LEONG HUP HOLDINGS BERHAD - Announcements

irrevocable power of attorney empowering Bukit Gambir to do all acts in
relation to the 132.395-Acre Land as fully and effectually in all respects
as Budiman itself could do.
(e)
Mode of Satisfaction of Disposal Consideration
The disposal consideration shall be satisfied by Bukit Gambir in the
following manner on completion:-
(i)
(ii)
(iii)
Setting off all the shareholders’ advances granted by Bukit
Gambir to Budiman as at the completion date of the Proposed
Disposal of 132.395-Acre Land. As at 15 May 2001, the
shareholders’ advances granted by Bukit Gambir to Budiman
amounted to RM9.783 million;
The Bukit Gambir Loan 1; and
The balance in cash.
3.4.3 Basis of Determining the Disposal Consideration
The basis of determining the disposal consideration is set out in Section 3.3.3
above.
3.5 Second Proposed Acquisition of Budiman Shares
3.5.1 Information on Budiman
Information on Budiman has been provided in Section 3.1.1 above.
3.5.2 Salient Terms
(a)
Shares Acquired Free from Encumbrances
The 1,300,000 Shares in Budiman to be acquired by LHHB pursuant to
the Second Proposed Acquisition of Budiman Shares will be acquired free
from all claims, charges, liens, pledges or any other encumbrances and
with all rights and advantages attaching thereto or accruing thereon as at
and from the date of the Sale and Purchase Agreement, including all rights
to dividends and other distributions declared, made and paid thereafter.
(b)
LHHB to Settle Amalan’s Advances to Budiman
As at 15 May 2001, Amalan’s advances to Budiman amounted to
RM7.709 million (“Amalan’s Advances”). LHHB will settle Amalan’s
Advances.
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