(1) Introduction
Pursuant to Part C of Paragraph9.04 of the Main Market Listing Requirements of Bursa Malaysia SecuritiesBerhad, the Board of Directors of TIGER wishes to announce that itswholly-owned subsidiary, Pembinaan Terasia Sdn. Bhd. ("PTSB") hadaccepted the Term Equity Financing-i of Ringgit Malaysia: Five Million and SixHundred Thousand only (RM5,600,000.00) granted by Public Islamic Bank Berhad (“Banking Facility”).
(2) Details and Salient Terms of the BankingFacility
Type of Loan : Term EquityFinancing-i
Purpose of Loan : Acquisitionof Property under the Islamic principle of Musharakah Mutanaqisah orDiminishing Musharakah.
Tenure of Loan: 180 Months
Security: The Banking Facilityis to be secured by way of the following:-
1) Principal Instrument
a) Musharakah MutanaqisahMaster Agreement
Subsidiary Instrument
1a) Where security is takenover property with individual title
- A registered open all monies third partycharge stamped nominally over the property held under Individual Title GM 549,Lot 738, Tempat Batu 12 1/2, Jalan Cheras, Mukim Ceras, Daerah Hulu Langat,Negeri Selangor.
2) Term Deposit-i Account
a) Term Deposit-i Account ofRM1,000,000.00 at counter rate pledged is for one (1) month maturity and is tobe renewed on monthly basis.
b) Letter of Set-Off/ Letter ofPledge.
c) Profit (if any) earned onTerm Deposit-i pledged cannot be withdrawn but shall be added on to theprincipal and shall from part of the security.
3) Guarantees
i) Joint and Several Guarantee
- The Banking Facility is to beadditionally guaranteed jointly and severally by all Directors of the Companypresent and future and/or the personal guarantee of the following:-
a) Dato' Tan Wei Lian;
b) Datin Sek Chian Nee
ii) Corporate Guarantee
- The Banking Facility is to beadditionally guaranteed by the following:-
a) Tiger Synergy Berhad;
b) Promosi Juara Sdn. Bhd.
(3) Financial Effects of the Borrowing of Funds
Share Capital and Substantial Shareholdings
The Banking Facility will nothave any effect on the issued and paid-up capital of the Company or theshareholdings of the Company’s substantial shareholders.
Net Assets and Earnings per share
The Banking Facility will nothave any effect on the net assets and earnings per share of the Company for thefinancial year ending 30 June 2016.
Gearing
Assuming the Banking Facilityis fully drawdown, the gearing ratio is 0.07 based on the audited consolidatedresults of the Group as at 30 June 2014.
(4) Interest of Directors, substantial shareholdersand Persons connected to such Directors and/or substantial shareholders
None of the Directors,substantial shareholders of the Company or its subsidiaries and/or personsconnected with them have any direct or indirect interest in the Banking Facility.
(5) Approval for the Borrowing of Funds
The Banking Facility is notsubject to the shareholders’ approval in a general meeting of the Company.
(6) Statement by Directors
Having considered therationale, the Board of Directors of the Company is of the opinion that theBanking Facility is in the best interest of the Company.
(7) Documents for Inspection
A copy of the Letter of Offerof the Banking Facility is available for inspection at the Registered office ofthe Company at No. 482, Wisma Hwa Lian, Ground Floor, Jalan Zamrud 6, TamanKoop, 70200 Seremban, Negeri Sembilan Darul Khusus during the normal businesshours for a period of one (1) month from the date of this announcement.
This announcement is dated 4August 2015.
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