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Exchange Filings


30 May 2013


TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS

Description Tambun Indah Land Berhad ("Tambun Indah" or "the Company")
- Sales of Properties to Related Parties
Tambun Indah Land Berhad ("Tambun Indah") wishes to inform on the Sale and Purchase Agreement(s) ("SPA") in respect of related party transactions ("RPTs") as set out below entered by the following subsidiaries of Tambun Indah in its ordinary course of business.
DETAIL OF TRANSACTIONS
Subsidiaries Involved Related Parties Nature of Relationships Description of RPTs
Selling Price (RM)
Premcourt Development Sdn. Bhd. (N1) LGK Capital Sdn. Bhd. Ooi Yen Hwa and Teh Deng Zui are deemed interested in LGK Capital Sdn. Bhd. pursuant to Section 6A of the Companies Act, 1965

Ooi Yen Hwa is the spouse of Teh Kiak Seng, the Managing Director and substantial shareholder of Tambun Indah

Teh Deng Zui is the son of Teh Kiak Seng and Ooi Yen Hwa

Ooi Yen Hwa is the sister-in-law of Teh Theng Theng, the Executive Director of Tambun Indah

Teh Deng Zui is the nephew of Teh Theng Theng
SPA dated 30.05.2013 for the sale of one unit of Straits Garden Apartment, Unit 26-01 measuring 1,199 sq. ft.

SPA dated 30.05.2013 for the sale of one unit of Straits Garden Apartment, Unit 26-02 measuring 1,703 sq. ft.

SPA dated 30.05.2013 for the sale of one unit of Straits Garden Apartment, Unit 26-03 measuring 1,330 sq. ft.
599,000.00




695,000.00




527,000.00
Palmington Sdn. Bhd. (N2) Teh Theng Theng & Seto Boon Kheang Teh Theng Theng is the Executive Director of Tambun Indah

Seto Boon Kheang is the spouse of Teh Theng Theng

Teh Theng Theng and Teh Kiak Seng are siblings
SPA dated 30.05.2013 for the sale of one unit of Pearl Avenue intermediate double storey shop office, Unit 40 measuring land area 1,431 sq. ft. with total built-up area 2,863 sq. ft.
638,000.00
Teh Ching Ching & Wong Kar Wai Teh Ching Ching, Teh Kiak Seng and Teh Theng Theng are siblings

Wong Kar Wai is the spouse of Teh Ching Ching
SPA dated 30.05.2013 for the sale of one unit of Pearl Avenue intermediate double storey shop office, Unit 41 measuring land area 1,431 sq. ft. with total built-up area 2,863 sq. ft.
638,000.00
Palmsfield Sdn. Bhd. Teh Kiak Seng and Ooi Yen Hwa are deemed interested in Palmfield Sdn. Bhd. pursuant to Section 6A of the Companies Act, 1965

Teh Kiak Seng is the Managing Director and substantial shareholder of Tambun Indah

Ooi Yen Hwa is the spouse of Teh Kiak Seng

Ooi Yen Hwa is the sister-in-law of Teh Theng Theng, the Executive Director of Tambun Indah
SPA dated 30.05.2013 for the sale of one unit of Pearl Avenue corner double storey shop office, Unit 38 measuring land area 1,679 sq. ft. with total built-up area 3,358 sq. ft.
797,000.00
TOTAL
3,894,000.00

Note :-

(N1) Premcourt Development Sdn. Bhd. (“Premcourt”), a wholly owned subsidiary of Tambun Indah, the developer for the Straits Garden Project.

(N2) Palmington Sdn. Bhd. ("Palmington"), a 60%-owned subsidiary of Tambun Indah, the developer for Pearl Avenue Project.


The SPAs entered by Premcourt and/or Palmington with 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 loan to be secured by the related parties from financial institution(s) or via cash.

The time for delivery of vacant possession is 36 months for Straits Garden Apartment units and Pearl Avenue double storey shop office units and these are the standard terms offered to the public.

RATIONALE
The RPTs were conducted in the ordinary course of business which brings revenue and positive cash flow to the Group.

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 financial year ending 31 December 2013 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 ending 31 December 2013.

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 RPTs.

AUDIT COMMITTEE STATEMENT AND BOARD OF 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 favourable than those generally available to the public.

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.

Save for Teh Kiak Seng and Teh Theng Theng, the interested directors, the Board having considered the rationale of the RPTs is of the opinion that the RPTs are 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 1.74%.

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 30 May 2013.