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Transactions (Chapter 10 Of Listing Requirements) : Related Party Transactions

BackDec 28, 2018
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description

Disposal of Properties by Luxury Parade Sdn. Bhd. (wholly-owned subsidiary of Bonia Corporation Berhad) to Future Diversity Sdn. Bhd. (related party)

 

Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Company’s announcement dated 27 November 2018 (Reference Number: GA1-27122018-00066) in relation to the Disposal.

 

 

Further to Company’s announcement dated 27 November 2018 in relation to the Disposal, the Board wishes to provide the following additional information and restate BCB’s intention of the application of the sale proceeds:

 

 

1.         Other details of the Properties:

 

 

 

Property1

Property2

Lease expiry

29 June 2087

29 June 2087

Age of building erected thereon

20 years

20 years

 

 

2.            Intended application of Sale Proceeds

 

The sale proceeds of RM3,600,000.00 from the Disposal will be applied to repay LPSB’s outstanding loans and are expected to be utilised as follow:

 

 

Details of Utilisation

Estimated Utilisation time frame

RM

Sale proceeds

 

3,600,000.00

Proposed full settlement of a term loan of LPSB (*)

4 months

(1,800,000.00)

Proposed repayment of installments of certain term loans of LPSB (#)

6 months

(1,800,000.00)

 

 

Nil

 

Notes:

(*)           The settlement of the term loan is expected to result in interest savings of approximately RM108,000.00 per annum based on the average effective interest rate of 6% per annum.

(#)           This amount will be lower if LPSB is required to settle the real property gains tax arising from the Disposal.

 

 

This announcement is dated 28 December 2018.





 


Announcement Info

Company Name BONIA CORPORATION BERHAD
Stock Name BONIA
Date Announced 28 Dec 2018
Category General Announcement for PLC
Reference Number GA1-28122018-00122