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TRANSOCEAN HOLDINGS BHD ("the Company") Additional Information To The Announcement Made on 15 June 2005 Pursuant To Practice Note No. 1/2001 ("PN 1/2001") - Default In Payment

TRANSOCEAN HOLDINGS BHD

Type

Announcement
SubjectTRANSOCEAN HOLDINGS BHD ("the Company")
Additional Information To The Announcement Made on 15 June 2005 Pursuant To Practice Note No. 1/2001 ("PN 1/2001") - Default In Payment

Contents :

Reference made to the General Announcement made by the Company to the Exchange on 15 June 2005 (Reference No. CS-050614-64104) ("the earlier announcement") in relation to the default in repayment of banking facilities by the Company's 75% owned subsidiary, Transocean Biotec (M) Sdn Bhd ("TBM") to Malayan Banking Berhad ("MBB").


The Company wishes to furnish additional information follows:

1. Financial and legal implications in respect of the default in payments

1.1 TBM has created the following charges in favour of MBB as securities for the banking facilities granted by MBB to TBM

      (a) 1st Legal Fixed Charge Borang 16A, Section 242 Gadaian under the National Land Code 1965 with Charge Annexure as the Principal Instrument & 1st Legal Fixed Charge Borang 16A, Section 242 Gadaian under the National Land Code 1965 with Charge Annexure as the Subsidiary Instrument, securing a Term Loan of RM1 million; and

      (b) 2nd Legal Fixed Charge Borang 16A, Section 242 Gadaian under the National Land Code 1965 with Charge Annexure as the Principal Instrument & 2nd Legal Fixed Charge Borang 16A, Section 242 Gadaian under the National Land Code 1965 with Charge Annexure as the Subsidiary Instrument, securing an Overdraft Facility of RM1.5 million;

      on the following land of TBM :

      i) GM 597, Lot 81 (formerly known as SP 21617, Lot 81),
      ii) GM 598, Lot 82 (formerly known as SP 21618, Lot 82),
      iii) GM 688, Lot 582 (formerly known as SPK 2747, Lot 582), and
      iv) GM 943, Lot 798 (formerly known as SPK 2424, Lot 798)
          all located in Mukim Pinang Tunggal, Daerah Kuala Muda, Kedah (all as Principal Charge); and
      v) H.S.(M) 144, Lot 1635, Mukim 2, Daerah Seberang Perai Tengah (as Subsidiary Charge)
          (Note: this property under item (v) above had been discharged subsequently.)
1.2 MBB has indicated in its letter to TBM dated 1 June 2005 that in the event TBM failed to pay them within 14 days from the date of the said letter, MBB shall commence legal proceedings against TBM for the recovery of the Total Outstanding Debts.

2. The lines of action available to the guarantors or security holders against the Group for the default in respect of secured loan stocks or bonds

2.1 Not applicable as the default is not in respect of secured loan stocks or bonds.

3. Appointment of a receiver or receiver and manager by the debenture holder for the default in payments under a debenture

3.1 Not applicable as this is not a default in payment under a debenture.

4. The default in payment by TBM results in an event of default under a different agreement for indebtedness (cross default)

4.1 Not applicable as TBM has no other indebtedness under a different agreement with the same lender.


This announcement is dated 16 June 2005.


Announcement Info

Company NameTRANSOCEAN HOLDINGS BHD  
Stock Name TOCEAN    
Date Announced16 Jun 2005  
CategoryGeneral Announcement
Reference NoCS-050616-59913



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