Transactions (Chapter 10 Of Listing Requirements) : Non Related Party Transactions
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description |
PROPOSED DISPOSALS OF THE ENTIRE EQUITY INTERESTS HELD IN THE FOLLOWING: (I) SALCON FUJIAN (HK) LIMITED (II) SALCON ZHEJIANG (HK) LIMITED (III) SALCON LINYI (HK) LIMITED (IV) SALCON SHANDONG (HK) LIMITED |
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All terms and expressions used herein shall have the same meaning as those used in the Company’s announcements dated 12 September 2013, 11 November 2013, 27 November 2013, 20 December 2013, 24 December 2013, 13 January 2014, 28 February 2014, 30 April 2014, 30 June 2014, 27 August 2014, 26 November 2014, 23 February 2015, 25 May 2015, 24 August 2015, 20 November 2015 and 31 March 2016 in relation to the Proposed Disposals, unless stated otherwise. We refer to the Company’s previous announcements made by HLIB on behalf of the Company in relation to the Proposed Disposals. On behalf of the Board, HLIB wishes to announce that the Company and Salcon Water had on 25 April 2016 mutually agreed with BEWG to proceed with the completion of the proposed disposals of the entire issued and paid-up share capital of Salcon Fujian, Salcon Zhejiang and Salcon Shandong, in accordance with Clause 4.6 of SPA-B. Furthermore, in accordance with Clause 4.6 of SPA-B, the Company and Salcon Water had also on even date mutually agreed with BEWG to terminate the proposed disposal of the entire issued and paid-up share capital of Salcon Linyi (“Given Up Target-B”), in view that certain Conditions-B in respect of Salcon Linyi have not been fulfilled or waived. For information purposes, the disposal consideration in respect of the Given Up Target-B is RMB130 million. The Company had received RMB418.2 million from BEWG, being Second Payment-B. As such, the SPA-B and Letter-B are deemed to be completed on 25 April 2016 (“Completion-B”). In accordance with the term of the SPA-B, BEWG shall pay to Salcon and Salcon Water the Holdback Amount-B of RMB17,000,000 after the deductions allowed under the SPA-B, if any, within 10 business days after 9 months following the Completion-B. In addition, the Company shall return to BEWG the Deposit-B in respect of the Given Up Target-B (free from interest) within 3 Business Days after the Completion-B. This announcement is dated 25 April 2016. |
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Announcement Info
| Company Name | SALCON BERHAD |
| Stock Name | SALCON |
| Date Announced | 25 Apr 2016 |
| Category | General Announcement for PLC |
| Reference Number | GA1-25042016-00091 |