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Announcement

 

General Announcement

Reference No CK-110420-5620F

Company Name

:

GOLDEN PHAROS BERHAD

Stock Name

:

GPHAROS

Date Announced

:

20/04/2011

 
 

Type

:

Announcement

Subject

:

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS

Description

:

Disposal of Investments in TDM Berhad ("TDM") to Terengganu Incorporated Sdn Bhd ("Disposal")

Annoucement Details/Table Section :

With reference to the announcement made on 18 April 2011 (Ref No. CK-110418-58459), we wish to furnish the following additional information for your attention:-

1. Balance of Golden Pharos Berhad's shareholding in TDM: 1,346,694

2. Gain on disposal:

  RM
Sales proceeds 2,408,856
Less: cost of investment for 830,640 units (763,524)
  1,645,332

3. Purpose of premium

Purpose of payment of premium to Jabatan Hutan Negeri Terengganu is for the charges due to the government for the right to extract the logs for the logging area approved for harvesting.

4. Nature of the working capital requirements of the subsidiary are as follows:

For payment of:

(a) Timber logging contract

(b) Cost of forest road maintenance

(c) Cost of forest management

(d) Expenses to be incurred for pre-failing inventory, boundry clearing & demarcation and tree-marking activities

(e) Administration cost of nursery

 

 

 

 

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