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A. Proposed Restructuring Scheme of Ancom Logistics Berhad ("ALB") (formerly known as Tamco Corporate Holdings Berhad);
B. Proposed Acquisition of Property; and
C. Proposed Disposal of Synergy Trans-Link Sdn Bhd. (B and C collectively referred to as "Ancom Proposal")

BackJan 28, 2010
Date Announced
:
 28/01/2010  




Type
:
 Announcement
Subject
:
ANCOM BERHAD (“Ancom” or “Company”):

A. Proposed Restructuring Scheme of Ancom Logistics Berhad (“ALB”) (formerly known as Tamco Corporate Holdings Berhad);
B. Proposed Acquisition of Property; and
C. Proposed Disposal of Synergy Trans-Link Sdn Bhd.

(B and C collectively referred to as “Ancom Proposal”)

Contents
:
For consistency, the abbreviations used hereafter throughout this announcement shall have the same meaning as defined in the announcements dated 16 November 2009 and 4 January 2010 respectively unless stated otherwise.

Further to the Company’s announcements dated 16 November 2009 and 4 January 2010, Ancom wishes to announce that ALB has on even date entered into two (2) separate letters of variation with the following parties:

1. Letter of variation with Ancom in relation to the sale and purchase agreement dated 16 November 2009 for the proposed acquisition of the Property by Ancom from ALB whereby the terms for the settlement of the purchase consideration of RM25,000,000 are as follows:-

(i) first, by off-setting RM15,000,000 against the disposal consideration for the Proposed Disposal of Synergy Trans-Link Sdn. Bhd. by Ancom to ALB; and

(ii) by off-setting the remaining purchase consideration against the inter-company advance(s) owing by ALB to Ancom.

As such, the actual amount of the inter-company advances owing by ALB to Ancom which will be used to settle the purchase consideration is subject to the confirmation by the relevant authority on the valuation of the Property.

2. Letter of variation with Ancom, Synergy Tanker Sdn. Bhd. and Lim Hock Heng in relation to the share sale agreement dated 16 November 2009 for the Proposed Disposal of Synergy Trans-Link Sdn Bhd whereby the terms of the settlement of the disposal consideration of RM22,304,893 to Ancom by ALB shall be satisfied by ALB in the following manner instead:-

(i) RM7,304,893 via the issuance of 56,191,485 new ALB New Shares at an issue price of RM0.13 per ALB New Share; and

(ii) remaining RM15,000,000 by off-setting against part of the purchase consideration in relation to the Proposed Acquisition of Property.

This announcement is dated 28 January 2010.

Announcement Details :