Eligible members received their payments sometime in March 2015...
KUALA LUMPUR:
Tanco Holdings Bhd's unit Tanco Resorts Bhd plans to repay
eligible vacation superclub members up to RM15mil for the remaining
unused period of their membership.
Tanco said on Friday the payment would be
based on the remaining unutilised tenure of their respective membership
agreements as at April 30, 2014.
"Tanco Resorts is proposing to repay to the
respective eligible vacation superclub members by way of cash totalling
up to a maximum of RM15mil," it said, adding ther membership would then
be terminated.
The 30-year right-to-use time-sharing membership was first created in 1997 vide a trust deed dated Sept 9, 1997.
Tanco said the pay-out sum was based on the
prevailing market condition, its financial capability in securing the
funding, and the opinion of UHY Advisory (KL) Sdn Bhd in its independent
advise letter to the eligible members that the proposed pay-out was
reasonable.
"The pay-out sum is expected to be funded
from bank borrowings. The superclub membership has not been contributing
to the Tanco group in terms of profitability and cash flow. The
completion of the proposal will allow Tanco group to redirect its
resources to its other businesses," it said.
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