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FOCUS POINT HOLDINGS BERHAD FOCUSP (0157)

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last updated: 1-Nov-2017 4:56 PM
Company: FOCUS POINT HOLDINGS BERHAD
Date Announced: 13-Dec-2010
Subject: FOCUS POINT HOLDINGS BERHAD ("FOCUS POINT" OR THE "COMPANY " Proposed acquisition by a wholly-owned subsidiary of Focus Point, Focus Point Vision Care Group Sdn Bhd ("Focus Point Vision Care") of the business and assets of (i) Imperial Optics (K.K) Sdn Bhd and (ii) One Borneo Optics Sdn Bhd
Content: We refer to the Company’s announcement on 9 December 2010 with regards to the Proposed Acquisitions. As requested by Bursa Malaysia Securities Berhad in its letter dated 13 December 2010, we append below our reply to the queries:- 1. Focus Point wishes to clarify that there is no intention to dispose of the operations of professional eye care centre at One Borneo Optics Outlet as well as the systems data and licenses in connection to the business excluding the liabilities, to Toh Beng Teck. As such, Focus Point Vision Care shall arrange for the removal of such clause in the sale of business and assets agreement signed on 9 December 2010 between One Borneo and Focus Point Vision Care. A separate announcement will be made in due time. On the Part Balance Purchase Consideration, the payment is made to Toh Beng Teck at the instruction of One Borneo, and the parties acknowledged that this Part Balance Purchase Consideration shall be deemed as payment to One Borneo and One Borneo shall have no claim whatsoever against Focus Point Vision Care with respect to this payment to Toh Beng Teck. 2. The trading/closing stocks of Suria Sabah Outlet are to be acquired by Focus Point Vision Care from Imperial Optics as part of the Proposed Acquisitions for a purchase consideration of RM207,532.70 (which is included in the total purchase consideration of RM1,490,194.70 in Agreement 1). Thereafter, these trading/closing stocks shall be sold to Vision Twenty as inventory for its Focus Point-franchised Imperial Mall Outlet and Bintang Megamall Outlet. The sales of the trading/closing stocks on a gradual basis of 8 months is mutually agreed between both Vision Twenty and Focus Point Vision Care. The announcement is dated 13 December 2010.
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