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04 Apr 2013


Sale of Property to Related Party

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INTRODUCTION
Tambun Indah Land Berhad ("Tambun Indah") wishes to inform on the Sale and Purchase Agreement ("SPA") in respect of a related party transaction ("RPT") as set out below entered by Premcourt Development Sdn. Bhd. (“Premcourt”), a wholly-owned subsidiary Tambun Indah in its ordinary course of business.

DETAIL OF TRANSACTION

Principal Officer Nature of Relationship Description of RPT
Selling Price
Neoh Sze Tsin & Goh Siew Chen Neoh Sze Tsin is a Principal Officer of Tambun Indah Group

Goh Siew Chen is the spouse of Neoh Sze Tsin
SPA dated 12.12.2012 for the sale of one unit of Straits Garden Condominium
RM696,570
(after 7% standard discount to employee)

The SPA entered between Premcourt, Neoh Sze Tsin and Goh Siew Chen was in accordance with the standard SPA to be entered with any 3rd party for normal purchases of properties under construction.

The sale consideration is based on developer’s selling price and will be satisfied by a housing loan to be secured by Neoh Sze Tsin and Goh Siew Chen from a financial instituition. However, standard discount of 7% was given to Neoh Sze Tsin who is full time employee of the Group. The said discount is also applicable to all directors and employees of Tambun Indah Group.

The time for delivery of vacant possession is 36 months and this is the standard terms offered to the public.

EFFECT OF THE TRANSACTION
The RPT does not have any effect on the issued and paid-up share capital of the Company and substantial shareholders’ shareholdings of Tambun Indah for the financial year ended 31 December 2012 and is not expected to have any material effect on the net assets per share, earning per share and gearing of Tambun Indah for financial year ended 31 December 2012.

APPROVALS REQUIRED
The RPT is not subject to the approval of the shareholders of Tambun Indah or the relevant government authorities.

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST
Save as disclosed above, none of the Directors and/or major shareholders of Tambun Indah and/or persons connected with them have any interest, direct or indirect, in the RPT.

AUDIT COMMITTEE STATEMENT AND DIRECTORS’ STATEMENT
The RPT was carried out in the ordinary course of business of the Group as property developer and under normal commercial terms and conditions not more fovourable than those generally available to the public. The discount given to Neoh Sze Tsin, a full time employee of Tambun Indah Group, is in line with Tambun Indah’s policy on staff discount for the sale of properties.

Based on the aforementioned basis, the Audit Committee of Company is of the view that the RPT is in the best interest of the Group, is fair, reasonable and on normal commercial terms and is not detrimental to the interest of the minority shareholders of the Company.

The Board having considered the rationale of the RPT is of the opinion that the RPT is fair and reasonable and is not detrimental to the interest of the minority shareholders of the Company.

HIGHEST PERCENTAGE RATIO APPLICABLE
The highest percentage ratio applicable pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Securities is 0.45%.

DOCUMENTS AVAILABLE FOR INSPECTION
The SPA is available for inspection at the registered office of Tambun Indah at 51-21-A, Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050 Penang during normal business hours on Mondays to Fridays (except public holidays) for a period of 3 months from the date of this announcement.


This announcement is dated 04 April 2013.