LEONG HUP HOLDINGS BERHAD - Announcements

elation to the 119.82-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:-
(i)
(ii)
The Bukit Gambir Loan 2 within three (3) months from the date
on which the Sale and Purchase Agreement in respect of the
Proposed Disposal of 119.82-Acre Land becomes unconditional;
and
The balance of RM12,965,180.48 by the issuance of new Shares
by Newco at the initial public offering price (“Consideration
Shares”). The initial public offering price and the basis therefor
and hence the number of Consideration Shares, will be
determined after Newco has obtained the SC’s approval for its
proposed listing on the KLSE. Budiman undertakes to sell 40%
of the Consideration Shares to Bumiputra parties approved by the
Ministry of International Trade & Industry.
Newco expects to submit its application to the SC by July 2001.
In the event that the proposed listing of Newco does not take
place, the Proposed Disposal of 119.82-Acre Land will be
aborted.
(f)
Rights Attaching to Consideration Shares
The Consideration Shares shall rank pari passu in all respects with the
other Shares of Newco and shall be similarly listed and quoted on the
KLSE.
3.6.3 Basis of Determining the Disposal Consideration
The basis of determining the disposal consideration is set out in Section 3.3.3
above.
3.7 Inter-Conditionality
The First Proposed Acquisition of Budiman Shares, Proposed Disposal of Atlasprise
Shares, Proposed Disposal of 73.845-Acre Land and Proposed Disposal of 132.395-Acre
Land are inter-conditional with one another.
The Second Proposed Acquisition of Budiman Shares is not inter-conditional with any of
the other Proposals.
The Proposed Disposal of 119.82-Acre Land is not inter-conditional with any of the other
Proposals.
43