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 From Maika Holdings Berhad For A Total Cash Consideration Of RM129,805,536 ("Proposed Acquisition")
BackAug 27, 2007
| General Announcement |
| Reference No CC-070827-63222 |
| Company Name |
:
|
SALCON BERHAD |
| Stock Name |
:
|
SALCON |
| Date Announced |
:
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27/08/2007 |
 |
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|
| Type | : | Announcement |
| Subject | : | 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 FROM MAIKA HOLDINGS BERHAD FOR A TOTAL CASH CONSIDERATION OF RM129,805,536 ("PROPOSED ACQUISITION") |
Contents :
Further to the announcement of 27 June 2007 in relation to the 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 capital of Oriental Capital Assurance Berhad from Maika Holdings Berhad ("Maika") for a total cash consideration of RM129,805,536 ("Proposed Acquisition"), we are pleased to announce that the Minister of Finance via Bank Negara Malaysia ("BNM") has, via a letter dated 23 August 2007 (which is received on 27 August 2007), approved the Proposed Acquisition.
A conditional Sale & Purchase Agreement for the Proposed Acquisition will be signed with Maika in due course and an announcement thereon will be released to Bursa Malaysia Securities Berhad accordingly.
This announcement is dated 27 August 2007