General Announcement
Reference No MM-031027-61767

Submitting Merchant Bank
:
AMMERCHANT BANK BERHAD (FORMERLY KNOWN AS ARAB-MALAYSIAN MERCHANT BANK BERHAD)  
Company Name
:
PARK MAY BERHAD  
Stock Name
:
PARKMAY  
Date Announced
:
27/10/2003  

Type:Announcement
Subject:PARK MAY BERHAD (“PARK MAY” OR “COMPANY”)

PROPOSED DISPOSAL OF 364 BUSES OWNED BY CITYLINER SDN BHD (“CITYLINER”), AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF PARK MAY, AND LEN CHEE OMNIBUS COMPANY SDN BHD (“LEN CHEE”), AN INDIRECT 85.4%-OWNED SUBSIDIARY OF PARK MAY, TO SYARIKAT PRASARANA NEGARA BERHAD (“SPNB”), A WHOLLY-OWNED SUBSIDIARY OF THE MINISTRY OF FINANCE (INCORPORATED) (“MOF Inc.”), FOR A TOTAL CASH CONSIDERATION OF RM14,841,012 (“PROPOSED DISPOSAL”)

Contents :


1. INTRODUCTION
2. DETAILS OF THE PROPOSED DISPOSAL 2.1 Background Information On Cityliner
2.3 Background Information On SPNB
2.4 Background Information On the Assets
2.5 Salient Terms Of The Conditional ASA
(j) On Completion Date, the Vendors warrant that :-

2.6 Original Cost Of Investment 2.7 Proposed Utilisation Of Proceeds
2.8 Basis Of Arriving At The Sale Price 2.9 Liabilities To Be Assumed 3. SALIENT TERMS OF THE CORPORATE GUARANTEE 4. RATIONALE FOR THE PROPOSED DISPOSAL 5. EFFECTS OF THE PROPOSED DISPOSAL

5.3 Net Tangible Liabilities (“NTL”)

6. APPROVALS REQUIRED FOR THE PROPOSED DISPOSAL

7. DEPARTURE FROM SC’S POLICIES AND GUIDELINES ON THE ISSUE / OFFER OF SECURITIES (“SC GUIDELINES”)


8. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS 9. DIRECTORS’ RECOMMENDATION 10. ADVISER
11. ESTIMATED TIME FRAME FOR APPLICATION TO RELEVANT AUTHORITIES AND COMPLETION

12. DOCUMENTS AVAILABLE FOR INSPECTION

This announcement is dated 27 October 2003.


Appendix(final).doc
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