General Announcement
Reference No CF-000412-51161

Company Name
:
MINTYE INDUSTRIES BHD  
Stock Name
:
MINTYE  
Date Announced
:
14/04/2000  

Type:Announcement
Subject:DISPOSAL OF SHARES IN SUBSIDIARY COMPANY

Contents :

Mintye Industries Bhd (the Company) wishes to announce that the Board had approved the disposal of a total of 400,000 shares of RM1/= each in Bizz Trading Sdn Bhd (Bizz), a wholly-owned subsidiary, as follows :

(a) 200,000 ordinary shares of RM1.00 each equivalent to 20% of the issued and paid up share capital of Bizz for a total cash consideration of RM310,000.00 to Mintye Metal Products Sdn Bhd, a subsidiary of the Company.

(b) a further 200,000 ordinary shares of RM1.00 each equivalent to 20% of the issued and paid up share capital of Bizz for a total cash consideration of RM310,000.00 to Eurochain Manufacturer Sdn Bhd, a subsidiary of the company.

The total consideration of RM620,000.00 equivalent to RM1.55 per share represents the net tangible asset value per share of Bizz.

RATIONALE FOR THE ACQUISITION

The disposal of shares is to allow other contributing shareholders/directors to participate and enjoy the results of Bizz which would henceforth concentrate in marketing of motorcycle chains and its related products, the principal products of Eurochain Manufacturer Sdn Bhd and Mintye Metal Products Sdn Bhd..

EFFECTS OF THE DISPOSAL

The disposal is not expected to have any material effect on the earnings and net tangible assets per share of the Group.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

As the transaction involved disposal of shares in a wholly-owned subsidiary company to two of our subsidiaries, the following Directors and substantial shareholders are deemed to have direct and indirect interest in the disposal :

Directors : Mr Yeo Ah Tee
Mr Yeo Kim Swee
Mr Yeo Kim Soon

Substantial Shareholders : Yatee & Sons Sdn Bhd
Yatee Holdings Sdn Bhd


Yours truly
MINTYE INDUSTRIES BHD




FOONG KAI MING
Secretary




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