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The Company's announcement on 8 May 2000 refers.
The Company is pleased to announce that its wholly-owned subsidiary, YTL e-Solutions Sdn Bhd (formerly known as YTL Electro-Dynamics Sdn Bhd) ("YTL-e") has entered into a Joint Venture Agreement with Panpac Media.Com Limited ("Panpac") to form a joint venture company incorporated in Singapore ("Spore JVCo") to own and operate www.PropertyNetAsia.com which will provide unique e-solutions facilities and services for the real estate industry in the Asia-Pacific region. Spore JVCo will have an authorised and paid-up share capital of S$1 million divided into 1 million ordinary shares of S$1.00 each. YTL-e will subscribe to 150,000 ordinary shares in the Spore JVCo at par value S$1.00 for cash representing 15% equity interest and Panpac will subscribe for the remaining 85% equity interest in the Spore JVCo.
Simultaneous with the above transaction, YTL-e has also entered into a Joint Venture Agreement with Spore JVCo to incorporate a joint venture company in Malaysia ("Msian JVCo") to operate the Malaysian business unit, www.PropertyNetAsia.com.my ("the Website") to serve the needs of the real estate industry in Malaysia. Msian JVCo will have an authorised and paid-up share capital of RM3.2 million comprising 3,200,000 ordinary shares of RM1.00 each. YTL-e will subscribe for 1,920,000 ordinary shares in the Msian JVCo comprising 60% equity interest at par value of RM1.00 each and the remaining 40% will be subscribed by Spore JVCo.
YTL-e will be paid RM1.32 million by the Msian JVCo for, inter alia, the provision of the infrastructure which have been installed for hosting the Website and the hosting services in connection thereto.
Both Joint Venture Agreements are conditional upon approvals being obtained from the relevant authorities in Malaysia and Singapore.
The entering into the Joint Venture Agreements is not expected to have any material impact on the net tangible assets and earnings of YTL Corporation Berhad Group.
The Joint Venture Agreements supersedes the earlier Joint Venture Agreement dated 8 May 2000 entered into by YTL-e and Panpac.
None of the Directors and Substantial Shareholders of the Company and persons connected with the Directors and Substantial Shareholders of the Company has any interest, direct or indirect, in the above Joint Venture Agreements.
The Joint Venture Agreements dated 10 November 2000 are available for inspection during normal office hours (except public holidays) at the registered office of the Company at 11th Floor, Yeoh Tiong Lay Plaza, 55 Jalan Bukit Bintang, 55100 Kuala Lumpur from the date of this announcement to the date of completion.
Yours faithfully
YTL CORPORATION BERHAD
HO SAY KENG
Company Secretary |
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Securities Issues Department
Securities Commission
Fax No. 03 651 5213 |
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