|
Vendors |
Date of Investment/ Divestment |
Total Cost of Investment/ (Divestment) (RM) |
|
|
|
|
|
Tay Weih Tong |
29.05.1991 |
1 |
|
Tay Weih Liang |
29.05.1991 |
1 |
|
Tay Weih Tong |
30.11.1991 |
49,999 |
|
Tay Weih Liang |
30.11.1991 |
49,999 |
|
Tay Weih Liang |
14.11.1994 |
(50,000) |
|
See Siaw Eng @ See Siew Eng |
14.11.1994 |
50,000 |
|
Tay Weih Tong |
03.07.1997 |
150,000 |
|
See Siaw Eng @ See Siew Eng |
03.07.1997 |
75,000 |
|
|
|
325,000 |
Table 2 – Summary of the historical audited financial data of SGGI
|
Year Ended 30 June |
1997 RM'000 |
1998 RM'000 |
1999 RM'000 |
2000 RM'000 |
2001 RM'000 |
|
|
|
|
|
|
|
|
Turnover |
3,134 |
9,229 |
9,365 |
11,373 |
14,964 |
|
Profit before tax |
108 |
811 |
967 |
1,137 |
2,243 |
|
Profit after tax |
81 |
730 |
967 |
671 |
1,579 |
|
|
|
|
|
|
|
|
Shareholders' funds |
954 |
1,909 |
4,377 |
3,548 |
5,126 |
|
Total borrowings |
- |
2,512 |
2,591 |
5,044 |
4,565 |
|
|
|
|
|
|
|
Table 3 – The date and original cost of investment of the Vendors of SGGM
|
Vendors |
Date of Investment/ Divestment |
Total Cost of Investment/ (Divestment) (RM) |
|
|
|
|
|
Tay Weih Tong |
26.04.1991 |
1 |
|
Tay Weih Liang |
26.04.1991 |
1 |
|
Tay Weih Tong |
19.10.1991 |
19,998 |
|
Tay Weih Liang |
14.12.1991 |
(1) |
|
See Siaw Eng @ See Siew Eng |
14.12.1991 |
1 |
|
Tay Weih Tong |
01.01.1996 |
180,000 |
|
See Siaw Eng @ See Siew Eng |
01.01.1996 |
100,000 |
|
Tay Weih Tong |
23.06.1997 |
133,351 |
|
See Siaw Eng @ See Siew Eng |
23.06.1997 |
66,649 |
|
Tay Weih Tong |
14.08.1998 |
210,650 |
|
See Siaw Eng @ See Siew Eng |
14.08.1998 |
89,350 |
|
Tay Weih Tong |
29.10.1999 |
136,000 |
|
See Siaw Eng @ See Siew Eng |
29.10.1999 |
64,000 |
|
Tay Weih Tong |
25.07.2001 |
680,000 |
|
See Siaw Eng @ See Siew Eng |
25.07.2001 |
320,000 |
|
|
|
2,000,000 |
Table 4 – Summary of the historical audited financial data of SGGM
|
Year/ Period Ended |
31.05.1997 RM'000 |
31.05.1998 RM'000 |
31.05.1999 RM'000 |
30.06.2000 RM'000 |
30.06.2001 RM'000 |
|
|
|
|
|
|
|
|
Turnover |
8,616 |
20,152 |
23,387 |
25,692 |
32,367 |
|
Profit before tax |
301 |
401 |
841 |
1,003 |
1,381 |
|
Profit after tax |
195 |
276 |
841 |
726 |
999 |
|
|
|
|
|
|
|
|
Shareholders' fund |
599 |
1,075 |
3,451 |
2,878 |
3,877 |
|
Total borrowings* |
3,695 |
3,925 |
4,901 |
9,583 |
14,446 |
*mainly comprising bills payable for trade purposes.
Table 5 – The date and original cost of investment of the Vendors of GCSM
|
Vendors |
Date of Investment/ Divestment |
Total Cost of Investment/ (Divestment) (RM) |
|
|
|
|
|
Tay Weih Tong |
21.07.1997 |
1 |
|
See Siaw Eng @ See Siew Eng |
21.07.1997 |
1 |
|
Tay Weih Tong |
16.08.1997 |
250,000 |
|
See Siaw Eng @ See Siew Eng |
16.08.1997 |
51,000 |
|
|
|
301,002 |
Table 6 – Summary of the historical audited financial data of GCSM
|
Year Ended 30 June |
21.07.1997* to 30.06.1998 RM'000 |
1999** RM'000 |
2000 RM'000 |
2001 RM'000 |
|
|
|
|
|
|
|
Turnover |
- |
4,825 |
8,343 |
14,563 |
|
Profit before tax |
- |
578 |
1,034 |
1,913 |
|
Profit after tax |
- |
578 |
743 |
1,363 |
|
|
|
|
|
|
|
Shareholders' fund |
301 |
694 |
2,387 |
4,750 |
|
Total borrowings |
450 |
453 |
418 |
3,709 |
*Date of incorporation
** First period of operation
Table 7 – The date and original cost of investment of the Vendors of AHF
|
Vendors |
Date of Investment/ Divestment |
Total Cost of Investment/ (Divestment) (RM) |
|
|
|
|
|
Tan Eng Kheng |
09.09.1999 |
1 |
|
Tan Eng Mang |
09.09.1999 |
1 |
|
Tan Teong Guan |
09.09.1999 |
1 |
|
Tan Eng Mang |
26.10.1999 |
(1) |
|
Tan Teong Guan |
26.10.1999 |
(1) |
|
Lim Koon Suan |
26.10.1999 |
1 |
|
Wong Siew Foong |
26.10.1999 |
1 |
|
Tan Eng Kheng |
26.01.2000 |
33,333 |
|
Lim Koon Suan |
26.01.2000 |
33,332 |
|
Wong Siew Foong |
26.01.2000 |
33,332 |
|
Tan Eng Kheng |
25.07.2001 |
(33,334) |
|
Wong Siew Foong |
25.07.2001 |
33,334 |
|
Fuziah Binti Abd Ghani |
10.08.2001 |
100,000 |
|
Mohamed @ Ismail Bin Aziz |
10.08.2001 |
50,000 |
|
|
|
250,000 |
Table 8 – Summary of the historical audited results of AHF
|
Year Ended |
09.09.1999* to 31.12.1999 RM |
31.12.2000** RM'000 |
31.07.2001 RM'000 |
|
|
|
|
|
|
Turnover |
- |
10,454 |
9,981 |
|
Profit before tax |
- |
1,483 |
1,613 |
|
Profit after tax |
- |
1,059 |
1,161 |
|
|
|
|
|
|
Shareholders' fund |
3 |
1,159 |
2,470 |
|
Total borrowings |
- |
- |
- |
*Date of incorporation
** First period of operation
Table 9 – The date and original cost of investment of the Vendors of MMFD
|
Vendors |
Date of Investment/ Divestment |
Total Cost of Investment/ (Divestment) (RM) |
|
|
|
|
|
Prabir Kumar Mittra |
24.10.2000 |
7 |
|
Mohd Mohsin Bin Abd Wahid |
24.10.2000 |
3 |
|
Lok Mam Yu |
14.05.2001 |
175,000 |
|
Lok Ming Chee |
14.05.2001 |
125,000 |
|
Lim Chee Choong |
14.05.2001 |
50,000 |
|
Sumbangan Cempaka Sdn Bhd |
14.05.2001 |
149,990 |
|
Prabir Kumar Mittra |
25.07.2001 |
(7) |
|
Mohd Mohsin Bin Abd Wahid |
25.07.2001 |
(3) |
|
Lok Mam Yu |
25.07.2001 |
150,000 |
|
Sumbangan Cempaka Sdn Bhd |
25.07.2001 |
(149,990) |
|
Lok Mam Yu |
28.12.2001 |
1,000,000 |
|
|
|
1,500,000 |
Table 10 – Summary of the historical audited results of MMFD
|
Period Ended |
20.10.2000* to 31.07.2001** |
|
|
RM'000 |
|
|
|
|
Turnover |
5,746 |
|
Profit before tax |
528 |
|
Profit after tax |
380 |
|
|
|
|
Shareholders' fund |
850 |
|
Total borrowings |
- |
*Date of incorporation
** First period of operation
Table 11 – Minimum NTA and Guaranteed PAT
|
|
Minimum NTA |
< --------------------- Guaranteed PAT ------------------- > |
||
|
Vendors of |
As at 31 December 2001 |
For year ending 31 December 2002 |
For year ending 31 December 2003 |
For year ending 31 December 2004 |
|
|
RM'000 |
RM'000 |
RM'000 |
RM'000 |
|
|
|
|
|
|
|
SGGI |
10,241 |
2,767 |
2,767 |
2,767 |
|
|
|
|
|
|
|
SGGM |
4,663 |
1,672 |
1,672 |
1,672 |
|
|
|
|
|
|
|
GCSM |
5,510 |
1,774 |
1,774 |
1,774 |
|
|
|
|
|
|
|
AHF |
7,400 |
1,954 |
1,954 |
1,954 |
|
|
||||
|
MMFD |
4,186 |
1,833 |
1,833 |
1,833 |
|
|
32,000 |
10,000 |
10,000 |
10,000 |
Table 12 - Principal terms of the ICULS
The principal terms of the ICULS are as follows:-
|
Form and Denomination |
: |
In registered form in denominations of RM1.00 and multiples thereof |
|
|
|
|
|
Nominal Value per ICULS |
: |
RM1.00 |
|
|
|
|
|
Issue Price per ICULS |
: |
RM1.00 |
|
|
|
|
|
Tenure |
: |
3 years commencing from the date of issue of the ICULS. |
|
|
|
|
|
Maturity Date |
: |
The business day immediately before the third anniversary of the date of issuance of the ICULS |
|
|
|
|
|
Interest |
: |
Interest shall be at the rate of 4% on nominal value per annum, payable in arrears on the anniversary of the date of issue of the ICULS during the tenure which they shall remain outstanding |
|
|
|
|
|
Conversion Period |
: |
The ICULS shall be convertible into new ordinary shares in SBSB at any time, between Monday to Friday that is not a public holiday on or after the issue date, on and up to the maturity of the ICULS |
|
|
|
|
|
Conversion Price |
: |
The conversion price is fixed at RM1.00, which shall be satisfied by tendering RM1.00 nominal amount of ICULS, for cancellation by SBSB, for each new ordinary share in SBSB |
|
|
|
|
|
Conversion Right |
: |
The holder(s) of the ICULS will have the right to convert the ICULS at the Conversion Price into new ordinary shares of RM1.00 each in SBSB on or after the issuance of the ICULS up to and including the Maturity Date |
|
|
|
|
|
Redeemability |
: |
The ICULS cannot be redeemed for cash. All outstanding ICULS will automatically be converted into new SBSB Shares on Maturity Date |
|
|
|
|
|
Ranking of new Shares arising from the conversion of the ICULS |
: |
The new ordinary shares in SBSB to be issued upon the conversion of the ICULS shall rank pari passu in all respects with the then existing issued ordinary shares in SBSB for any dividends, rights, allotments or other distributions, if the relevant exercise date is on or before the entitlement date |
|
|
|
|
|
Status of the ICULS |
: |
The ICULS shall be unsecured obligations of SBSB and shall rank pari passu in all respects, without priority amongst themselves and with all other present and future unsecured and unsubordinated obligations of SBSB from time to time outstanding |
|
|
|
|
|
Trust Deed |
: |
The ICULS will be constituted by a trust deed to be executed by SBSB and a duly authorised trustee who will act for the benefit of the holders of the ICULS |
|
|
|
|
|
Rating |
: |
The ICULS will not be rated |
|
|
|
|
|
Listing |
: |
An application will be made for the ICULS to be listed on the KLSE. An application will also be made for the new ordinary shares in SBSB to be issued upon conversion of the ICULS to be listed on the KLSE |
|
|
|
|
|
Governing Law |
: |
Malaysian Law |
Table 13 - Effects on the Share Capital
The effects of the Proposals on the issued and paid-up share of capital of Omega and SBSB are as follows:-
|
|
Omega |
SBSB |
|
|
RM'000 |
RM'000 |
|
|
|
|
|
Existing Issued and Paid-up Share Capital |
298,949 |
-1 |
|
Proposed Capital Reduction and Consolidation |
(284,002) |
- |
|
|
14,947 |
- |
|
Proposed Share Swap |
- |
14,947 |
|
Proposed Debt Restructuring |
- |
8,750 |
|
Proposed Acquisition of Proposed Subsidiaries |
- |
80,000 |
|
Proposed Special Issue |
- |
20,000 |
|
Shares arising from ICULS conversion2 |
- |
26,250 |
|
|
|
|
|
|
|
149,947 |
1 Represents two (2) ordinary shares of RM1.00 each in SBSB
2 Assumed conversion price of RM1.00
Table 14 - Effects on NTA/Gearing
The effects of the Proposals on the NTA and gearing of Omega Group and SBSB are as follows:-
|
|
< -------- Omega -------- > |
< ---------------------------------------- SBSB ---------------------------------- > |
|||||
|
|
As at 30.06.01 (Audited) |
After Proposed Capital Reduction and Consolidation and Share Premium Write-off |
After Proposed Acquisition of Proposed Subsidiaries |
After Proposed Scheme of Arrangement |
After Proposed Settlement |
After Proposed Special Issue |
After ICULS Conversion1 |
|
|
(RM'000) |
(RM'000) |
(RM'000) |
(RM'000) |
(RM'000) |
(RM'000) |
(RM'000) |
|
Share Capital |
298,949 |
14,947 |
80,000 |
94,947 |
103,697 |
123,697 |
149,947 |
|
Share premium |
68,346 |
- |
- |
- |
- |
- |
- |
|
Accumulated losses |
(368,971) |
(16,623) |
- |
(14,947) |
(49,947) |
(49,947) |
(49,947) |
|
Shareholders' funds |
(1,676) |
(1,676) |
80,000 |
80,000 |
53,750 |
73,750 |
100,000 |
|
Less : |
|
|
|
|
|
|
|
|
Intangibles |
- |
- |
(48,000) |
(48,000) |
(48,000) |
(48,000) |
(48,000) |
|
|
(1,676) |
(1,676) |
32,000 |
32,000 |
5,750 |
25,750 |
52,000 |
|
|
|
|
|
|
|
|
|
|
NTA |
(1,676) |
(1,676) |
32,000 |
32,000 |
5,750 |
25,750 |
52,000 |
|
|
|
|
|
|
|
|
|
|
NTA/Share (RM) |
(0.01) |
(0.11) |
0.40 |
0.34 |
0.06 |
0.21 |
0.35 |
|
Gearing (times) |
N/A |
N/A |
- |
- |
0.49 |
0.36 |
- |
1 Assumed conversion price at RM1.00
Table 15 (A) - Effects on Shareholding
|
|
< --------------------------- Omega ----------------------- > |
|||
|
|
As at 30.06.01 (Audited) |
After Proposed Capital Reduction and Consolidation and Share Premium Write-off |
||
|
|
'000 |
% |
'000 |
% |
|
Omega's shareholders |
298,949 |
100.00 |
14,947 |
100.00 |
|
|
|
|
|
|
|
Vendors |
- |
- |
- |
- |
|
|
|
|
|
|
|
Special Issue Subscribers |
- |
- |
- |
- |
|
|
|
|
|
|
|
Creditor Banks |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
298.949 |
100.00 |
14,947 |
100.00 |
Table 15 (B) - Effects on Shareholding
|
|
< ------------------------------------------------------ SBSB ----------------------------------------------------- > |
|||||||||
|
|
After Proposed Acquisition of Proposed Subsidiaries |
After Proposed Scheme of Arrangement |
After Proposed Settlement |
After Proposed Special Issue |
After ICULS Conversion1 |
|||||
|
|
'000 |
% |
'000 |
% |
'000 |
% |
'000 |
% |
'000 |
% |
|
Omega's shareholders |
- |
- |
14,947 |
15.74 |
14,947 |
14.41 |
14,947 |
12.09 |
14,947 |
9.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Vendors |
80,000 |
100.00 |
80,000 |
84.26 |
80,000 |
77.15 |
80,000 |
64.67 |
80,000 |
53.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Issue Subscribers |
- |
- |
- |
- |
- |
- |
20,000 |
16.17 |
20,000 |
13.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditor Banks |
- |
- |
- |
- |
8,750 |
8.44 |
8,750 |
7.07 |
35,000 |
23.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,000 |
100.00 |
94,947 |
100.00 |
103,697 |
100.00 |
123,697 |
100.00 |
149,947 |
100.00 |
1 Assumed conversion price at RM1.00