General Announcement
Reference No CU-050215-46390
Submitting Merchant Bank:ASEAMBANKERS MALAYSIA BERHAD
Company Name:ISLAND & PENINSULAR BERHAD
Stock Name :I&P
Date Announced:16/02/2005


Type:Announcement
Subject:Island & Peninsular Berhad

Mandatory general offer by Island & Peninsular Berhad ("I&P") to acquire 35,000,000 ordinary shares of RM1.00 each representing 29.91% of the issued and paid-up share capital in Syarikat Perumahan Pegawai Kerajaan Sdn. Bhd. ("SPPK") from the Ministry of Finance, Inc. ("MOF") undertaken pursuant to Part II of the Malaysian Code on Take-overs and Mergers (Amendment) 2004 ("the Code") ("Mandatory Offer")

Contents :

1. INTRODUCTION AND BACKGROUND INFORMATION2. DETAILS OF THE MANDATORY OFFER

2.1 Basis of purchase consideration
3. CONDITIONS OF THE MANDATORY OFFER4. BACKGROUND INFORMATION OF SPPK
The directors of SPPK as at 31 December 2004 is as follows:

Name
Tan Sri Dato' Seri (Dr) Ahmad Sarji bin Abdul Hamid
Tan Sri Dato' Dr Lin See Yan
Tan Sri Dato' Ir. Talha bin Haji Mohd Hashim
Tan Sri Dato' Ir. Wan Abdul Rahman bin Haji Wan Yaacob
Datuk Dr. Nik Mohd Zain bin Haji Nik Yusof
Tuan Haji Mohamed Noor bin Haji Mat Ali
Dato' Zolkapli @ Zulkifli bin Sharif
Ir. Jamaludin bin Osman

None of the above directors have any direct or indirect shareholdings in SPPK.

The audited consolidated results for the past five (5) financial years ended 31 December 2003 of SPPK are as follows:

1999
RM'000
2000
RM'000
2001
RM'000
2002
RM'000
2003
RM'000
Turnover
69,634
84,879
76,397
85,974
175,497
PBT
13,318
42,293
26,741
27,165
61,353
Taxation/(Tax exempt income)
(1)
-
-
2
-
PAT/(LAT) after MI
13,317
42,293
26,741
27,163
61,353
Number of shares in issue ('000 shares)
117,000
117,000
117,000
117,000
117,000
Net EPS
per share (sen)
11
36
23
23
52
NTA
300,555
338,723
359,614
386,777
443,451
NTA per share
2.57
2.90
3.07
3.31
3.79

5. EFFECTS OF THE MANDATORY OFFER


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