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JOHOR PORT BERHAD ("JPB" OR "COMPANY") PROPOSED ACQUISITION BY JPB OF THE ENTIRE EQUITY INTEREST IN SEAPORT WORLDWIDE SDN BHD ("SWW") FOR A TOTAL CONSIDERATION OF APPROXIMATELY RM403 MILLION THROUGH THE SUBSCRIPTION OF NEW ORDINARY SHARES OF RM1.00 EACH IN SWW ("PROPOSED ACQUISITION")

JOHOR PORT BERHAD

Type

Announcement
SubjectJOHOR PORT BERHAD ("JPB" OR "COMPANY")

PROPOSED ACQUISITION BY JPB OF THE ENTIRE EQUITY INTEREST IN SEAPORT WORLDWIDE SDN BHD ("SWW") FOR A TOTAL CONSIDERATION OF APPROXIMATELY RM403 MILLION THROUGH THE SUBSCRIPTION OF NEW ORDINARY SHARES OF RM1.00 EACH IN SWW ("PROPOSED ACQUISITION")

Contents :

We refer to the announcement dated 10 November 2004.
    On behalf of JPB, Commerce International Merchant Bankers Berhad wishes to announce that the Foreign Investment Committee has, via its letter dated 30 March 2005, which was received by us on 6 April 2005, stated that it has no objections to the Proposed Acquisition.

    Further, on behalf of JPB, we wish to announce that Malaysian International Merchant Bankers Berhad ("MIMB") has, via its letter dated 5 April 2005 to JPB, resigned as the Independent Adviser to the non-interested shareholders of JPB in respect of the Proposed Acquisition with immediate effect. In its letter, MIMB cited that the resignation is due to the decision by Bursa Malaysia Securities Berhad, after taking into consideration the relevant facts and circumstances, to disallow MIMB from acting as the Independent Adviser for the Proposed Acquisition due to possible conflict of interests.

    JPB is currently in the midst of appointing a new Independent Adviser to advise the non-interested shareholders of JPB in respect of the Proposed Acquisition.

    (This announcement is dated 6 April 2005)


    Announcement Info

    Company NameJOHOR PORT BERHAD  
    Stock Name JOHPORT    
    Date Announced6 Apr 2005  
    CategoryGeneral Announcement
    Reference NoMM-050406-60387

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