B8 Status of Corporate Proposals
On 3 December 2002, Aseambankers Malaysia Berhad on behalf of the Company announced that the Company through its wholly own subsidiary, Advanced Packaging Investments (H.K) Ltd (“APIL”), had on 2 December 2002, entered into a joint venture contract (“JVC”) with Wafangdian Laohu Cement Company Ltd.(“WLCC”), a company incorporated in the People’s Republic of China (“PRC”), to form a joint venture company under the name of Dalian Advanced Cement Company Ltd (“DACC”) to build a cement clinker plant in the PRC.
As per the JVC, the proposed new plant was expected to be completed by June 2004. However, the project is currently still not yet completed owing to financial problems faced by the joint venture partner, WLCC, in contributing its share capital to DACC and the difficulty of DACC in obtaining loan to finance the project. Certain new lending restrictions imposed by the government of the PRC in 2004 to cool down its over-heating economy compounded to the problem. The completion of the project is now very much dependent on the availability of the funds from the banks in PRC to WLCC which was further delayed by the demise of the Chairman, Mr. Xi Jianqi.
The Company has originally on behalf of APIL remitted approximately USD Two million seven hundred twenty thousand or USD2.72 million (equivalent to RM Ten million three hundred thirty six thousand five hundred forty eight and cents fifty four only or RM10,336,548.54) towards its capital contribution in DACC.
ADVANCED PACKAGING TECHNOLOGY (M) BHD. (82982-K)
(Incorporated in Malaysia)
Quarterly Report On Results For The Fourth Quarter Ended 31 December 2008
NOTES
As a move to resolve the failure of WLCC to contribute fully its portion of the registered capital, APIL had on 06 December 2005 entered into a Shareholders’ Agreement with WLCC for DACC to apply to the relevant authorities in PRC to revise downward the registered capital from RMB Ninety Million (RMB90,000,000) to RMB Fifty two million (RMB52,000,000). The shareholding ratio between the shareholders remain unchanged as 75% (RMB Thirty Nine Million or RMB39,000,000) for WLCC and 25% (RMB Thirteen Million or RMB13,000,000) for APIL.
The Company announced on 04 January 2007 that it has received on the same day the new business licence issued to DACC on 25 December 2006 by the Dalian Industrial and Commercial Administrative Bureau, PRC (“DICAB”) with a revised registered capital of USD Six million two hundred and sixty three thousand (USD6,263,000) or RMB Fifty two million (RMB52,000,000). The original registered capital of DACC was USD Ten million eight hundred and forty thousand (USD10,840,000) or RMB Ninety million (RMB90,000,000). DACC had since returned the excess capital contribution of USD One million one hundred forty four thousand two hundred and fifty (USD1,144,250) to APIL.
The above Renminbi equivalent is based on the conversion rate of USD1.00 to approximately RMB 8.30 used by DICAB.
During the current financial year, additional impairment loss of the investment in jointly controlled entity of RM 1.853 million is recognized and as disclosed in item B1. |
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