Amended AnnouncementsPlease refer to the earlier announcement reference number: HS-110613-60596
With regards to the Land Acquisition by Hup Seng Perusahaan Makanan (M) Sdn. Bhd. (“HSPM”), a wholly-owned subsidiary of Hup Seng Industries Berhad (“HUPSENG”) from Tiong Bee Industries Sdn. Bhd. (“Tiong Bee”) for a purchase consideration of RM1,000,000 (“Acquisition”), we hereby provide the following additional information:-The estimated net annual savings of RM28,561 is derived after taking into consideration the annual rental of the Property, Quit Rent and Assessment of the Property and interest income foregone upon purchase of such Property.The nature of interest of Directors and Major Shareholders is shown in Appendix A attached.Save for the interested Directors and interested major shareholders of the Company, the Board of Directors of Hupseng, having considered all relevant aspects of the Transaction, is of the opinion that the Transaction is in the best interest of Hupseng Group and its shareholders.The Audit Committee having considered all the relevant factors in respect of the Acquisition is of the opinion that entering into the Acquisition is in the best interest of the Company as the transaction entered is fair, reasonable and on commercial terms which are not detrimental to the interest of the minority shareholders, due to the reasons stated in the rationale in the earlier announcement.The Audit Committee did not seek an independent advice in forming its views as it is not required by the Listing Requirements.The original cost of investment of Land was approximately RM42,128 and of Building was RM308,447. The date of investment of Land was 27 September, 1980 (as per Title Deed) and of Building was 2 December, 1992, which was the date of Sijil Kelayakan Bangunan untuk Digunakan (“CFO”). There is no transaction with the same related party for the preceding 12 months.
This announcement is made on 14 June 2011.
Appendix A.pdf23 KB