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Salcon Berhad ("Salcon" or "the Company") wishes to announce that Salcon Yunnan (HK) Limited ("SYHK"), Hong Kong has on 6 November 2008 entered into an Equity Transfer Agreement with Kunming Water Supply Group Co. Ltd, China for the disposal of its entire 60% equity interest in Chenggong Salcon Water Co. Ltd ("CSW"), China for a cash consideration of RMB20.01 million (approximately RM10.27 million) ("Proposed Disposal").
CSW shall cease to be a subsidiary of SYHK upon completion of the Proposed Disposal. SYHK is a wholly-owned subsidiary of the Company.
The Proposed Disposal will not have any significant effect on the earnings or net assets of Salcon Group for the financial year ending 31 December 2008, and the share capital of the Company. The Company however is expected to realise a gain of RM1.944 million from the Proposed Disposal.
None of the Directors and/or Substantial Shareholders of the Company or persons connected with them have any interest, direct or indirect, in the Proposed Disposal. |
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