Proposed Acquisition By Pasir Gudang Specialist Hospital Sdn Bhd ("PGSHSB"), a Wholly-owned Subsidiary of KPJ Healthcare Berhad ('KPJ" Or The "Company", of a 3.247- Acre Leasehold Land For A Total Consideration Of RM7,070,000 ("Proposed Acquisition")
Reply to Bursa Malaysia's Query Letter - Reference ID
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NS-100401-54862
Subject
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PROPOSED ACQUISITION BY PASIR GUDANG SPECIALIST HOSPITAL SDN BHD ("PGSHSB"), A WHOLLY-OWNED SUBSIDIARY OF KPJ HEALTHCARE BERHAD ('KPJ" OR THE "COMPANY", OF A 3.247- ACRE LEASEHOLD LAND FOR A TOTAL CONSIDERATION OF RM7,070,000 ("PROPOSED ACQUISITION")
Contents
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This announcement is dated 2 April 2010.
We refer to our earlier announcement dated 31 March 2010 ("First Announcement") and Bursa Malaysia Securities Berhad's query letter dated 1 April 2010 in relation to the Proposed Acquisition. Unless otherwise stated, the defined terms used in this announcement shall carry the same meaning as defined in the said First Announcement.
In this respect, the Company wishes to inform the following additional information :-
1) As mentioned in paragraph 2.3 of the First Announcement, the Purchase Consideration for the Land was arrived at on a "willing buyer willing seller" basis, after taking into consideration the market value of the Land as valued by C H Williams Talhar & Wong, an independent firm of professional valuers, in its valuation certificate addressed to JLand dated 28 August 2009. For further clarification, the purchase consideration of RM7,070,000 viz-a-viz the valuation of the Land was based on the market value of RM7,070,000 as valued by the valuers using the comparison method.
2) The Development Order for the construction of a hospital building on the Land had been obtained by JLand on 3 June 2009.
3) The market value of the Land as valued by the valuer as at 28 August 2009 using the comparison method is RM7,070,000.
4) With reference to paragraph 2.7 of the First Announcement, KPJ confirms that there are no contingent liabilities and guarantees to be assumed by KPJ Group arising from the Proposed Acquisition.
5) The application to the relevant authorities pertaining to the approval for the building plan is estimated to be submitted by JLand, JCorp and/or PGSHSB by 3rd quarter 2010.
6) Para 11.1 should be read as follows :
JCorp is a major shareholder of the Company holding directly 264,898,180 ordinary shares of RM0.50 each in the Company representing 50.02% of the equity interest in the Company as at 1 March 2010. JCorp also has an indirect interest of 1,015,875 ordinary shares of RM0.50 each in the Company representing 0.19% of the equity interest in the Company as at 1 March 2010.
Query Letter content
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We refer to your Company's announcement dated 31 March 2010 in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1. The justification for the purchase consideration of RM7,070,000 viz-a-viz the valuation on the Land. 2. The date on which Johor Land Berhad obtained the Development Order for the construction of a hospital building on the Land. 3. The date and method of valuation and quantification of the market value. 4. The particular of all contingent liabilities and guarantees to be assumed by KPJ Group arising from the Proposed Acquisition. 5. The estimated time frame for submission of the application to the relevant authorities by Johor Land Berhad, Johor Corporation and/or PGSHSB.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully
TAN YEW ENG Head, Issuers Listing Division, Regulation
