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Exchange Filings


04 Apr 2013


Sales of Properties to Related Parties

INTRODUCTION
Tambun Indah Land Berhad ("Tambun Indah") wishes to inform on the Sale and Purchase Agreement(s) ("SPA") in respect of related party transaction(s) ("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 TRANSACTIONS

Related Parties Nature of Relationship Description of RPT
Selling Price
Legacy Immobiliare Sdn. Bhd. Thaw Yeng Cheong, an Executive Director of Tambun Indah, and is deemed interested in Legacy Immobiliare Sdn. Bhd. pursuant to the Section 6A of the Companies Act, 1965 SPA dated 18.12.2012 for the sale of one unit of Straits Garden Studio / Executive Suite
RM409,200
(after 7% standard discount to director & employee)
Amal Pintas Sdn. Bhd. Tsai Yung Chuan, a Non-Independent Non-Executive Director of Tambun Indah, and is deemed interested in Amal Pintas Sdn. Bhd. pursuant to the Section 6A of the Companies Act, 1965, a major shareholder of Tambun Indah SPA dated 21.12.2012 for the sale of one unit of Straits Garden Condominium
RM689,130
(after 7% standard discount to director & employee)

The SPAs entered between Premcourt and the related parties were in accordance with the standard SPA to be entered with any 3rd party for normal purchases of properties under construction.

The sales consideration are based on developer’s selling price and will be satisfied by housing loan to be secured by the related party(ies) from financial instituition(s). However, standard discount of 7% were given to Thaw Yeng Cheong and Tsai Yung Chuan, the Directors of the Company. 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 for condominium units and 42 months for Studio / Executive Suite units and these are the standard terms offered to the public.

EFFECT OF THE TRANSACTIONS
The RPTs, do 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 are not expected to have any material effect on the net assets per share, earnings per share and gearing of Tambun Indah for financial year ended 31 December 2012.

APPROVALS REQUIRED
The RPTs are 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 other 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 RPTs were 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 Thaw Yeng Cheong and Tsai Yung Chuan, Directors of the Company is also applicable to all directors and employees of the Group.

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

The Board, save and except for the interested directors, having considered the rationale of the RPTs is of the opinion that the RPTs are fair and reasonable and are 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 0.71%.

DOCUMENTS AVAILABLE FOR INSPECTION
The SPAs are 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.