LEONG HUP HOLDINGS BERHAD - Announcements

(ii)
(iii)
The fixing of the redemption sum in respect of the 119.82-Acre Land; and
The granting of the Bukit Gambir Loan 2; and
(e)
The approval of the SC for the proposed listing of Newco and the proposed
acquisition of the 119.82-Acre Land by Bukit Gambir.
7. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS
As stated in Section 1 above, Mr. Yeo Soo Sia @ Yeo Soo Seng is a director and substantial
shareholder of Budiman, Bukit Gambir, Jayaplus and Pathalon. He is also a director of Atlasprise.
He is therefore deemed interested in the First Proposed Acquisition of Budiman Shares, Proposed
Disposal of Atlasprise Shares, Proposed Disposal of 73.845-Acre Land, Proposed Disposal of
132.395-Acre Land and Proposed Disposal of 119.82-Acre Land. As such, he has abstained and
will continue to abstain from all deliberations and voting on the aforesaid Proposals at Board
meetings of Budiman, Bukit Gambir, Jayaplus, Pathalon and Atlasprise. He will also abstain from
voting in respect of his direct and indirect shareholdings, on the shareholders’ resolutions of
Budiman, Bukit Gambir, Jayaplus and Pathalon pertaining to the aforesaid Proposals.
In view of the interests of Datuk Lau Chong Wang, Dato Lau Eng Guang, Datuk Lau Tuang
Nguang and Mr. Lau Chun Yuen in the Second Proposed Acquisition of Budiman Shares as
disclosed in Section 1 above, they have abstained and will continue to abstain from all deliberations
and voting on the Second Proposed Acquisition of Budiman Shares at Board meetings of LHHB.
They will also abstain from voting at the forthcoming EGM of LHHB on the resolution pertaining to
the Second Proposed Acquisition of Budiman Shares in respect of their direct and indirect
shareholdings in LHHB.
Mr. Lau Bong Wong and LHM will abstain from voting at the forthcoming EGM of LHHB on the
resolution pertaining to the Second Proposed Acquisition of Budiman Shares in respect of their
direct and indirect shareholdings in LHHB.
Save as disclosed above, none of the directors or substantial shareholders of LHHB or persons
deemed to be connected to them has any interest, direct or indirect, in the Proposals.
8. EVALUATION OF THE PROPOSALS
In our evaluation of the Proposals, we have taken the following into consideration:-
(a)
(b)
(c)
(d)
Rationale for the Proposals;
Basis of determining the consideration for the Proposals;
Mode of financing the First and Second Proposed Acquisition of Budiman Shares; and
Financial effects of the Proposals.
8.1 Rationale for the Proposals
The rationale for the Proposals is stated to be as follows:-
“The Proposed Disposal of Atlasprise Shares, Proposed Disposal of 73.845-Acre Land,
Proposed Disposal of 132.395-Acre Land and Proposed Disposal of 119.82-Acre Land
will raise gross proceeds of approximately RM46.068 million for the LHHB Group,
excluding:-
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