Pg 147 - Berjaya Corporation Berhad

39 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONT’D)The Company had previously received a mandate from its shareholders on 15 March 2004 to place out 200 million BTotoshares. The placement has not been implemented. With the Proposed BToto Disposal, the Company will not continue with theplacement.The disposals are conditional upon the approvals of the following:(i) Securities Commission;(ii) shareholders of the Company and Intan;(iii) shareholders of BGB; and(iv) any other relevant authorities.On even date, the Company also announced that it is proposing to dispose of up to an additional 30 million ordinary shares inBToto at prevailing market prices to further reduce the outstanding amount owing to BToto.Subsequently, on 25 January 2006, on behalf of the Company, Commerce International Merchant Bankers Berhad (“CIMB”)announced that BLand and Vendor Subsidiaries and Intan had agreed to mutually terminate the sale and purchase agreementin relation to the Proposed BToto Disposal and the Company is to compensate Intan with an amount of RM9.0 million in cash.This compensation was settled subsequent to financial year end.As a condition for the acceptance of the above mutual termination, Intan has requested that the following agreementsbetween:(i)(ii)Angsana Gemilang Sdn Bhd (“AGSB”) , a wholly owned subsidiary of the Company, and Convenience Shopping Sdn Bhd(“CSSB”), a subsidiary of Intan, for the disposal of a 3-storey commercial building with 2 levels of basement car parksidentified as a Lot No. 1151, Section 57, Town and District of Kuala Lumpur, Federal Territory of Kuala Lumpur; andCempaka Properties Sdn Bhd (“CPSB”), a wholly owned subsidiary of the Company, and CSSB for the disposal of 3 adjoiningretail lots located on the ground floor of a 7-storey shopping complex bearing postal address Nos. G-21, G-22 and G-22A,Ground Floor, Berjaya Megamall, Jalan Tun Ismail, 25000 Kuantan, Pahang, be mutually terminated. The Boards of theCompany, AGSB and CPSB after careful consideration, have agreed to the mutual termination of the said agreements.3 On 25 July 2005, the Company announced that it has repaid RM16.8 million to BToto to partially settle the inter-companyadvances owing by the Company to BToto. In accordance with the terms of the undertaking given by the Company to BTotodated 23 January 2002, the said partial settlement will allow the Group to utilise at its absolute discretion RM8.4 million nominalvalue of BToto ICULS. The Group had on 22 July 2005 converted RM8.4 million nominal value of BToto ICULS into new BTotoshares thereby increasing the Group’s interest in BToto from 46.23% to 46.63%.4 On 4 August 2005, the Company announced that it has repaid RM4.621 million to BToto to partially settle the inter-companyadvances owing by the Company to BToto. In accordance with the terms of the undertaking given by the Company to BTotodated 23 January 2002, the said partial settlement will allow the Group to utilise at its absolute discretion RM2.311 millionnominal value of BToto ICULS. The Group had on 3 August 2005 converted RM2.311 million nominal value of BToto ICULS intonew BToto shares thereby increasing the Group’s interest in BToto from 46.53% to 46.64%.5 On 10 August 2005, the Company announced that, pursuant to a request made by the Company to BToto for an extensionof time by another one year to 4 August 2006 to settle in full the amount owing to BToto, BToto had agreed to the proposedextension of time requested by the Company.6 On 2 December 2005, the Company announced the proposed subscription by Berjaya Leisure (Cayman) Limited (“BLCL”), awholly owned subsidiary of the Company, of 51% of the enlarged capital contribution of Berjaya (China) Great Mall Co. Ltd(“GMOC”) for a total cash consideration of Renminbi (“RMB”) 33,270,426 (equivalent to about RM15.5 million) hereinafter referredto as the “Proposed Subscription”.Berjaya Land Berhad (201765-A) Annual Report 200693