| Type |
Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID |
NH-101213-38333 |
| Subject |
FOCUS POINT HOLDINGS BERHAD ("FOCUS POINT" OR THE "COMPANY "
Proposed acquisition by a wholly-owned subsidiary of Focus Point, Focus Point Vision Care Group Sdn Bhd ("Focus Point Vision Care") of the business and assets of (i) Imperial Optics (K.K) Sdn Bhd and (ii) One Borneo Optics Sdn Bhd |
| Contents |
We refer to the Company’s announcement on 9 December 2010 with regards to the Proposed Acquisitions. As requested by Bursa Malaysia Securities Berhad in its letter dated 13 December 2010, we append below our reply to the queries:-
1. Focus Point wishes to clarify that there is no intention to dispose of the operations of professional eye care centre at One Borneo Optics Outlet as well as the systems data and licenses in connection to the business excluding the liabilities, to Toh Beng Teck. As such, Focus Point Vision Care shall arrange for the removal of such clause in the sale of business and assets agreement signed on 9 December 2010 between One Borneo and Focus Point Vision Care. A separate announcement will be made in due time.
On the Part Balance Purchase Consideration, the payment is made to Toh Beng Teck at the instruction of One Borneo, and the parties acknowledged that this Part Balance Purchase Consideration shall be deemed as payment to One Borneo and One Borneo shall have no claim whatsoever against Focus Point Vision Care with respect to this payment to Toh Beng Teck.
2. The trading/closing stocks of Suria Sabah Outlet are to be acquired by Focus Point Vision Care from Imperial Optics as part of the Proposed Acquisitions for a purchase consideration of RM207,532.70 (which is included in the total purchase consideration of RM1,490,194.70 in Agreement 1).
Thereafter, these trading/closing stocks shall be sold to Vision Twenty as inventory for its Focus Point-franchised Imperial Mall Outlet and Bintang Megamall Outlet. The sales of the trading/closing stocks on a gradual basis of 8 months is mutually agreed between both Vision Twenty and Focus Point Vision Care.
The announcement is dated 13 December 2010.
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| Query Letter Content |
We refer to Focus Point Holdings Berhad's ("Focus Point") announcement dated 9
December 2010 in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Malaysia Securities Berhad (“Bursa
Securities”) with the following additional information for public release:-
It was stated in paragraph 3.2.3 of the announcement that upon completion of
the proposed acquisition, Focus Point Vision Care is unconditionally permitted
to dispose of the operation of professional eye care centre at One Borneo
Optics Outlet as well as the systems data and licences in connection to the
business excluding the liabilities, to Toh Beng Teck. Further, part of the
proceed will be paid to Toh Beng Teck. Please clarify rationale for said
arrangement, of acquiring then dispose of the assets. Please clarify how the
arrangement will benefit Focus Point Group; and
It was stated in paragraph 3.1.3 of the announcement that the trading/closing
stocks of Suria Sabah Outlet shall be sold to Vision Twenty on a gradual basis
after the Completion Date. Please clarify whether these stocks are part of the
assets acquired by Focus Point Vision Care and rationale of this arrangement.
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
HANITA OTHMAN
Head, Issuer
ACE Market
Listing Division
Regulations
NHM
cc: General Manager & .Head, Market Surveillance, Securities Commission (via
fax) |
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