NOVA MSC BERHAD
15 Aug 2017
|Type||Reply to Query|
|Reply to Bursa Malaysia’s Query Letter – Reference ID||IQL-02082017-00002|
|Subject||Issuance of Bonds by Subsidiary, CNA Development Pte Ltd (CNAD) (Issuance of Bonds)|
|Description||In response to the query from Bursa Malaysia Berhad dated 2 August 2017 which Nova MSC Berhad (“Company”) had received on 10 August 2017 in relation to the announcement dated 1 August 2017 in respect of the issuance of bonds by subsidiary, CNA Development Pte Ltd (“CNAD”)|
|Query Letter Contents||We refer to your Company’s announcement dated 1 August 2017 in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
TAN YEW ENG
Cc : Market Surveillance Dept. , Securities Commission (via fax)
We refer to our announcements on 11 August 2017. The Company wishes to further clarify the below:
1. Item 2: The net profits and net assets of CNAD based on its latest audited financial statements.
Based on CNAD’s latest audited financial statements for financial year ended 31 March 2017, CNAD has a net profit of S$ 522,066 and net assets of $$2,920,054.
2. Item 5: Term of payment by the subscribers for the bonds.
The completion date referred to in item 5 of the announcement dated 11 August 2017 is 18 August 2017.
3. Item 8 : Details of utilization of proceeds arising from the Issuance of Bonds for operating and administrative overhead, and other professional services: the breakdown thereof and timeframe for full utilization of proceeds.
Operating and administrative overhead 1,000,000
Professional services (for new projects) 1,000,000
Operating and administrative overhead includes salaries and related cost, office rental, transport and other overhead. The detailed breakdown of this overhead is not determinable at this point in time as it relates to transactions / services which have yet to be undertaken by the company.
Professional services refer to third party project-related professional services to be engaged by CNAD for the implementation of its projects. The amount is an estimate and the detailed breakdown is not determinable at this point in time as these transactions relate to the future and are still subject to further negotiation.
The proceeds are expected to be utilized within the next 12 months after the receipt of payment from the subscribers, which is expected to be on 18 August 2017.
This announcement is dated 15 August 2017.
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