Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-13022017-00001
Subject Reduction of equity interest in Salcon Xinlian Group Limited ("SXGL") (formerly known as Salcon Water International Limited), a wholly-owned subsidiary of Salcon Berhad in respect of the Proposed Subscription
Description

Reduction of equity interest in Salcon Xinlian Group Limited ("SXGL") (formerly known as Salcon Water International Limited), a wholly-owned subsidiary of Salcon Berhad in respect of the Proposed Subscription

Query Letter Contents

We refer to your Company’s announcement dated 10 January 2017 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1)  A description of the business carried on by SXGL.

2)  The basis of arriving at the subscription price per SXGL Share, other than on a “willing buyer willing seller” basis. If it was  based on        net assets, the year the net assets were taken into consideration, quantifying the net assets and stating whether it was based on              audited financial statements.

3)  Time frame for full utilization of proceeds from the Proposed Subscription.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully

TAN YEW ENG
Vice President, Issuers
Listing Division, Regulation

TYE/NMA

Cc : Market Surveillance Dept. , Securities Commission (via fax)

Reference is made to the Company’s announcement dated 10 February 2017 and the query letter dated 13 July 2017 issued by Bursa Malaysia Securities Berhad. The Board of Directors of Salcon wishes to provide the following additional information:-

 

1. A description of the business carried on by SXGL.

 

SXGL is engaged in investment holding activities and the principal activities of the subsidiaries include e-commerce tourism business and related activities.

 

2. The basis of arriving at the subscription price per SXGL Share, other than on a “willing buyer willing seller” basis. If it was based on net assets, the year the net assets were taken into consideration, quantifying the net assets and stating whether it was based on audited financial statements.

 

The basis of subscription price of HKD9,600,000.00 for the issuance of 9,600,000 shares was at HKD1.00 per share (i.e. at par value) which was derived based on net assets per share of HKD0.99 in accordance with the latest management accounts as at 31 October 2016.

 

3. Time frame for full utilization of proceeds from the Proposed Subscription.

 

The proceeds from the Proposed Subscription was expected to be utilised within 24 months.

 

This announcement is dated 14 February 2017.




Announcement Info

Company Name SALCON BERHAD
Stock Name SALCON
Date Announced 14 Feb 2017
Category General Announcement for PLC
Reference Number GA1-14022017-00016