Salcon berhad ("Salcon" Or "Company") Offer by Salcon to Acquire 74,174,592 Ordinary Shares of RM1.00 Each Representing Approximately 74.165% of The Entire Issued And Paid-up Share capital of Oriental Capital Assurance berhad ("Oriental") From Maika Holdings Berhad ("Maika") For A Purchase Consideration Of RM129,805,536 To Be Wholly Satisfied By Cash ("Offer")

BackJun 27, 2007
General Announcement
Reference No CC-070627-40394

Company Name
:
 SALCON BERHAD 
Stock Name
:
 SALCON
Date Announced
:
 27/06/2007


Type : Announcement
Subject : SALCON BERHAD ("SALCON" OR "COMPANY")
OFFER BY SALCON TO ACQUIRE 74,174,592 ORDINARY SHARES OF RM1.00 EACH REPRESENTING APPROXIMATELY 74.165% OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF ORIENTAL CAPITAL ASSURANCE BERHAD ("ORIENTAL") FROM MAIKA HOLDINGS BERHAD ("MAIKA") FOR A PURCHASE CONSIDERATION OF RM129,805,536 TO BE WHOLLY SATISFIED BY CASH ("OFFER")

Contents :

We wish to announce that Salcon had on 18 June 2007 offered to acquire 74,174,592 ordinary shares of RM1.00 each representing approximately 74.165% of the entire issued and paid-up share capital of Oriental from Maika for a purchase consideration of RM129,805,536 (or at RM1.75 per share of RM1.00 each in Oriental). Maika had on 27 June 2007 accepted the Offer.

The Offer is subject to the approval from Bank Negara Malaysia and the Minister of Finance.

An application to Bank Negara Malaysia had been submitted on 27 June 2007. A detailed announcement will be made upon receipt of Bank Negara Malaysia's final approval and signing of a Share Sale Agreement for the Offer.

This announcement is dated 27 June 2007