LEONG HUP HOLDINGS BERHAD - Announcements

(d)
(e)
(f)
(g)
(h)
(i)
Mr. Lau Bong Wong is a substantial shareholder of LHHB through his interest in
LHM. He is a director and substantial shareholder of LHM. He is also a
substantial shareholder of Amalan, and a director and an indirect substantial
shareholder of Budiman through his interest in LHHB;
Mr. Lau Chia Nguang is a director and substantial shareholder of LHM, and a
substantial shareholder of Amalan;
Datuk Lau Chir Nguan is a director and substantial shareholder of both LHM and
Amalan;
Mr. Lau Hai Nguan is a director and substantial shareholder of LHM, and a
substantial shareholder of Amalan;
Datuk Lau Chong Wang, Dato Lau Eng Guang, Datuk Lau Tuang Nguang, Mr.
Lau Bong Wong, Mr. Lau Chia Nguang, Datuk Lau Chir Nguan, Mr. Lau Hai
Nguan and Mr. Lau Chun Yuen (who is a director of LHHB) are brothers; and
LHM is a substantial shareholder of LHHB and an indirect substantial shareholder
of Budiman through its interest in LHHB.
5. BASIS OF DETERMINING THE CONSIDERATION FOR THE PROPOSALS
5.1 First and Second Proposed Acquisition of Budiman Shares
The purchase consideration for each of the First and Second Proposed Acquisition of
Budiman Shares of RM3,926,000 was arrived at on a willing-buyer willing-seller basis
after taking into consideration the estimated NTA of Budiman as at 31 March 2001 of
RM9.218 million after adjusting for the revaluation surplus of RM10.443 million arising
from the revaluation of the Budiman Land, as well as the various land disposals. The
adjusted estimated NTA is RM19.661 million. 20% of the adjusted estimated NTA
therefore amounts to RM3.932 million.
The adjusted estimated NTA of Budiman as at 31 March 2001 takes into account a
valuation of the 73.845-Acre Land, 132.395-Acre Land and 119.82-Acre Land collectively
carried out by Colliers Jordan Lee & Jaafar (JH) Sdn. Bhd., an independent firm of
professional valuers, on 28 February 2001 using the comparison method, and checked by
the residual method, pursuant to which the said firm determined the aggregate open market
value of the said lands with the benefit of the Budiman Approval, to be RM62,500,000 or
approximately RM4.40 per square foot. A copy of the valuer’s letter in relation to the said
valuation is set out in Appendix 5.
The purchase consideration represents a discount of RM0.006 million or 0.16% to the
relevant proportion of the adjusted estimated NTA of Budiman as at 31 March 2001.
The Vendors’ total cost of investment in the 1,300,000 Budiman Shares proposed to be
acquired by LHHB pursuant to the First Proposed Acquisition of Budiman Shares, since the
date of incorporation of Budiman, is RM1,300,000.
Amalan’s cost of investment in the 1,300,000 Budiman Shares proposed to be acquired by
LHHB pursuant to the Second Proposed Acquisition of Budiman Shares, since the date of
incorporation of Budiman, is RM1,300,000.
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