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| DISPOSAL OF PROPERTY (“DISPOSAL”) |
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1. INTRODUCTION Pursuant to Chapter 10.07 of the Bursa Malaysia Securities Listing Requirements, Padini Holdings Berhad (“Padini” or “the Company”) wishes to announce that Yee Fong Hung (Malaysia) Sdn Bhd, a wholly-owned subsidiary of the Company had entered into a Sale and Purchase Agreement with RCS Communication Systems Sdn Bhd, a company incorporated in Malaysia and having its registered office at 8-B, Jalan Nyonya Pudu, 55100 Kuala Lumpur (“Purchaser”), on 28 February 2008 for the disposal of all that piece of leasehold land held under Title No. Pajakan Negeri 31171, Lot No. 11711 (formerly known as H.S.(D) 100867, PT 2203), Mukim Ampang, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan KL together with a four (4) storey Shop and Offices erected thereon, currently bearing postal address known as No. 29 Lorong 6E/91, Taman Shamelin Perkasa, Cheras, 56100 Kuala Lumpur, measuring approximately 164 square metres, (“Property”) for a total cash consideration of RM700,000.00 (“Disposal”). The above transaction represents a percentage ration (as defined under Chapter 10 of the Listing Requirements of Bursa Malaysia Securities Berhad) of less than 5%. 2. RATIONALE FOR THE DISPOSAL To realize the value of the property to enable Padini to allocate its resources more efficiently. 3. FINANCIAL EFFECTS The Disposal will not have any material effect on the earnings, net assets or gearing of Padini. There will not be any effect on the share capital and the substantial shareholders’ shareholding in Padini. 4. DIRECTORS’ AND / OR MAJOR SHAREHOLDERS’ INTERESTS None of the Directors or major shareholders of Padini and/or persons connected with them, has any interest, direct or indirect, in the Disposal. 5. STATEMENT BY DIRECTORS The Board of Directors of Padini, having considered all aspects of the Disposal, is of the opinion that the terms are reasonable and that the Disposal is in the best interest of the Company. 6. COMPLIANCE WITH THE SECURITIES COMMISSION’S POLICIES AND GUIDELINES ON ISSUE/OFFER OF SECURITIES The Disposal is not subject to the approval of the Securities Commission (“SC”) and does not fall under the SC’s Policies and Guidelines on Issue/Offer of Securities or any amendments thereof. |
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