SAMLING GLOBAL LIMITED 三林環 球有限公司 - HKExnews
SAMLING GLOBAL LIMITED 三林環 球有限公司 - HKExnews
SAMLING GLOBAL LIMITED 三林環 球有限公司 - HKExnews
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The unaudited shareholders’ funds of PT Borneo as at 31 August 2009 was approximately US$2.0<br />
million (approximately HK$15.5 million).<br />
REASONS FOR THE TRANSACTION<br />
The Group is principally engaged in timber harvesting and management of forest concessions in<br />
Malaysia and Guyana, and tree plantations in New Zealand and Malaysia, manufacturing, marketing<br />
and distribution of wood products.<br />
It has been one of the long-term corporate objectives of the Group to become a global resource<br />
company. The Directors believe that, to diversify the industry cycle and risk of the timber business, it<br />
is in the interests of the Group to explore other resources-related business investment opportunities.<br />
The Directors consider that the entering into of the SPA and Convertible Loan Agreement, will enable<br />
the Group to expand into the coal mining industry in Indonesia. The Directors believe that the entering<br />
into of the SPA and Convertible Loan Agreement represents a good investment opportunity for the<br />
Group to diversify into a new resource and is in the best interests of the Company and its Shareholders<br />
as a whole.<br />
GENERAL<br />
Since the applicable percentage ratios set out in Rule 14.07 of the Listing Rules exceed 5% but do not<br />
exceed 25%, the provision of the Convertible Loan constitute a discloseable transaction of the<br />
Company under the Listing Rules.<br />
UNUSUAL PRICE MOVEMENTS<br />
This statement is made at the request of the Stock Exchange of Hong Kong Limited.<br />
The board of Directors has noted the recent increases in the price of the Shares and wishes to state that<br />
it is not aware of any reasons for such increases.<br />
The board of Directors confirms that save for the transaction disclosed in this announcement, there are<br />
no negotiations or agreements relating to intended acquisitions or realisations which are discloseable<br />
under Rule 13.23, neither is the board of Directors aware of any matter discloseable under the general<br />
obligation imposed by Rule 13.09, which is or may be of a price-sensitive nature.<br />
Made by the order of the Company, the board of the Directors individually and jointly accept<br />
responsibility for the accuracy of this statement.<br />
DEFINITIONS<br />
In this announcement, unless the context otherwise requires, the following expressions shall have the<br />
following meaning:<br />
‘‘Additional Loan’’<br />
a convertible loan to be provided by SGL Trading to PT Borneo in an amount<br />
equal to US$27.9 million<br />
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