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Jaya Tiasa Holdings Berhad ("JTH" Or "The Company") Disposal Of Subsidiary

BackJan 17, 2005

General Announcement
Reference No JT-050117-38721

Company Name	:	JAYA TIASA HOLDINGS BHD
Stock Name	:	JTIASA
Date Announced	:	17/01/2005


Type	:	Announcement
Subject	:	JAYA TIASA HOLDINGS BERHAD ("JTH" or "the Company") DISPOSAL OF SUBSIDIARY

Contents :

INTRODUCTION

The Board of Directors of JTH wishes to announce that its subsidiaries, namely Atlantic Timber Holdings Limited, Pacific Timber Holdings Limited and Selvaplac Verde Ltda have on 12 January 2005 entered into a Sale and Purchase Agreement with Brascomp Compensados Do Brasil S/A and Agro Pastoril Novo Horizonte Ltda, both companies incorporated in Brazil, for the disposal of the 100% equity interest in Maginco Verde Ltda for a total cash consideration of Brazilian Real Five Million and Nine Hundred Thousand (R$5,900,000), equivalent to approximately Ringgit Malaysia Eight Million (RM8,000,000), based on a willing buyer and willing seller basis ("the Disposal").

EFFECTS OF THE DISPOSAL

The Disposal does not have any effect on the share capital of the Group and JTH, or any material effect on the net tangible assets of the Group. However, the Disposal will result in a loss of RM21.2 million for the Group for the financial year ended 30 April 2005.

RATIONALE

The Disposal is in line with the intention of the Group to divest its Brazilian operations in view of continuing losses incurred and unclear prospect of recovery.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders of JTH and/or persons connected with them has any interest, direct or indirect, in the Disposal.

STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors is of the opinion that the Disposal is in the best interest of the Group and its shareholders.

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Jaya Tiasa Holdings Berhad ("JTH" Or "The Company") Disposal Of Subsidiary

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