LEONG HUP HOLDINGS BERHAD - Announcements

(b)
Two (2) pieces of freehold land held under E.M.R. 494, Lot No. 375 and
Certificate of Title 6387, Lot No. 1732 in Mukim of Pengerang, District of Kota
Tinggi, State of Johor measuring in total approximately 112.125 acres
(“Agricultural Land”). Atlasprise had obtained the approval in principle of the
Johor State Authority on 19 August 1999 for a leisure farm development on the
Agricultural Land.
The proposed development on the Industrial Land comprises a total of 62 detached and
semi-detached industrial lots, whilst the proposed development on the Agricultural Land
comprises 90 homestead lots. The respective proposed developments have yet to
commence as the time of their commencement would depend on the conditions in the
property market.
The Industrial Land and the Agricultural Land shall hereinafter be collectively referred to
as the “Atlasprise Land”, and the respective approvals in principle of the Johor State
Authority mentioned above shall hereinafter be collectively referred to as the “Atlasprise
Approvals in Principle”.
A valuation of the Atlasprise Land was carried out by Colliers Jordan Lee & Jaafar (JH)
Sdn. Bhd., an independent firm of professional valuers, on 28 February 2001 using the
comparison method, pursuant to which the said firm determined the open market value of
the Atlasprise Land with the benefit of the Atlasprise Approvals in Principle, to be
RM17,000,000 or approximately RM1.70 per square foot. As the unaudited net book
value of the Atlasprise Land as at 30 November 2000 (being the reference date used for
arriving at the consideration for the Proposed Disposal of Atlasprise Shares) was
RM20.660 million, the loss on revaluation amounted to RM3.660 million. The loss on
revaluation will not be incorporated into the accounts of Atlasprise, as the sole purpose of
the revaluation was to establish a market value for the Atlasprise Land and hence the
adjusted NTA value of Atlasprise. The audited net book value of the Atlasprise Land as at
31 March 2000 was RM19.659 million.
The Atlasprise Land is currently charged to Arab-Malaysian Finance Berhad for securing
the credit facilities granted to Atlasprise towards completion of the purchase of the
Atlasprise Land.
Atlasprise does not have any subsidiary or associate company.
The present authorised share capital of Atlasprise is RM5,000,000 comprising 5,000,000
Shares, of which 1,500,000 Shares have been issued and are fully paid-up.
The shareholders and directors of Atlasprise and their respective shareholdings as at 15
May 2001 are set out in the table below.
Name Direct Shareholding Indirect Shareholding
No. of Shares % No. of Shares %
Shareholders
LHHB 825,000 55.0 - -
Bukit Gambir 300,000 20.0 - -
Datuk Lau Tuang Nguang 150,000 10.0 - -
Dato’ Mohamed Salleh bin Ahmad 225,000 15.0 - -
Leong Hup Management Sdn. Bhd. - - * 825,000 55.0
Datuk Lau Chong Wang - - * 825,000 55.0
Lau Bong Wong - - * 825,000 55.0
Total 1,500,000 100.0
Directors
Datuk Lau Chong Wang - - * 825,000 55.0
Datuk Lau Tuang Nguang 150,000 10.0 - -
Dato’ Mohamed Salleh bin Ahmad 225,000 15.0 - -
Yeo Soo Sia @ Yeo Soo Seng - - - -
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