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last updated: 1-Nov-2017 4:56 PM
Date Announced: 28-Jan-2011
Content: The Board of Directors of Berjaya Media Berhad (“BMedia”) is pleased to announce that its wholly-owned subsidiary, Gemtech (M) Sdn Bhd had acquired from the open market a total of 200,000 ordinary shares of RM1.00 each (“Shares”) and 650,000 0% 10-year irredeemable convertible unsecured loan stocks 2005/2015 of RM0.50 nominal amount each (“ICULS”) in Berjaya Corporation Berhad (“BCorporation”) during the period from 12 February 2010 to 28 January 2011 for a total cash consideration of about RM0.82 million (“Acquisitions”). The Shares and ICULS of BCorporation are collectively referred to as the “BCorporation Securities”. Following the Acquisitions, BMedia Group now holds a total of about 54.72 million BCorporation Shares representing 1.31% equity interest in BCorporation and 0.65 million BCorporation ICULS. The cash considerations of the Acquisitions were at prevailing market prices of BCorporation Securities at the time of acquisitions. The BCorporation Securities were acquired free and clear of all liens, charges and claims of any kind or restriction. The Acquisitions represent an opportunity for the BMedia Group to increase its investment in BCorporation with its surplus internally-generated funds. The Acquisitions have no effect on the issued and paid-up share capital or substantial shareholders’ shareholdings of BMedia. The Acquisitions also have no material effects on the net assets and earnings per BMedia share for the current financial year ending 30 April 2011. The Acquisitions are not subject to the approval of the shareholders of BMedia or any other relevant authority. Tan Sri Dato’ Seri Vincent Tan Chee Yioun (“TSVT”) is a major shareholder of both BMedia and BCorporation. TSVT is the Chairman of BCorporation. Dato’ Robin Tan Yeong Ching (“DRTYC”) is the Chairman of BMedia and the Chief Executive Officer of BCorporation. DRTYC is a son of TSVT and a shareholder of BMedia and BCorporation. Mr. Chan Kien Sing is an executive director of both BMedia and BCorporation. He is also a shareholder of BMedia and BCorporation. Save as disclosed above, none of the other Directors and/or other major shareholders of BMedia or persons connected with them has any interest, direct or indirect, in the Acquisitions. The Board of Directors of BMedia (save for DRTYC) is of the opinion that the Acquisitions are in the best interest of the BMedia Group. The Audit and Risk Management Committee of BMedia is of the opinion that the Acquisitions are fair, reasonable and on normal commercial terms and are in the best interest of BMedia Group. In addition, the Audit and Risk Management Committee is also in the view that the Acquisitions are not detrimental to the interest of the minority shareholders of BMedia. The highest percentage ratio applicable to the Acquisitions pursuant to paragraph 10.02(g) of the Bursa Malaysia Securities Berhad’s Main Market Listing Requirements is 0.71%.
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