Investors – Jaya Tiasa Holdings Berhad

Investor Relations

Disposal Of Subsidiary

BackMay 09, 2002

General Announcement
Reference No JT-020509-32356

Company Name	:	JAYA TIASA HOLDINGS BHD
Stock Name	:	JTIASA
Date Announced	:	09/05/2002


Type	:	Announcement
Subject	:	DISPOSAL OF SUBSIDIARY

Contents :

INTRODUCTION

Pursuant to paragraph 10.07 of the Kuala Lumpur Stock Exchange, the Board of Directors of JTH wishes to inform the Exchange that JTH and its related companies, namely, Western Timber Resources Limited, Atlantic Evergreen Holdings, Eastern Green Company Inc and Maginco Verde Ltda have on 9 May 2002 entered into a Sale and Purchase Agreement with Precious Woods Management Ltd, a company incorporated in British Virgin Islands to sell 100% of the equity interest in Carolina Industria Ltda for a total cash consideration of US$50,000 (equivalent to approximately RM190,000), based on a willing buyer willing seller basis.

EFFECTS OF THE DISPOSAL

The disposal does not have any effect on the share capital of the Group and the Company, or any material effect on the earnings and net tangible assets of the Group for the financial year ended 30 April 2002.

RATIONALE

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

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

In so far as the board of Directors is aware, none of the Directors and/or substantial 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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Disposal Of Subsidiary

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