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PROPOSED DISPOSAL OF A PROPERTY BY OPEN ADVENTURE SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF VORTEX CONSOLIDATED BERHAD TO CLASSIC BLOSSOM SDN BHD ("PROPOSED DISPOSAL")

VORTEX CONSOLIDATED BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-17032020-00001
Subject PROPOSED DISPOSAL OF A PROPERTY BY OPEN ADVENTURE SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF VORTEX CONSOLIDATED BERHAD TO CLASSIC BLOSSOM SDN BHD ("PROPOSED DISPOSAL")
Description
VORTEX CONSOLIDATED BERHAD ("VCB" OR "THE COMPANY") AND ITS SUBSIDIARIES (THE GROUP)
Proposed Disposal of a Property by Open Adventure Sdn. Bhd., a wholly-owned subsidiary of VCB Classic Blossom Sdn. Bhd.
Query Letter Contents

We refer to your Company’s announcement dated 16 March 2020, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) To clarify whether the Proposed Disposal also entails disposal of the land held under H.S. (D) 102253, PT 16067, Mukim of Damansara, District of Petaling, Selangor (“Land”), or only the semi detached factory (“Factory”) built thereon.
2) In relation to the Factory, the amount of lettable space.
3) Encumbrances on the Land, if any.
4) Existing use of the Factory, in view that the previous tenancy period has ended on 29 February 2020.
5) Details of the working capital for which the sale proceeds are intended to be used.

6) Effect of the expected gain of RM1.8 million on the earnings per share of the Group.
7) The SPA should be made available for inspection for a period of 3 months from the date of announcement.

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

 

Yours faithfully,
Listing 
Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)

The Board of Directors of VCB (“Board”) wishes to announce that it had on 17 March 2020 received a query from Bursa Malaysia Securities Berhad for additional information in respect of the announcement made on 16 March 2020 pertaining to the Proposed disposal of a property by Open Adventure Sdn Bhd, a wholly-owned subsidiary of VCB to Classic Blossom Sdn Bhd.

 

Please refer to the attachment for full text of our reply.

 

This announcement is dated 18 March 2020.



Please refer attachment below.

Attachments

Reply to Bursa 18 3 2020.pdf
184.4 kB



Announcement Info

Company Name VORTEX CONSOLIDATED BERHAD
Stock Name VC
Date Announced 18 Mar 2020
Category General Announcement for PLC
Reference Number GA1-18032020-00059