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Proposed Disposal Of The Entire And Paid-Up Share Capital Of Wengcon Machinery Sdn Bhd (WMSB) A Wholly-Owned Subsidiary Of Wengcon Holdings Sdn Bhd, Which In-Turn Is A Wholly-Owned Subsidiary Of Knusford Berhad (Knusford) To A Related Party For A Total Cash Consideration Of RM4,737,805.00 (Proposed Disposal).

BackSep 01, 2010
Date Announced
:
 01/09/2010  




Type
:
 Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID
:
 NM-100825-37982
Subject
:
Proposed disposal of the entire and paid-up share capital of Wengcon Machinery Sdn Bhd (WMSB), a wholly-owned subsidiary of Wengcon Holdings Sdn Bhd, which in-turn is a wholly-owned subsidiary of Knusford Berhad (Knusford) to a related party for a total cash consideration of RM4,737,805.00 (Proposed Disposal).

Contents
:
The timeframe for full utilisation of proceeds arising from the Proposed Disposal.

The estimated timeframe for the full utilisation of proceeds arising from the Proposed Disposal is six (6) months from the completion date.

Query Letter
content
:
We refer to your announcement dated 24 August 2010 in respect of the above
matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa
Securities") with the following additional information for public release:-

The net assets of WMSB based on its latest audited accounts.
The timeframe for full utilisation of proceeds arising from the Proposed
Disposal.
Particulars of all liabilities to be assumed Dato' Lim Kang Swee arising from
the Proposed Disposal, other than those appearing in the audited balance sheets
of WMSB.
4. A statement setting out the following:
a) whether the audit committee of Knusford is of the view that the Proposed
Disposal is-
i) in the best interest of Knusford;
ii) fair, reasonable and on normal commercial terms; and
iii) not detrimental to the interest of the minority shareholders,
together with the basis for its views;
b) where the audit committee has sought an independent advice in forming its
views, a statement to that effect; and
c) where the views of the audit committee are different from the opinion of
the independent adviser, if any, the reason for the difference.
5. The total amount transacted with Dato' Lim Kang Swee for the preceeding 12
months.


Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.


Yours faithfully




TAN YEW ENG
Head, Issuers
Listing Division
Regulation

TYE/NMA

c.c:- Head, Market Surveillance Department, Market Supervision Division,
Securities Commission (via fax)