We refer to the announcement dated 9 April 2019 (“Announcementâ€).
(Unless otherwise defined, the abbreviations used throughout this announcement are the same as those previously defined in the Announcement.)
The Board wishes to announce further clarifications to the following sections of the Announcement:
6. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH THEM
6.2 Proposed Provision of Financial Assistance
Encik Taufiq is a former Non-Independent Non-Executive Director of Tambun Indah. He is also a director and substantial shareholder of Mustiara, holding 30% equity interest in Mustiara. Accordingly, he had abstained from all deliberations and voting at the relevant Board meetings in relation to the Proposed Provision of Financial Assistance.
Save as disclosed above, none of the directors and/or major shareholders of the Company and/or persons connected with them has any interest, directly or indirectly, in the Proposed Provision of Financial Assistance.
7. AUDIT COMMITTEE’S STATEMENT
The Audit Committee of Tambun Indah (save for Encik Taufiq), after having considered all aspects of the Proposed Provision of Financial Assistance, is of the opinion that the Proposed Provision of Financial Assistance is:
(i) in the best interests of Tambun Indah Group;
(ii) fair, reasonable and on normal commercial terms; and
(iii) not detrimental to the interest of the non-interested shareholders of Tambun Indah.
8. DIRECTORS’ STATEMENT
The Board, having considered all aspects of the Proposed Land Acquisition, is of the opinion that the Proposed Land Acquisition is in the best interest of the Company.
Further, the Board (save for Encik Taufiq), having considered all aspects of the Proposed Provision of Financial Assistance, is of the opinion that the Proposed Provision of Financial Assistance is in the best interest of the Company.
This announcement is dated 11 April 2019.