Tan Chong Apparels signs conditional SP with Wacoal

  • Business
  • Tuesday, 25 Mar 2003

PURSUANT to a proposed joint venture agreement between Warisan TC Holdings Bhd and Wacoal Corp, Warisan's wholly-owned subsidiary, Tan Chong Apparels Sdn Bhd (TCAP), entered into a conditional sale and purchase agreement with Wacoal Malaysia Sdn Bhd yesterday. 

Under the agreement, TCAP would sell to Wacoal Malaysia, as a going concern, its business of distribution of apparel products in Malaysia, including the transferred assets of goodwill, office equipment, a golf membership, stock in trade owned or agreed to be bought by TCAP, and the benefits of certain policies of insurance in connection with the business which are still effective as at the completion date, for RM10.6mil cash. 

For purposes of the proposed joint venture, a newco would be incorporated to acquire the whole of TCAP's assets, with the joint venture parties each ultimately holding a 50% equity interest in the newco. 

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