LEONG HUP HOLDINGS BERHAD - Announcements

(b)
(c)
LHM will set off the Set-Off Amount against Amalan and the outstanding loans
from LHM to Amalan shall be correspondingly reduced by the Set-Off Amount.
As at 15 May 2001, the outstanding loans from LHM to Amalan amounted to
RM21.707 million. The balance after setting off the Set-Off Amount on
completion and taking into account real property gains tax payable by Amalan, is
expected to be approximately RM10.357 million; and
Thereafter, the purchase consideration for the Second Proposed Acquisition of
Budiman Shares and Amalan’s Advances shall be deemed to have been paid and
fully settled by LHHB to Amalan.
In view of the above, the Second Proposed Acquisition of Budiman Shares will also not
have any effect on the LHHB Group’s liquidity position.
8.4 Financial Effects of the Proposals
(a)
Share Capital
The Proposals will not have any effect on the share capital of LHHB as they do not
involve the issuance of any Shares by LHHB.
(b)
Substantial Shareholders
The Proposals will not have any effect on the substantial shareholders of LHHB as
they do not involve the issuance of any Shares by LHHB.
(c)
Earnings
The Proposals are expected to be completed in the financial year ending 31 March
2002, in the third quarter of the calendar year 2001. On completion of the
Proposals, LHHB is expected to realise an estimated gain of approximately
RM3.631 million at the LHHB Group level. This will translate into an increase of
approximately 1.55 sen in LHHB’s consolidated net EPS for the financial year
ending 31 March 2002.
(d)
NTA and Gearing
Based on the audited consolidated accounts of LHHB as at 31 March 2000 and the
estimated accounts of Budiman and Atlasprise as at 30 September 2001, the proforma
effects of the Proposals on the NTA and gearing ratio of LHHB are shown
in the table below.
As at
(A) (B) (C)
31.03.2000
RM’000 RM’000 RM’000 RM’000
Share Capital 151,568 151,568 151,568 151,568
Share Premium 23,534 23,534 23,534 23,534
Revaluation reserves - 3,970 3,970 2,507
Foreign Exchange Fluctuation Reserve (9,894) (9,894) (9,894) (9,894)
Unappropriated Profit 52,688 * 50,766 # 50,716 @ 51,770
Shareholders’ Funds 217,896 219,945 219,895 219,485
Less: Intangibles (58,262) (58,262) (58,262) (58,262)
NTA 159,634 161,683 161,633 161,223
NTA per Share (RM) 1.05 1.07 1.07 1.06
Total Borrowings 329,156 299,296 299,296 289,296
Gearing Ratio (times) 1.51 1.36 1.36 1.32
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