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OTHERS TADMAX RESOURCES BERHAD ("TADMAX" or "the Company") - PROPOSED DISPOSAL OF 35% EQUITY INTERESTS IN PULAU INDAH POWER PLANT SDN BHD (FORMERLY KNOWN AS TADMAX INDAH POWER SDN BHD) ("PIPP") TO WORLDWIDE HOLDINGS BERHAD ("PURCHASER" OR "WHB") FOR A TOTAL DISPOSAL CONSIDERATION OF RM58,450,000 ("PROPOSED DISPOSAL")

TADMAX RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
TADMAX RESOURCES BERHAD ("TADMAX" or "the Company")
- PROPOSED DISPOSAL OF 35% EQUITY INTERESTS IN PULAU INDAH POWER PLANT SDN BHD (FORMERLY KNOWN AS TADMAX INDAH POWER SDN BHD) ("PIPP") TO WORLDWIDE HOLDINGS BERHAD ("PURCHASER" OR "WHB") FOR A TOTAL DISPOSAL CONSIDERATION OF RM58,450,000 ("PROPOSED DISPOSAL")

We refer to the Company’s announcement dated 13 March 2020 in relation to the above captioned matter and wish to expand and/or furnish additional disclosure as below.

 

Unless stated otherwise, definitions and references hereinunder used/refers to in this Announcement shall carry the same meaning as defined in the announcement dated 13 March 2020.

 

Under paragraph 2.5 – Basis and Justification of Arriving at the Disposal Consideration

 

On item 2.5(ii), further details of the indicative valuation of 100% equity interests in PIPP of between RM155 million to RM178 million are as below:-

  1. The indicative valuation is prepared by Tadmax;
  2. The discount rate applied on the expected free cash flow was approximately 8% which represents cost of equity;
  3. A further applying a discount of 20% and 30% for illiquidity / lack of marketability (as PIPP is a private company); and
  4. Over the concession period of twenty-one (21) years.

Tadmax and the Purchaser have commercially agreed at RM58,450,000 being the Disposal Consideration of 35% equity interests in PIPP.

 

This Announcement is dated 17 March 2020.






Announcement Info

Company Name TADMAX RESOURCES BERHAD
Stock Name TADMAX
Date Announced 17 Mar 2020
Category General Announcement for PLC
Reference Number GA1-17032020-00067



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