News
Proposed Acquisition by PMCB of 2 Ordinary Shares of RM1.00 Each In Origo Ventures (M) Sdn Bhd Representing 100% of Its Equity Interest For A Total Consideration Of RM5,780,000.00 To Be Satisfied Entirely By Cash ("Proposed Acquisition")
| Type | Reply to Query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-30092015-00001 |
| Subject | PROPOSED ACQUISITION BY PMCB OF 2 ORDINARY SHARES OF RM1.00 EACH IN ORIGO VENTURES (M) SDN BHD REPRESENTING 100% OF ITS EQUITY INTEREST FOR A TOTAL CONSIDERATION OF RM5,780,000.00 TO BE SATISFIED ENTIRELY BY CASH ("PROPOSED ACQUISITION") |
| Description |
PENTAMASTER CORPORATION BERHAD ("PMCB" OR THE "COMPANY")
PROPOSED ACQUISITION BY PMCB OF 2 ORDINARY SHARES OF RM1.00 EACH IN ORIGO VENTURES (M) SDN BHD REPRESENTING 100% OF ITS EQUITY INTEREST FOR A TOTAL CONSIDERATION OF RM5,780,000.00 TO BE SATISFIED ENTIRELY BY CASH ("PROPOSED ACQUISITION")
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| Query Letter Contents |
We refer to your Company’s announcement dated 28 September 2015, in respect of the aforesaid matter. 1. The net profit generated from the development of the mixed development project in Tunjong. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully,
TAN YEW ENG
Cc : Market Surveillance Dept. , Securities Commission (via fax) |
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Further to the Company’s announcement on 28 September 2015 and the Bursa Malaysia Securities Berhad’s query on 30 September 2015, Pentamaster Corporation Berhad wishes to provide the following additional information relating to the Proposed Acquisition:
1. The Net Profit generated from the development of the mixed development project in Tunjong.
The expected Gross Development Value and Gross Development Cost of the project are RM165 million and RM120 million respectively. The net profit before tax to be generated from the development of the project is expected to be approximately RM45 million when all the units in the said development project are fully taken up.
2. The details of the director’s advance and a Hire Purchase, including their respective amount
Director Sabariah Binti Ahmad – RM20,000 (for company set up and company expenses)
Hire Purchase – RM227,032 (for Motor Vehicle at cost of RM287,500 and tenure till 29 Nov 2019).
3. The Prospects of Origo Ventures (M) Sdn Bhd
With its experienced management team and its existing contract, OVSB is expected to contribute positively to PMCB Group over the duration of the development project.
The acquisition is also synergistic to PMCB’s business plan in venturing into Smart Home and Building Solutions’ offerings by providing PMCB with OVSB’s in-depth insights and requirements of the Property and Construction sectors. Moving forward PMCB believes OVSB’s expertise and knowledge in the sector will provide new opportunities to PMCB Group to offer and sell its smart home solution products for other development projects via OVSB’s project contracts. OVSB is also expected to provide steady revenue stream to PMCB from future maintenance service contracts for its other development projects.
4. The Company also notes that there was a typographical error in the header of Section 2.8 in the original announcement made on 28 September 2015. The header should read as |
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Announcement Info
| Company Name | PENTAMASTER CORPORATION BERHAD |
| Stock Name | PENTA |
| Date Announced | 30 Sep 2015 |
| Category | General Announcement for PLC |
| Reference Number | GA1-30092015-00125 |