Investors – Jaya Tiasa Holdings Berhad

Investor Relations

Jaya Tiasa Holdings Berhad ("JTH" Or The "Company") Disposal Of Subsidiary Company, Borneo Biotechnology Sdn Bhd ("BBT")

BackNov 19, 2007

General Announcement
Reference No JT-071119-9122A

Company Name	:	JAYA TIASA HOLDINGS BHD
Stock Name	:	JTIASA
Date Announced	:	19/11/2007


Type	:	Announcement
Subject	:	JAYA TIASA HOLDINGS BERHAD ("JTH" or the "Company") DISPOSAL OF SUBSIDIARY COMPANY, BORNEO BIOTECHNOLOGY SDN BHD ("BBT")

Contents :

INTRODUCTION

The Board of Directors of JTH wishes to announce that the Company has on 19 November 2007 disposed of its entire equity interest in BBT comprising 2 ordinary shares of RM1.00 each to Rimbunan Hijau (Sarawak) Sdn Bhd ("RHSB") for a total cash consideration of RM500,000/-.

INFORMATION ON THE SUBSIDIARY COMPANY

BBT was incorporated on 16 December 2002 and has an authorized capital of RM100,000-00 comprising 100,000 ordinary shares of RM1.00 each of which 2 ordinary shares have been issued and fully paid-up. The principal activity of BBT is tissue culture.

CONSIDERATION

The total cash consideration of RM500,000/- was arrived at on a willing-buyer willing-seller basis.

As the disposal was finalised by mutual discussions, there was no formal documentary agreement entered into in connection with the disposal.

The cash proceeds would be used to finance the working capital of the Company.

RATIONALE

Currently, the Group has two (2) subsidiaries, namely BBT and Jaya Tiasa R&D Sdn Bhd undertaking research and development activities.

The disposal is in line with the Group's strategy in streamlining all its research and development activities under Jaya Tiasa R&D Sdn Bhd to achieve greater operational efficiency.

EFFECT OF THE DISPOSAL

The disposal is not expected to have any material effect on the earnings, net assets, share capital and substantial shareholders' shareholding of the Company. However, the disposal will result in a gain of RM1,089,070/- for the Group for the financial year ending 30 April 2008.

APPROVAL REQUIRED

The disposal is not subject to the approval of the shareholders of the Company and any other relevant authorities.

DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST

Tan Sri Datuk Tiong Hiew King and Teck Sing Lik Enterprise Sdn Bhd are the major shareholders of the Company. They are also the substantial shareholders of RHSB.

The Directors of the Company, namely, Dr. Tiong Ik King, Dato' Sri Tiong Chiong Hoo, Tiong Choon and Tiong Chiong Hee are brother, son, daughter and nephew of Tan Sri Datuk Tiong Hiew King respectively.

Accordingly, Dr. Tiong Ik King, Dato' Sri Tiong Chiong Hoo, Tiong Choon and Tiong Chiong Hee are deemed interested in the disposal and have abstained from Board deliberation pertaining to the disposal.

Save as disclosed above, none of the other Directors of the Company, major shareholders and/or persons connected with the Directors and/or major shareholders of the Company, have any interest, direct or indirect, in the disposal.STATEMENT BY DIRECTORS The Board, with the exception of Dr. Tiong Ik King, Dato' Sri Tiong Chiong Hoo, Tiong Choon and Tiong Chiong Hee, is of the opinion that the transaction is in the best interest of the Company.

Investor Relations

Jaya Tiasa Holdings Berhad ("JTH" Or The "Company") Disposal Of Subsidiary Company, Borneo Biotechnology Sdn Bhd ("BBT")

inquiry@jayatiasa.net

About Us

For Investors

Happenings

Others

Download Annual Report