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Details of Announcement

 

General Announcement

Reference No C&-050311-1201B

Company Name

:

KIA LIM BERHAD  

Stock Name

:

KIALIM  

Date Announced

:

11/03/2005  

 

Type

:

Announcement

Subject

:

SYARIKAT KIA LIM KILANG BATU BATA SDN. BHD.
~DISPOSAL OF MACHINERIES


Contents :

The Board of Kia Lim Berhad ("KLB") wishes to announce that its wholly-owned subsidiary, Syarikat Kia Lim Kilang Batu Bata Sdn. Bhd. ("SKL"), intends to dispose of the following machineries to the purchasers mentioned below at considerations determined on a willing buyer-willing seller basis:-


Particular of Motor Vehicles

Purchaser

Consideration (RM)

No. Engine No. Registration

43V2111/ JAW 3726
75J2293

Sri Senanggar Batu Bata Sdn Bhd ("SRI")

75,000

09209892/ JCF 1496
4SB02324

SRI

175,000

4FD-25-12 WQ 7587
521

Original Clay Industries Sdn Bhd ("OCI")

5,000

Total:

255,000

RATIONALE OF PROPOSAL

The machineries are lying idle and do not generate revenue to the Company. Thus, by disposing them at such value would save some money for the Company.

EFFECTS OF PORPOSAL
1. Share capital
No effect on the issued and paid up capital share capital of KLB Group.

2. Earnings and NTA

Earning
The disposal will result in a net gain totalling approximately RM255,000.00 or 0.0057 sen per KLB share for the financial year ended 31 December 2004.

NTA
The percentage ratio of the total consideration against KLB's NTA is 1.21%

DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST

For OCI

A Director of KLB, namely Datuk Ng Eng Sos @ Bah Chik, and his family members are directors and/or substantial shareholders of OCI.

For SRI

A Director of KLB, namely Tan See Chip, and certain family members of certain directors, namely Datuk Ng Eng Sos @ Bah Chik, Ng Yeng Keng @ Ng Ka Hiat and Tan See Chip, are directors of SRI. Certain directors of KLB, namely Datuk Ng Eng Sos @ Bah Chik, Ng Yeng Keng @ Ng Ka Hiat, Tan See Chip, and/or their family members are substantial shareholders of SRI.

STATEMENT BY THE DIRECTORS

The Board, after careful deliberation, is of the opinion that the proposal is in the best interest of KLB Group.

 

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