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PROPOSED DISPOSAL BY DAYANG OF 1,800,000 ORDINARY SHARES OF RM1.00 EACH IN SYARIKAT BORCOS SHIPPING SDN BHD ("BORCOS"), REPRESENTING 40% OF THE ISSUED AND PAID-UP CAPITAL OF BORCOS TO AWH EQUITY HOLDINGS SDN BHD ("AWH") FOR A TOTAL CASH CONSIDERATION OF RM135,000,000 ("PROPOSED DISPOSAL")

BackDec 13, 2010
Date Announced
:
13/12/2010  




Type
:
Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID
:
RZ-101209-59839
Subject
:
DAYANG ENTERPRISE HOLDINGS BHD ("DAYANG" OR THE "COMPANY")

PROPOSED DISPOSAL BY DAYANG OF 1,800,000 ORDINARY SHARES OF RM1.00 EACH IN SYARIKAT BORCOS SHIPPING SDN BHD ("BORCOS"), REPRESENTING 40% OF THE ISSUED AND PAID-UP CAPITAL OF BORCOS TO AWH EQUITY HOLDINGS SDN BHD ("AWH") FOR A TOTAL CASH CONSIDERATION OF RM135,000,000 ("PROPOSED DISPOSAL")

Contents
:
With reference to the announcement dated 8 December 2010 and the query letter from Bursa Malaysia Securities ("Bursa Securities") dated 10 December 2010, please find attached the responses for the additional information requested by Bursa Securities.

Query Letter
content
:
We refer to your Company's announcement dated 8 December 2010 in respect of the
aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following
additional information for public release:-

1) if bank borrowings were incurred during the proposed acquisition of BORCOS,
kindly state the amount incurred thereof together with the amount of proceeds
from the Proposed Disposal which shall be utilised to settle the borrowings and
interest (if any). In the event that the proceeds arising from the Proposed
Disposal shall not be utilised to settle the borrowings and any interest
incurred, to state the rationale and actions to be taken in settling the
borrowings;
2) to provide further elaboration on the rationale for the Proposed Disposal in
view that the proposed acquisition of BORCOS was only completed on 15 December
2009;
3) the status and enforceability of the Profit Guarantee Agreement dated 9
September 2009; and
4) the effect on the earning of Dayang Group for the financial year ending 31
December 2011.

Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.

Yours faithfully



WAN CHOON YEN
Senior Manager, Issuers
Listing Division
Regulation

WCY/RZ

copy to:- General Manager & Head, Market Surveillance, Securities Commission
(via fax)

Attachments

  1. Dayang131210.pdf (Size: 26,034 bytes)