Reference is made to the announcement dated 11 May 2011 and 23 May 2011.
The Board of Directors of TSB wishes to announce that Minpalm International Trading Company Sdn. Bhd. (“Minpalm”) a wholly-owned subsidiary of the Company and Cekal Kasih Sdn Bhd (“CKSB”) had mutually agreed to terminate the Agreement and the cash consideration of RM2,286,580.62 is refunded to Minpalm.The reason of the mutual termination is due to the non-issuance of timber logging licence. Upon the termination of the Agreement, there shall be no cost and liabilities to each other.
The termination will not have any material impact on the earnings per share and net asset per share of the Company.
Dated this 27 day of September 2013