Hi Ong Bak,
Just to highlight that Crest Envy Sdn Bhd which is building the Creste shoplots did not buy any land from Talam. In fact Talam just bought 50% stake in this Rm2 company on 29 Jan 2010. Below is Talam's funny announcement to Bursa. Buy one share worth Rm1 & own 50% of the company.
I believe the purpose of buying this company is because Talam has been blacklisted & all their developer license revoked. So, instead of paying millions to IJM they can make more money by buying company with developer license & build on their own. My guess is that they cannot own more than 50% because that may cause the license to be revoked. Hope this is not some sort of Ali Baba agreement.
http://announcements.bursamalaysia.com/ ... enDocumentACQUISITION OF ONE (1) ORDINARY SHARE OF RM1.00 EACH REPRESENTING FIFTY PERCENTAGE (50%) OF THE ISSUED AND PAID-UP SHARE CAPITAL OF CREST ENVY SDN BHD BY G.L. DEVELOPMENT SDN BHD.
Contents
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The Board of Directors of Talam wishes to announce that its subsidiary G.L. Development Sdn Bhd (Company No.50385-W) [“GLD”), has on 29 January 2010 entered into a Sale of Shares Agreement with Encik Yunas Bin Ismail (NRIC No. 580629-08-5691) to acquire One (1) ordinary share of RM1.00 each or Fifty Percentage (50%) equity interest in Crest Envy Sdn Bhd (“CE”) for a total consideration of Ringgit Malaysia One (RM1.00) only (“Purchase Consideration”) [the Acquisition”].
INFORMATION ON CE
Crest Envy was incorporated in Malaysia on 8 October 2007 under the Companies Act, 1965, has an authorized share capital of RM100,000-00 comprising 100,000 ordinary shares of RM1.00 each and an issued and paid-up share capital of RM2.00. The principal activities of CE are investment holding and property development.
INFORMATION ON GLD
GLD was incorporated in Malaysia on 6 September 1979 under the Companies Act, 1965, has an authorized share capital of RM500,000-00 comprising 500,000 ordinary shares of RM1.00 each and an issued and paid-up share capital of RM250,000.00. The principal activities of GLD are property investment and development.
RATIONALE OF THE ACQUISITION
The Board of Directors of Talam is of the opinion that the Acquisition is in the best interests of the Company.
FINANCIAL EFFECTS OF THE ACQUISITION
The Acquisition is not expected to have any material effect on the earnings per share and net assets of the Company for the financial year ending 31 January 2011.
The Acquisition is not expected to have any material effect on the gearing, share capital and substantial shareholders’ shareholding of the Company.
APPROVAL FOR ACQUISITION
The Acquisition is not subject to the approval of the shareholders of Talam.
INTEREST OF DIRECTORS AND/OR SUBSTANTIAL SHAREHOLDERS AND/OR PERSONS CONNECTED WITH THEM
None of the Directors and/or substantial shareholders of the Company and/or persons connected to them have any interest, direct and/or indirect, in the Acquisition.
This announcement is dated 29 January 2010.