?ytl land? or - Announcements - Bursa Malaysia

2. DETAILS OF THE PROPOSALS
2.1 Proposed Acquisitions and the settlement of outstanding inter-company
balances
2.1.1 Proposed AASB Acquisition
The Proposed AASB Acquisition involves the acquisition of the entire issued
and paid-up share capital of AASB comprising two (2) ordinary shares of
RM1.00 each in AASB (“AASB Shares”) for a purchase consideration of
RM2.
The purchase consideration was arrived at based on “a willing-buyer willingseller”
basis after taking into account the audited net liabilities (“NL”) of AASB
as at 30 June 2010 of RM109,328 and the development potential of the
property located at Brickfields, Kuala Lumpur.
In conjunction with the Proposed AASB Acquisition, YTL Land will undertake
to settle the outstanding inter-company balance owing to YTL Corp as at the
Agreed Cut-Off Date. The outstanding inter-company balance owing to YTL
Corp by AASB relates mainly to (i) payment of RM2.5 million deposit to
Keretapi Tanah Melayu Berhad (“KTMB”) under a development agreement
dated 20 October 1994 entered into between KTMB, KTMB (Brickfields) Sdn
Bhd (“KBSB”), YTL Corp and AASB (“Development Agreement”), to
undertake a proposed development on a piece of property located at
Brickfields, Kuala Lumpur; and (ii) development expenditure of approximately
RM3.0 million. As at 30 June 2010, the audited inter-company balance
amounts owing to YTL Corp by AASB amounted to RM5,525,751.
The purchase consideration of RM2 and the settlement of outstanding intercompany
balance as at 30 June 2010 of RM5,525,751 will be fully satisfied
by YTL Land via the issuance of RM5,525,753 nominal value of ICULS at
100% of nominal value. The settlement of the outstanding inter-company
balances will be subject to the Adjustment.
Please refer to Section 1 of Appendix II for further information on AASB.
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