DISPOSAL OF 40% EQUITY INTEREST IN PUBLIC ACRES SDN BHD AND CESSATION AS AN ASSOCIATED COMPANY

NV MULTI CORPORATION BERHAD

TypeAnnouncement
SubjectDISPOSAL OF 40% EQUITY INTEREST IN PUBLIC ACRES SDN BHD AND CESSATION AS AN ASSOCIATED COMPANY

Contents :



1. INTRODUCTION
      The Board of Director of NV Multi Corporation Berhad ("NVMC") wishes to announce that Nirvana Landscape Sdn Bhd (formerly known as Nir-Warna Landscape Sdn Bhd)("NIRL"), a wholly-owned subsidiary of Nirvana Memorial Park Sdn Bhd (formerly known as Nir-Warna Sdn Bhd) ("NIR"), which is the wholly-owned subsidiary of NVMC, has on 23 May 2002 disposed of its 40% equity interest or equivalent to 40 ordinary shares of RM1.00 each in Public Acres Sdn Bhd ("PA") to Mr. Yap Chok Seng for a consideration of RM113,000. Upon completion of the said disposal, PA ceases to be an associated company of NIRL.

The consideration was arrived on a "willing-buyer-willing-seller" basis.


2. BACKGROUND INFORMATION
        PA, is a company incorporated in Malaysia and has an existing authorized share capital of RM100,000 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up capital is RM100 divided into 100 ordinary shares of RM1.00 each. PA is principally involved in nursery and supply of turf.

    3. RATIONALE OF THE DISPOSAL
        NVMC is consolidating its operations to focus on its core business on bereavement care.

    4. EFFECTS ON THE DISPOSAL
        4.1 The disposal is not expected to have any material impact on the issued and paid-up share capital and shareholding structure, net tangible assets and earning of NVMC.
        4.2 The disposal will result in a gain of RM275.00 to NIRL

    5. DIRECTORS’ AND SUBTANTIAL SHAREHOLDERS’ INTEREST
        None of the Directors of NVMC, substantial shareholders and persons connected with Directors and substantial shareholders of NVMC has any interest, whether direct or indirect, in the disposal.
    6. APPROVAL REQUIRED

    The disposal is not subject to the approval of the shareholders of NVMC or relevant government authorities other than the shareholders of NIRL. NVMC through its wholly-owned subsidiary, NIR, being the sole shareholder of NIRL has granted its approval on the disposal.

    7. DIRECTORS’ STATEMENT
        After careful consideration, the Directors are of the opinion that the disposal is in the best interests of NVMC.


    This announcement is dated 23 May 2002


    Announcement Info

    Company NameNV MULTI CORPORATION BERHAD  
    Stock Name NVMULTI    
    Date Announced23 May 2002  
    CategoryGeneral Announcement
    Reference NoNM-020411-43096