Directors/Shareholders No. of Shares Held Percentage of Shareholdings Madam Seah Joo Noi 90 90% Mr. Tan Kok Siang - - Mr. Tan Wei Zhi 10 10%
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1 BRITE-TECH BERHAD ( BTECH OR THE COMPANY ) PROPOSED ACQUISITION OF PROPERTY BY TAN TECH-POLYMER SDN. BHD., A SUBSIDIARY OF BRITE-TECH BERHAD ( PROPOSED ACQUISITION ) 1. INTRODUCTION The Board of Directors ( the Board ) of BTECH wishes to announce that Tan Tech-Polymer Sdn. Bhd. (Co. No M) ( TTPSB or the Purchaser ), a subsidiary of BTECH, had on 15 June 2016 entered into a Sale and Purchase Agreement ( SPA ) with Tech-Latex Holding Sdn. Bhd. (Co. No M) ( TLHSB or the Vendor ) for the acquisition of one (1) unit of one-storey semi-detached factory with mezzanine office in Mukim Durian Tunggal, Daerah Alor Gajah, Melaka ( the Property ) for a total purchase consideration of RM901,000 (inclusive of Goods and Services Tax at 6%)( Purchase Consideration ) subject to the terms of the SPA. 2. DETAILS OF THE PROPOSED ACQUISITION 2.1 Background Information on the Proposed Acquisition The Vendor has agreed to sell and the Purchaser has agreed to purchase the Property on an as is where is basis with vacant possession and free from all encumbrances, but subject to the existing conditions of title, category of land use and restriction in interest, express or implied, relating to or affecting the Property and subject to the general terms and conditions and special conditions in the SPA 2.2 Information on the Vendor TLHSB was incorporated in Malaysia under the Companies Act 1965 with its registered office at No. 110, Jalan Melaka Raya 25, Taman Melaka Raya, Melaka and a place of business at No. 8, Jalan IKS M3, Taman IKS Merdeka, Batu Berendam, Melaka. The principal activities of TLHSB are investment holding. The authorised share capital of TLHSB is RM100,000 comprising 100,000 ordinary shares of RM1.00 each of which 100 ordinary shares of RM1.00 each have been issued and fully paid-up. The directors and shareholders of the Vendor together with their shareholdings are as follows: Directors/Shareholders No. of Shares Held Percentage of Shareholdings Madam Seah Joo Noi 90 90% Mr. Tan Kok Siang - - Mr. Tan Wei Zhi 10 10% 2.3 Information on TTPSB TTPSB was incorporated in Malaysia under the Companies Act 1965 with its registered office at 110 Jalan Melaka Raya 25, Taman Melaka Raya, Melaka and a place of business at No. 23, Jalan IAN 4, Industri Angkasa Nuri, Durian Tunggal, Melaka. The principal activities of TTPSB are manufacturing of polymers and its related chemical products and provision of consultancy services. The authorised share capital of TTPSB is RM1,000,000 comprising 1,000,000 ordinary shares of RM1.00 each of which 1,000,000 ordinary shares of RM1.00 each have been issued and fully paid-up. TTPSB is a 60% owned subsidiary of the Company. 1
2 The directors and shareholders of TTPSB together with their shareholdings are as follows: Directors/Shareholders No. of Shares Held Percentage of Shareholdings Madam Seah Joo Noi 250,000 25% Cash Engine Sdn. Bhd. 100,000 10% Mr. Tan Wei Jing 50,000 5% Brite-Tech Berhad 600,000 60% Mr. Tan Kok Siang - - Madam Seah Joo Noi and Mr Tan Kok Siang are both directors of TLHSB and TTPSB and as such, Madam Seah Joo Noi and Mr Tan Kok Siang are deemed interested in the Proposed Acquisition. 2.4 Information on the Property The summary of details of the Property are set out below:- Lot No. PT 9825 Title details HSD 23008, Mukim Durian Tunggal, Daerah Alor Gajah, Melaka Postal address No. 21, Jalan IAN 4, Industri Angkasa Nuri, Durian Tunggal, Melaka Tenure Leasehold of 99 years expiring on 25 March 2113 Type of property One-storey semi-detached factory with mezzanine office Category of land use Bangunan Lot area Approximately 465 square metres Built-up area Approximately 335 square metres Approximate age of building 1 year Purchase consideration (RM) 901, (including Goods and Services Tax at 6%) Existing usage The Vendor shall deliver vacant possession of the Property. Proposed usage For own use Restriction in interest As stated in the title, the Property is subjected to restrictionin-interest as follows: Tanah ini tidak dibenarkan dipindahmilik atau pajak kecuali dengan kebenaran Pihak Berkuasa Negeri, sekatan kepentingan ini dikecualikan bagi pindahmilik atau pajakan pertama Encumbrances Nil 2.5 Basis of arriving at and justification for the Purchase Consideration The Purchase Consideration was arrived at after negotiations with the Vendor on a willing buyer willing seller basis and after taking into consideration the valuation report by Jordan Lee & Jaafar M cca) Sdn. Bhd., registered valuers and estate agents, stating that the market value was RM850,000 as at the date of valuation. 2.6 Mode of Payment The Purchase Consideration shall be paid in the amounts, at the times and in the following manner:- a) Ten percent (10%) of the Purchase Consideration amounting to RM90,100 ( Deposit Sum ) shall be payable upon the execution of the SPA; b) The balance of the Purchase Consideration amounting to RM810,900 ( Balance Purchase Consideration ) shall be payable within three (3) months from the date of the Purchaser s Solicitors receipt of the said Memorandum of Transfer, as defined in the SPA ( Completion Date ); 2
3 2.7 Source of Funding The Purchase Consideration will be funded by a combination of bank borrowings and internally generated funds. However, the exact breakdown on the source of funding will be decided by the management of TTPSB at a later date depending on the circumstances. 2.8 Salient Terms of the SPA The salient terms and conditions of the SPA include, amongst others, the following:- a) Completion of the sale and purchase shall take place on or before three (3) months from the date of TTPSB s Solicitors receipt of the Memorandum of Transfer ( the COMPLETION DATE ) when TTPSB shall pay the balance purchase price of Ringgit Malaysia Eight Hundred Ten Thousand and Nine Hundred (RM810,000-00) Only to TTPSB s Solicitors as stakeholders and the Vendor shall forthwith deliver the Issue Document of Title to the said Property and the Discharge of Charge (if any), to TTPSB s Solicitors who shall thereafter present the said Transfer and all other relevant documents for registration at the appropriate land office/registry. b) PROVIDED ALWAYS and notwithstanding anything to the contrary contained therein, in the event of TTPSB is obtaining a loan from the bank or financial institution to assist it in the payment of the Balance Sum, the Vendor agrees to forward the said Issue Document of Title to the said Property and all other relevant documents to TTPSB s Solicitors subject to the following conditions precedent: (i) (ii) that TTPSB s Financier shall have first given to TTPSB s Solicitors a written undertaking to release the loan sum to TTPSB s Solicitors forthwith upon the presentation of the said Transfer in favour of the TTSB together with other relevant document for registration at the appropriate land office/registry; and, TTPSB s Solicitors written confirmation that TTPSB has paid the difference between the loan sum and the balance sum, if any, to TTPSB s Solicitors as stakeholders; (iii) and subject to and upon such further terms and conditions as set out below: (a) The Vendor shall within the time frame specifically provided in the SPA herein or if no specific time frame has been stated, then within fourteen (14) days from the date of receipt of written notice or request furnish or cause to be furnished to TTPSB s Solicitors or the Financier or the Financier s solicitors such documents, information or payment as shall be required to facilitate the completion of the SPA or the release of the loan from the Financier. Any delay after the expiry of the aforesaid period by the Vendor or the Chargee shall be excluded in the calculation of time in respect of the Completion Date and the Extended Completion Date which dates shall be extended by the number of days delay after the expiry of the aforesaid period free of interest. (b) The SPA is conditional upon and subject to the Vendor obtaining from the Developer their written consent to transfer directly to the Purchaser the said Individual Title and thereafter causing the Developer to execute the said Memorandum of Transfer, as defined herein and delivering the said Memorandum of Transfer to TTPSB s Solicitors. (c) In the event said Memorandum of Transfer is not received by TTPSB s Solicitors within six (6) months from the date of the SPA, then the Purchaser(s) shall have the option to grant a further period of time to the Vendor to obtain the said Memorandum of Transfer OR to terminate the SPA and in such case, the Vendor shall refund all monies paid by the Purchaser(s) to the Vendor free of interest and thereafter the SPA shall then be null and void and shall have no effect and neither party shall have any claim against the other SAVE AND EXCEPT for any antecedent breach. 3
4 (d) Notwithstanding any provisions to the contrary, TTPSB s Solicitors is IRREVOCABLY AUTHORISED by the Vendor to utilise the Balance Sum received by it as stakeholders or any part thereof to pay in full or partially the redemption sum due to the Lender and/or to pay the quit rent, rates, assessments, electricity, water, sewerage charges, service charges, sinking funds and any other lawful outgoings due and owing in respect of the said Property. 2.9 Estimated Time Frame for Completion of the Proposed Acquisition The estimated time frame to complete the Proposed Acquisition is expected to be within three (3) months from the date of the Purchaser s Solicitors receipt of the said Memorandum of Transfer, as defined in the SPA. 3. RATIONALE FOR THE PROPOSED ACQUISITION The Proposed Acquisition is for TTPSB own use and future expansion whilst potentially enjoying the capital appreciation of the Property in the future, if any. 4. PROSPECT OF THE PROPERTY With the acquisition of the Property, TTPSB would have space for future expansion. 5. EFFECTS OF THE PROPOSED ACQUISITION The effects of the Proposed Acquisition are as follows: Share Capital The Proposed Acquisition will not have any effect on the issued and paid-up share capital of BTECH. 5.2 Earnings and Net Assets per Share The Proposed Acquisition is not expected to have any material impact on the earnings and net assets per share of the BTECH Group for the current financial year ending 31 December Gearing The Proposed Acquisition is not expected to have any material effect on the gearing of the BTECH Group for the financial year ended Substantial Shareholders Shareholding The Proposed Acquisition will not have any effect on the substantial shareholders shareholdings of BTECH. 6. LIABILITIES TO BE ASSUMED Save for the obligations and liabilities pursuant to the SPA, there are no other liabilities including contingent liabilities and guarantees, to be assumed by the BTECH Group pursuant to the Proposed Acquisition. 4
5 7. RISK FACTORS The completion of the Proposed Acquisition is subject to, inter-alia, the fulfilment of the terms and conditions and special conditions set out in the SPA. In the event of non-fulfilment of any condition precedent, terms and conditions and special conditions of the SPA, it may result in the SPA being terminated. The Company will take all reasonable steps to ensure that the said terms and conditions and special conditions are met to facilitate the Proposed Acquisition. Nonetheless, there can be no assurance that the SPA will not be terminated through the non-fulfilment of certain condition precedent, terms and conditions and special conditions. Save as disclosed above, the Board is not aware of any additional risk factors that the Company may be exposed to pursuant to the Proposed Acquisition. 8. HIGHEST PERCENTAGE RATIO APPLICABLE TO THE PROPOSED ACQUISITION PURSUANT TO RULE 10.02(g) OF THE ACE MARKET LISTING REQUIREMENTS The highest percentage ratio applicable to the Proposed Acquisition pursuant to Rule 10.02(g) of the Listing Requirements is 1.70%. 9. APPROVALS REQUIRED The Proposed Acquisition is not subject to shareholders approval since the highest percentage ratio applicable to the Proposed Acquisition pursuant to paragraph 10.02(g) of the Listing Requirements is 1.70%. The Proposed Acquisition is also not subject to any governmental and/or relevant authorities approval. 10. DIRECTORS AND MAJOR SHAREHOLDERS INTERESTS Save as for Madam Seah Joo Noi and Mr. Tan Kok Siang who are common Diectors and Shareholders of TTPSB and the Vendor as disclosed above, none of the Directors and/or major shareholders of the Company and/or persons connected to a Director or major shareholder has any interest, direct or indirect, in the Proposal Acquisition. 11. STATEMENT BY AUDIT COMMITTEE The Audit Committee having considered the rationale for the Proposed Acquisition and all aspects of the Proposed Acquisition, was of the view that the Proposed Acquisition is in the best interests of the Company, fair, reasonable and on normal commercial terms and not detrimental to the interests of the minority shareholders 12. DIRECTORS STATEMENT The Board, having considered all aspects of the Proposed Acquisition, including but not limited to the salient terms of the SPA, the basis of the Purchase Consideration, rationale and the financial effects of the Proposed Acquisition, is of the opinion that the Proposed Acquisition is in the best interest of the Company and are not detrimental to the interests of the shareholders of the Company. 5
6 13. DOCUMENTS FOR INSPECTION A copy of the SPA dated 15 June 2016, valuation report from Jordan Lee & Jaafar (M cca) Sdn. Bhd. dated 5 May 2016 will be made available for inspection at the Company s Registered Office at B-25-2, Block B, Jaya One, No. 72A, Jalan Universiti, Petaling Jaya, Selangor Darul Ehsan during normal business hours from Monday to Friday (except public holidays) for a period of three (3) months from the date of this announcement. This announcement is dated 16 June
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