BURSA ANNOUNCEMENTS
Date : 05 April 2012
Signing of Fourth Supplemental Concession Agreement between the Government of Malaysia (“the Government”) and Grand Saga Sdn Bhd (“Grand Saga”)
| TALIWORKS CORPORATION BERHAD |
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | NM-120403-50716 |
| Subject | Signing of Fourth Supplemental Concession Agreement between the Government of Malaysia (“the Government”) and Grand Saga Sdn Bhd (“Grand Saga”) |
| Description | We refer to Bursa Malaysia Securities Berhad's letter dated 4 April 2012 (Ref No. NM-120403-50716) on the above matter and the following are the additional information as requested:- 1. With the closure of one (1) bound at each of the two (2) toll plazas, Grand Saga's toll revenue would be halved and this would have a material effect on its immediate holding company's cashflow. Hence, in terms of utilization of the compensation amount, the company would have to discuss with RAM Rating Services Berhad and the bondholders in relation to its commitments under the RM380,000,000 Islamic Medium Term Notes Programme under the Syariah Principles of Musyarakah. 2. The cash compensation of RM120,550,000 is to be paid to Grand Saga in two (2) installments. The breakdown for the said payments is RM60,000,000 to be paid in the year 2012 and the remaining RM60,550,000 to be paid in the year 2013. 3. There are two (2) toll plazas at the Cheras-Kajang Highway namely, Toll Plaza Batu 9 and Toll Plaza Batu 11 Cheras. With the signing of the Fourth Supplemental Concession Agreement, toll collection will continue at the Kajang bound of Toll Plaza Batu 9 and at the Kuala Lumpur bound of Toll Plaza Batu 11 Cheras. This announcement is dated 5 April 2012. |
| Query Letter Contents | We refer to your Company's announcement dated 2 April 2012. In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa Securities") with the following additional information for public release:- 1. The intended application of the compensation amount and the breakdown, including the time frame for full utilisation of the compensation amount. 2. Terms of any arrangement for payment of the compensation amount on a deferred basis. 3. The total number of toll plazas on the Cheras-Kajang Highway, and the number of toll plazas for which toll collection will continue after the 4th Supplemental Agreement. Please furnish Bursa Securities with your reply via an announcement within one (1) market day from the date hereof. Yours faithfully TAN YEW ENG Head, Issuers Regulation TYE / NMA c.c:- Head, Market Surveillance Department, Market Supervision Division, Securities Commission (via fax) |
Announcement Info
| Company Name | TALIWORKS CORPORATION BERHAD |
| Stock Name | TALIWRK |
| Date Announced | 5 Apr 2012 |
| Category | General Announcement |
| Reference No | CS-120405-3D2BB |