MITRAJAYA HOLDINGS BERHAD - Announcements

PART B
To: The Shareholders of Mitrajaya Holdings Berhad
Dear Sirs/Mesdames
12
17 April 2001
INDEPENDENT ADVICE TO THE SHAREHOLDERS IN CONNECTION WITH
THE PROPOSED GPIL ACQUISITION AND THE PROPOSED MSA
ACQUISITION
1. INTRODUCTION
HORWATH MOK & POON
Public Accountants
A member of Horwath International
Level 16 Tower C
Megan Phileo Avenue
12 Jalan Yap Kwan Seng
50450 Kuala Lumpur
Tel (603) 2166 0000
Fax (603) 2166 9200
E mail horwath@po.jaring.my
Website http://www.horwath.com/himy.htm
1.1 On 15 January 2001, GPIL, a wholly-owned subsidiary company of MHB, had
entered into a Comprehensive Agreement with Samrand, MSA and Samitra to
acquire 400 shares of Rand1.00 each representing 40% of the issued and paid-up
capital of Samitra for a cash consideration of Rand30,000,000 or approximately
RM15,372,000 from Samrand. GPIL currently holds 60% equity interest in
Samitra.
On the same date, MSA, a wholly-owned subsidiary company of MHB and a party
to the above mentioned Comprehensive Agreement, had entered into a Deed of
Sale with Samrand to acquire two pieces of freehold property for a cash
consideration of Rand11,400,000 or approximately RM5,841,360.
1.2 In view of certain directors’ and substantial shareholders’ interests as described in
Section 1.2 of the Company’s Circular to Shareholders, the Independent Directors
of MHB have appointed Horwath Mok & Poon (“HMP”) as the Independent
Adviser to the Shareholders of MHB in relation to the Proposed Acquisitions as
set out in Section 1.1 above.
HMP had, via our letter dated 8 March 2001, confirmed to the KLSE our
eligibility to act as Independent Adviser to the Shareholders of MHB.