Announcement Details/Table Section :
We wish to inform that ABS Land & Properties Berhad (“ABS”) has been voluntarily wound up by the members on 19 August 2011 as it has been dormant.
ABS is a company incorporated in Malaysia on 25 July 2003 as a special purpose vehicle to acquire the properties, letting out of properties and investments of Sunway Holdings and its subsidiaries as well as issuing of notes to the investors in a securitisation programme undertaken by Sunway Holdings. The securitisation programme was completed and all the notes were fully redeemed in year 2008. Sunway Holdings had adopted IC Interpretation 112 “Consolidation Special Purpose Entities” which led to the consolidation of ABS into the group financial statements of Sunway Holdings, since ABS is in substance controlled by Sunway Holdings.
ABS has appointed Mr Ong Lai @ Ong Kong Lai and Mr Wong Cham Mew of Unit C-20-5, Block C, 20th Floor, Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur as Liquidators for purpose of the members' voluntary winding-up.
Other than the liquidation expenses, there are no material losses or effects on the net assets per share and earnings per share of Sunway Holdings Group arising from the liquidation.
This announcement is dated 19 August 2011.