FORGING AHEAD - Tradewinds Plantation Berhad
FORGING AHEAD - Tradewinds Plantation Berhad
FORGING AHEAD - Tradewinds Plantation Berhad
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214<br />
FINANCIAL STATEMENTS<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
31 DECEMBER 2010<br />
40. CONTINGENT LIABILITIES (UNSECURED)<br />
The Company had guaranteed the financing facilities of certain subsidiaries for RM623,250,000 (2009: RM706,950,000)<br />
of which the outstanding balance is RM526,950,000 (2009: RM548,000,000).<br />
41. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR<br />
(a) On 30 December 2009, the Company had submitted applications to the Companies Commission of Malaysia (‘CCM’)<br />
to strike off from CCM’s register its wholly-owned dormant subsidiaries, namely Gugusan Induk Sdn. Bhd. (‘GISB’),<br />
Insan Delima Sdn. Bhd. (‘IDSB’), JTOP Lebir <strong>Plantation</strong> Sdn. Bhd. (‘JTOP Lebir’) and Teon Choon Quarry Sdn. Bhd.<br />
(‘TCQSB’), under Section 308 of the Companies Act, 1965.<br />
During the current financial year, the Company received the following striking-off notices from the CCM pursuant to the<br />
application for the striking-off:<br />
(i) Notices for the striking-off of GISB and JTOP Lebir, both dated 27 July 2010;<br />
(ii) Notice for the striking-off of TCQSB, dated 16 August 2010; and<br />
(iii) Notice for the striking-off of IDSB, dated 9 September 2010.<br />
Accordingly, GISB and JTOP Lebir were struck-off from CCM’s register on 7 September 2010 and TCQSB and IDSB<br />
were struck-off from CCM’s register on 17 September 2010 and 13 October 2010 respectively.<br />
(b) On 9 June 2010, the Company’s wholly-owned subsidiary, Johore Tenggara Oil Palm <strong>Berhad</strong> (‘JTOP’), acquired<br />
the remaining 60% equity interest in Hak JTOP Sdn. Bhd. (‘Hak JTOP’) for a cash consideration of RM3,200,000.<br />
Consequently, Hak JTOP became a wholly-owned subsidiary of JTOP.<br />
42. SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD<br />
On 30 October 2009, Prisma Spektra Sdn. Bhd. (‘PSSB’), a wholly-owned subsidiary of the Company, entered into a<br />
conditional Share Sale Agreement (‘SSA’) with Semi Bayu Sdn. Bhd. (‘SBSB’) for the acquisition of 125,709,000 ordinary<br />
shares of RM1 each in MARDEC <strong>Berhad</strong> (‘Mardec’), representing the entire issued and paid-up ordinary share capital of<br />
Mardec, for a total purchase consideration of RM150,000,000 (‘Proposed Acquisition of Mardec’).<br />
Mardec is an investment holding company incorporated in Malaysia and through its local and overseas subsidiaries and<br />
associates, is involved in the processing and trading of natural rubber and the manufacturing of value-added rubber and<br />
polymer products.<br />
The initial period for the fulfillment and satisfaction of the conditions precedent to the Proposed Acquisition of Mardec<br />
(‘Prescribed Period’) expired on 29 April 2010. On 30 April 2010, SBSB and PSSB agreed to extend the Prescribed Period<br />
by a further period of six months to 30 October 2010. On 1 November 2010, the Prescribed Period was extended by a<br />
further period of six months to 30 April 2011.<br />
TRADEWINDS PLANTATION BERHAD<br />
Annual Report 2010