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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS GUOCOLAND (MALAYSIA) BERHAD ("GLM" OR THE "COMPANY") PROPOSED DISPOSALS BY GUOMAN HOTEL & RESORT HOLDINGS SDN BHD, A 70%-OWNED SUBSIDIARY OF GLM, OF ITS ENTIRE INTERESTS IN PD RESORT SDN BHD AND JB PARADE SDN BHD

GUOCOLAND (MALAYSIA) BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
GUOCOLAND (MALAYSIA) BERHAD ("GLM" OR THE "COMPANY")

PROPOSED DISPOSALS BY GUOMAN HOTEL & RESORT HOLDINGS SDN BHD, A 70%-OWNED SUBSIDIARY OF GLM, OF ITS ENTIRE INTERESTS IN PD RESORT SDN BHD AND JB PARADE SDN BHD

GLM wishes to announce that Guoman Hotel & Resort Holdings Sdn Bhd (“GHRH”), a 70%-owned subsidiary of the Company, has on 17 November 2017 entered into 2 conditional share sale agreements (“SSAs”) with GuocoLand Hotels Pte Ltd for the following:

(i)   proposed disposal of the entire issued share capital of PD Resort Sdn Bhd (“PDR”) comprising 100,016,800 ordinary shares in PDR for an indicative cash consideration of RM116,010,640, subject to adjustments (if any) pursuant to the terms and conditions of the SSA (“Proposed Disposal of PDR”); and

(ii)   proposed disposal of:

(a)  70% of the issued ordinary shares in JB Parade Sdn Bhd (“JBP”) comprising 28,000,000 ordinary shares in JBP; and

(b)  such number of cumulative redeemable preference shares in JBP which are issued and fully paid-up but not yet redeemed as at the JBP Management Accounts Date (as defined in Section 2.3.2.1 of the attached announcement) (“JBP CRPS”),

collectively the “JBP Sale Securities”, for an aggregate indicative cash consideration of RM107,882,855, subject to adjustments (if any) pursuant to the terms and conditions of the SSA (“Proposed Disposal of JBP Sale Securities”). As at the date hereof, 68,594,000 JBP CRPS are held by GHRH.

The Proposed Disposal of PDR and the Proposed Disposal of JBP Sale Securities shall be collectively referred to as the “Proposed Disposals”.

Kindly refer to the attached announcement for the details of the Proposed Disposals.

This announcement is dated 17 November 2017.




Please refer attachment below.



Announcement Info

Company Name GUOCOLAND (MALAYSIA) BERHAD
Stock Name GUOCO
Date Announced 17 Nov 2017
Category General Announcement for PLC
Reference Number GA1-17112017-00019


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