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August 26, 2011
| Company Name | : |
SMR TECHNOLOGIES BERHAD (ACE Market) |
| Stock Name | : |
SMRTECH |
| Date Announced | : |
26/08/2011 |
| Type | : |
Announcement |
| Subject | : |
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | : |
DISPOSAL OF THE ENTIRE EQUITY INTEREST IN SMR HR SINGAPORE PTE LTD HELD BY SMR TECHNOLOGIES BERHAD COMPRISING OF 2 ORDINARY SHARES OF S$1.00 EACH TO ONG TONG IT ANTHONY FOR A TOTAL CASH CONSIDERATION OF S$2.00 |
| Announcement Details/Table Section : |
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1. INTRODUCTION The Board of Directors of SMR Technologies Berhad ("SMRT" or "the Company") wishes to announce that SMR HR Singapore Pte Ltd ("SMR HR Singapore") ceased to be a subsidiary of SMRT on 26 August 2011 pursuant to the completion of the disposal of 100% of the equity interest in SMR HR Singapore, comprising of 2 ordinary shares of S$1.00 each to Ong Tong It Anthony ("Purchaser") for a total cash consideration of S$2.00, equivalent to approximately RM5.00 based on the exchange rate of S$1.00 to RM2.50 as at 25 August 2011 ("the Disposal"). 2. DETAILS OF THE DISPOSAL The disposal consideration for the Disposal of S$2.00, equivalent to approximately RM5.00 based on the exchange rate of S$1.00 to RM2.50 as at 25 August 2011 was arrived at on a willing buyer-willing seller basis. 2.1 INFORMATION ON SMR HR SINGAPORE SMR HR Singapore was incorporated in Singapore on 14 June 1999 with an issued and paid-up share capital of S$2.00. The principal nature of business of SMR HR Singapore is HR consulting, training and related activities. 2.2 INFORMATION ON PURCHASER Ong Tong It Anthony is a Singaporean. He is a company secretary currently attached with AMC Ong Management Consultant Pte Ltd. 3. EFFECTS OF THE DISPOSAL The Disposal is expected to result in a deemed gain of RM6,820.18 and is expected to have a material impact on the consolidated earnings per share and consolidated net assets per share of SMRT for the financial year ending 31 December 2011. 4. DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS None of the Directors and/or major shareholders of SMRT and/or persons connected to them have any interest, direct or indirect, in the Disposal. 5. APPROVALS REQUIRED The Disposal is not subject to the approval of the shareholders or any relevant authorities. 6. STATEMENT BY DIRECTORS The Directors having considered all aspects of the Disposal, is of the opinion that the Disposal is fair and reasonable and is in the best interests of SMRT and its group of companies. 7. PERCENTAGE RATIO APPLICABLE TO THE DISPOSAL PURSUANT TO RULE 10.02(G) The highest percentage ratio applicable to the Disposal pursuant to Rule 10.02(g) of the ACE Market Listing Requirements of the Bursa Malaysia Securities Berhad is 0.1%. This announcement is dated 26 August 2011.
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