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| DISPOSAL OF PROPERTIES (“DISPOSAL”) |
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1. INTRODUCTION Pursuant to Chapter 10.07 of 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 Sale and Purchase Agreements with LBS Supply Sdn Bhd, a company incorporated in Malaysia and having its address at No. 4, Jalan Bukit Permai Utama Dua, Taman Industri Bukit Permai, 56100 Cheras, Kuala Lumpur (“Purchaser”), on 7 March 2008 for the disposal of the following properties for a total cash consideration of RM1,700,000.00 (“Disposal”): (1) all that piece of leasehold land held under Pajakan Negeri (WP) No. Hakmilik 31184, Lot No. 11724, Mukim Ampang, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan KL together with a four (4) storey Shop/Office erected thereon, currently bearing postal address known as No. 1 Lorong 6E/91, Taman Shamelin Perkasa, Cheras, 56100 Kuala Lumpur, measuring approximately 205 square metres, and (2) all that piece of leasehold land held under Pajakan Negeri (WP) No. Hakmilik 31183, Lot No. 11723 (formerly known as H.S. (D) 100879, P.T. No. 2215), Mukim Ampang, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan KL together with a four (4) storey Shop/Office erected thereon, currently bearing postal address known as No. 3 Lorong 6E/91, Taman Shamelin Perkasa, Cheras, 56100 Kuala Lumpur, measuring approximately 164 square metres (collectively known as the “Properties”). The above transaction represents a percentage ratio (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 properties to enable Padini Group 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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