LaoLiuGENERAL MEETINGS: Outcome of Meeting (28 Sep 2015) The Board of Directors of Takaso Resources Berhad ("TRB") wishes to announce that at the Extraordinary General Meeting ("EGM") of TRB held today, 28 September 2015, at 12.00 p.m., the Special Resolution as set out in the Notice of EGM dated 4 September 2015 in relation to the Proposed Change of the Name of Company from "Takaso Resources Berhad" to "O&C Resources Berhad", has been duly approved by the shareholders of the TRB.
Lucas Chantakaso something gonna happened, will focus it coming next few month!!
Lucas ChanOTHERS LAY HONG BERHAD ("LHB" OR "THE COMPANY") CONDITIONAL LETTER OF INTENT IN RELATION TO THE PROPOSED ACQUISITION OF 100% INTEREST IN TAKASO SC (THAILAND) LIMITED, A WHOLLY-OWNED SUBSIDIARY OF TAKASO RESOURCES BERHAD
Inve3torKUALA LUMPUR (Oct 2): Takaso Resources Bhd ( Valuation: 0.00, Fundamental: 1.25) plans to dispose of its wholly-owned Thai subsidiary Takaso SC (Thailand) Ltd (TSC) to Lay Hong Bhd ( Valuation: 1.40, Fundamental: 0.75) for RM9 million cash.
In a filing with Bursa Malaysia today, Takaso said it has accepted a conditional letter of intent (LOI) dated Sept 22, 2015 from Lay Hong to consider acquiring TSC from Takaso.
"Takaso wish to concentrate on the existing local business of rubber related products and decided not to further expose the group’s risk. Furthermore, the current weakening ringgit will require Takaso to incur additional cost of investment," it said.
TSC is currently dormant and was intended for the distribution and marketing of rubber related products and manufacturing and marketing of food business. The company, however, owns two factory buildings and a piece of land in Sadao District, Songkhla, Thailand.
Takaso said the property was purchased for 25 million baht (RM3.02 million).
"The indicative consideration of RM9 million is approximately the total investment cost of Takaso since the acquisition of TSC on Nov 27, 2013, subject to the completion of the due diligence on TSC by Lay Hong.
"The (amount) comprises initial cost incurred for the acquisition of TSC and the property, further capital outlay for the upkeep and renovation of the property in order to obtain the approvals and also operating expenses for TSC," it added.
In the event that Takaso or Lay Hong fails to execute the legal documentation by Dec 31, 2015, either of the two companies may terminate these heads of terms by written notice to the other.
Takaso will make the required announcement once the definitive sale and purchase of shares agreement is signed or in the event the LOI’s terms are extended or expired.
In a separate statement today, Bursa Malaysia said Takaso's securities will be traded and quoted under the O&C Resources Bhd name effective Oct 7, 2015, while its warrants will also be re-named to O&C Resources Bhd-Warrants 2011/2016.
Takaso shares closed 0.5 sen or 1.02% lower at 48.5 sen today, bringing a market capitalisation of RM99.78 million. Lay Hong's share price, meanwhile, rose 2.86% or 15 sen to close at RM5.40, with a market capitalisation of RM277.72 million.