Further to the Company’s announcement made on 21 November 2012, the Board of Directors of the Company wish to announce that to-date there is no further material development since the signing of the above MOU dated 13 May 2008.
This announcement is dated 26 February 2013.

Further to the Company’s announcement made on 21 November 2012, the Board of Directors of the Company wish to announce that to-date there is no further material development on the above matter.

This announcement is dated 26 February 2013.

Further to the Company’s announcement made on 21 November 2012, the Board of Directors of the Company wishes to announce that there is no further material development with TRR since the signing of the above MOU dated 8 February 2012.

 

We refer to the Company’s announcement dated 13 February 2012 and the Reply of Query Announcement dated 17 February 2012, in relation to the Proposed Disposal.

 

The Board of Directors of the Company wishes to announce that the Company had today entered into the Rescission Agreement and Mutual Release with Niche Property Management Sdn. Bhd. (Company No. 828354-P) (“Niche”) to rescind and revoke the following inter-conditional agreements :

a) Business Transfer Agreement dated 10 February 2012 (“BTA”),

b) Share Sale Agreement dated 10 February 2012 (“SSA”); and

c) Supplementary Redeemable Term Debt Agreement dated 13 February 2012 (“SRTDA”).

 

Pursuant to the Rescission Agreement and Mutual Release, the Company and the Niche have mutually agreed to reverse, rescind and unwind the contractual arrangements and all transactions including asset and share transfer comprised in BTA, SSA and the SRTDA to serve their respective mutual commercial interests better and subsequently to restore each party to the original status quo position it was in before the BTA, SSA and the SRTDA were entered into by it.

 

This announcement is dated 26 February 2013.

1. INTRODUCTION

 

The Board of Directors of BHB is pleased to announce that BHB had on 18 February 2013 entered into a MOU with UiTM on collaboration and promotion of academic and scientific activities and human capital development.

 

 

 

2. INFORMATION ON UiTM

2.1 UiTM

UiTM is an institution of higher learning established under the Universiti Teknologi MARA Act 1976 whose address is at Chancellery, Universiti Teknologi MARA, 40450 Shah Alam, Selangor, Malaysia. UiTM is an established University which strives to enhance and strengten its efforts in higher education and research. UiTM has taken various initiatives to complement its educational excellence with achievements in research and has entered into various collaborative arrangements with many international institutions.

3. SALIENT TERMS OF THE MOU

The salient terms of the MOU are as follows:

(i) Both parties agree to encourage the following activities, in particular, to promote international academic co-operation in the following areas:-

a) acceptance and exchange of undergraduate and graduate students of each partner institution for periods of industrial training;

b) exchange of information pertaning to developments in teaching, student development, research projects and graduate marketability;

c) to establish joint educational, research and promotional activities;

d) to establish academic endowment fund to promote and support professorial chairs, student scholarships and training programmes;

e) to establish joint professional training in food service and gastronomy management between their respective staff to promote human capital and product development; and

f) co-operation in any other areas which are mutually beneficial to BHB and UiTM as agreed upon by the both parties from time to time.

(ii) The MOU shall remain in effect for a period of three (3) years from the date of the MOU unless earlier terminated in accordance with the provision of the MOU.

4. RATIONALE

The objective of the MOU is to establish a collaboration between BHB and UiTM in which both parties shall endeavour to strengthen, promote and develop international and research co-operation between both parties on the basis of equality and mutual benefit.

 

5. EFFECTS OF THE MOU

The MOU is not expected to have material effects on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of BHB for the financial year ending 31 December 2013.

6. INTEREST OF MAJOR SHAREHOLDERS AND DIRECTORS

None of the major shareholders and/or directors of BHB and/or persons connected with them has any interest, direct or indirect, in the MOU.

7. DIRECTORS’ STATEMENT

The Board of Directors of BHB is of the opinion that the MOU is fair and reasonable and that the MOU is in the best interest of BHB after considering the various aspects of the MOU.

8. DOCUMENTS FOR INSPECTION

A copy of the MOU is available for inspection at the registered office of the Company located at 10th Floor, Menara Hap Seng, No. 1 & 3, Jalan P. Ramlee, 50250 Kuala Lumpur during normal business hours on Mondays to Fridays (except Saturdays, Sundays and public holidays) for a period of three (3) months from the date of this announcement.

This announcement is dated 18 February 2013.