FORGING AHEAD - Tradewinds Plantation Berhad

214
FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2010
40. CONTINGENT LIABILITIES (UNSECURED)
The Company had guaranteed the financing facilities of certain subsidiaries for RM623,250,000 (2009: RM706,950,000)
of which the outstanding balance is RM526,950,000 (2009: RM548,000,000).
41. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
(a) On 30 December 2009, the Company had submitted applications to the Companies Commission of Malaysia (‘CCM’)
to strike off from CCM’s register its wholly-owned dormant subsidiaries, namely Gugusan Induk Sdn. Bhd. (‘GISB’),
Insan Delima Sdn. Bhd. (‘IDSB’), JTOP Lebir Plantation Sdn. Bhd. (‘JTOP Lebir’) and Teon Choon Quarry Sdn. Bhd.
(‘TCQSB’), under Section 308 of the Companies Act, 1965.
During the current financial year, the Company received the following striking-off notices from the CCM pursuant to the
application for the striking-off:
(i) Notices for the striking-off of GISB and JTOP Lebir, both dated 27 July 2010;
(ii) Notice for the striking-off of TCQSB, dated 16 August 2010; and
(iii) Notice for the striking-off of IDSB, dated 9 September 2010.
Accordingly, GISB and JTOP Lebir were struck-off from CCM’s register on 7 September 2010 and TCQSB and IDSB
were struck-off from CCM’s register on 17 September 2010 and 13 October 2010 respectively.
(b) On 9 June 2010, the Company’s wholly-owned subsidiary, Johore Tenggara Oil Palm Berhad (‘JTOP’), acquired
the remaining 60% equity interest in Hak JTOP Sdn. Bhd. (‘Hak JTOP’) for a cash consideration of RM3,200,000.
Consequently, Hak JTOP became a wholly-owned subsidiary of JTOP.
42. SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD
On 30 October 2009, Prisma Spektra Sdn. Bhd. (‘PSSB’), a wholly-owned subsidiary of the Company, entered into a
conditional Share Sale Agreement (‘SSA’) with Semi Bayu Sdn. Bhd. (‘SBSB’) for the acquisition of 125,709,000 ordinary
shares of RM1 each in MARDEC Berhad (‘Mardec’), representing the entire issued and paid-up ordinary share capital of
Mardec, for a total purchase consideration of RM150,000,000 (‘Proposed Acquisition of Mardec’).
Mardec is an investment holding company incorporated in Malaysia and through its local and overseas subsidiaries and
associates, is involved in the processing and trading of natural rubber and the manufacturing of value-added rubber and
polymer products.
The initial period for the fulfillment and satisfaction of the conditions precedent to the Proposed Acquisition of Mardec
(‘Prescribed Period’) expired on 29 April 2010. On 30 April 2010, SBSB and PSSB agreed to extend the Prescribed Period
by a further period of six months to 30 October 2010. On 1 November 2010, the Prescribed Period was extended by a
further period of six months to 30 April 2011.
TRADEWINDS PLANTATION BERHAD
Annual Report 2010