KNUSFORD BERHAD
(Company No. : 380100-D)
(Incorporated in Malaysia)
KNUSFORD BERHAD
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY
TRANSACTIONS - DISPOSAL OF SHOP OFFICES TO RELATED PARTIES
We refer to the query letter from Bursa Malaysia Securities Berhad (“Bursa Securities”) dated
13 May 2013 and the Company’s announcement dated 10 May 2013 in relation to the above
captioned matter.
Unless stated otherwise, definitions used in this Announcement shall carry the same meaning as
defined in the announcement dated 10 May 2013.
1.
The approximate gross built-up area of each of the shop houses (“Properties).
The approximate gross built-up area of each of the shop houses are as follows:
Related Party
Lantas Setia Sdn Bhd
Description of Property
Gross built-up area
1 unit of 3-storey Shop Office
(PT 17953, H.S.(D) 102767,
Freehold measuring 2,464.96
sq. ft. in land area)
6,666 sq. ft.
1 unit of 2-storey Shop Office
(PT 17915, H.S.(D) 102729,
Freehold measuring 1,872.94
sq. ft. in land area)
3,469 sq. ft.
1 unit of 2-storey Shop Office
(PT 17919, H.S.(D) 102733,
Freehold measuring 1,872.94
sq. ft. in land area)
3,469 sq. ft.
Lor Siew Hung & Lim Pak 1 unit of 2-storey Shop Office
Lian
(PT 17907, H.S.(D) 102721,
Freehold measuring 1,872.94
sq. ft. in land area)
3,469 sq. ft.
Gemilang Lighting Sdn
Bhd
8,023 sq. ft.
Lim Sew Hua
1 unit of 3-storey Shop Office
(PT 17906, H.S.(D) 102720,
Freehold measuring 2,960.10
sq. ft. in land area)
2.
The date of commencement and expected completion date of the development of the
Properties.
The development of the Properties commenced in November 2012 and is expected to be
completed in the fourth quarter of 2015.
3.
The audit committee’s view whether the Disposal is fair, reasonable and on normal
commercial terms, together with the basis for its views; and
(a) where the audit committee has sought an independent advice in forming its
views, a statement to that effect; and
(b) where the views of the audit committee are different from the independent
adviser, if any, the reasons for the difference.
The audit committee having considered all aspects of the Disposal, is of the opinion that
the Disposal is in the best interest of the Company and it is not detrimental to the interest
of the non-interested shareholders. The audit Committee is of the view that the Disposal
is fair, reasonable and on normal commercial terms.
In forming its view and opinion on the Disposal, the Audit Committee has considered the
basis of the sale consideration which is not more favourable than those offered to the
public.
No independent advice was sought by the Audit Committee as it is not required pursuant
to paragraph 10.08(1) of the Main Market Listing Requirement as the percentage ratio
applicable to the Disposal is less than 5%.
4.
The time frame the SPAs are made available for inspection.
The SPAs is available for inspection at KB’s registered office at Ground Floor, Wisma
Ekovest, No: 118 Jalan Gombak, 53000 Kuala Lumpur, from 9.00 a.m. to 5.00 p.m. from
Mondays to Fridays (except public holidays) for a period of three (3) months from 10
May 2013.