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Proposed Disposal by SAJ Holdings Sdn Bhd ("SAJH"), An Indirect Subsidiary of Ranhill, of All Its water Assets And Corresponding Liabilities to Pengurusan Aset Air Berhad ("PAAB"), A Company Wholly-owned By the Minister Of Finance Incorporated Pursuant To The National Water Services Industry Restructuring Initiatives ("Proposed Disposal")

BackJun 25, 2009
General Announcement
Reference No MB-090625-60017

 

Submitting Merchant Bank
:
 AMINVESTMENT BANK BERHAD  
Company Name
:
 RANHILL BERHAD  
Stock Name
:
 RANHILL  
Date Announced
:
 25/06/2009  

 

Type
:
 Announcement
Subject
:
RANHILL BERHAD (“RANHILL” OR “COMPANY”)
- PROPOSED DISPOSAL BY SAJ HOLDINGS SDN BHD (“SAJH”), AN INDIRECT SUBSIDIARY OF RANHILL, OF ALL ITS WATER ASSETS AND CORRESPONDING LIABILITIES TO PENGURUSAN ASET AIR BERHAD (“PAAB”), A COMPANY WHOLLY-OWNED BY THE MINISTER OF FINANCE INCORPORATED PURSUANT TO THE NATIONAL WATER SERVICES INDUSTRY RESTRUCTURING INITIATIVES (“PROPOSED DISPOSAL”)

Contents
:
-

Announcement Details :

This announcement is dated 25 June 2009.


Reference is made to our announcement dated 11 March 2009.

On behalf of the Board of Directors of Ranhill, AmInvestment Bank Berhad (“AmInvestment Bank”) (a member of AmInvestment Bank Group) is pleased to announce that the Securities Commission (“SC”) had, via its letter dated 24 June 2009, approved the Proposed Disposal, including the utilisation of initial disposal proceeds of RM444.0 million.

The SC’s approval is subject to the following conditions:

(i) Ranhill should disclose the following information in its quarterly reports with regards to the utilisation of the proceeds which has yet to be determined as at the date of the SC’s approval:

  •  
      (a) specific details on the utilisation of the above proceeds; and

      (b) whether such utilisation is beneficial to the Ranhill Group and its shareholders; and
(ii) Ranhill and AmInvestment Bank should fully comply with the relevant requirements under the SC’s Guidelines on the Offering of Equity and Equity-Linked Securities, in implementing the Proposed Disposal.