OTHERS PROPOSED DISPOSAL OF 100% BENEFICIAL INTEREST IN MMC OIL & GAS ENGINEERING SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF MMC TECHNICAL SERVICES SDN BHD ("MMC TSSB"), WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF MMC TO MELATI PERTIWI SDN BHD ("PURCHASER") FOR A CASH CONSIDERATION OF RM50.0 MILLION ("PROPOSED DISPOSAL")

MMC CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
PROPOSED DISPOSAL OF 100% BENEFICIAL INTEREST IN MMC OIL & GAS ENGINEERING SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF MMC TECHNICAL SERVICES SDN BHD ("MMC TSSB"), WHICH IN TURN IS A WHOLLY-OWNED SUBSIDIARY OF MMC TO MELATI PERTIWI SDN BHD ("PURCHASER") FOR A CASH CONSIDERATION OF RM50.0 MILLION ("PROPOSED DISPOSAL")

We refer to our announcements dated 19 January 2017, 20 January 2017 and 21 April 2017 (“Announcements”) in relation to the Proposed Disposal. Unless otherwise stated, the terms used herein shall have the same meaning as defined in the Announcements.

 

MMC wishes to announce that on 20 October 2017, MMC TSSB and the Purchaser had, by way of a letter (“Extension Letter”), mutually agreed to extend the Cut-Off Date to 19 April 2018.

 

Pursuant to the Extension Letter, MMC wishes to also announce that on 20 October 2017, the Purchaser to date had paid a total sum of RM19.9 million to MMC TSSB, being part payment of the Consideration (inclusive of RM5 million Deposit). The remaining balance of the Consideration of RM30.1 million shall be paid by the Purchaser on the completion of the SPA.

 

The Extension Letter will be made available for inspection at the registered office of MMC at Ground Floor, Wisma Budiman, Persiaran Raja Chulan, 50200 Kuala Lumpur, Malaysia, during normal business hours (from 8:30 a.m. to 5:30 p.m.) from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of this announcement.

 

This announcement is dated 20 October 2017.






Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 20 Oct 2017
Category General Announcement for PLC
Reference Number GA1-20102017-00047