SBC Corporation Berhad - Announcement On Acquisition Of New Subsidiary
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SBC Corporation Berhad - Announcement On Acquisition Of New Subsidiary

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The Board of Directors of SBC Corporation Berhad (“SBC”) wishes to announce that SBC had on 9th June, 2009 acquired 8,000 ordinary shares of RM1.00 each representing 80% equity interest in Armada ...

The Board of Directors of SBC Corporation Berhad (“SBC”) wishes to announce that SBC had on 9th June, 2009 acquired 8,000 ordinary shares of RM1.00 each representing 80% equity interest in Armada Bayumas Sdn. Bhd. (“ABSB”) at par for a total cash consideration of RM8,000 (“Acquisition”) in the following manner

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SBC Corporation Berhad - Announcement On Acquisition Of New Subsidiary Document Transcript

  • 1. SBC COPRPORATION BERHAD ACQUISITION OF NEW SUBSIDIARY 1. INTRODUCTION The Board of Directors of SBC Corporation Berhad (“SBC”) wishes to announce that SBC had on 9th June, 2009 acquired 8,000 ordinary shares of RM1.00 each representing 80% equity interest in Armada Bayumas Sdn. Bhd. (“ABSB”) at par for a total cash consideration of RM8,000 (“Acquisition”) in the following manner – (a) acquisition of 1 share in ABSB from Lam Suk Kham; and (b) application of 7,999 shares in ABSB. As the result of the Acquisition, ABSB is now a 80% owned subsidiary of SBC. 2. INFORMATION ON ABSB ABSB is a private limited company incorporated in Malaysia under the Companies Act, 1965 on 26th March, 2009. It has an authorised capital of RM100,000 divided into 100,000 ordinary shares of RM1.00 each, of which 10,000 shares have been issued and fully paid-up. The intended principal activities of ABSB are property development and property management. The shareholding structure of ABSB is as follows – Name of shareholders No. of shares held Percentage shareholding SBC 8,000 80 Success Propel Sdn. Bhd. 2,000 20 (“SPSB”) Total 10,000 100 The board of directors of ABSB consists of 4 persons, namely – (a) Mr. Sia Kwee Mow @ Sia Hok Chai, Mr. Sia Teong Heng and Mr. Sia Teong Leng, all representing SBC; and (b) Mr. Lai Yeng Fock, representing SPSB. 3. INFORMATION ON SPSB SPSB is a private limited company incorporated in Malaysia under the Companies Act, 1965 on 14th October, 2008. It has an authorised capital of RM100,000 divided into 100,000 ordinary shares of RM1.00 each, of which all the shares have been issued and fully paid-up. The principal activity of SPSB is investment holding. The directors of SPSB are Mr. Yew Kok Siew, Mr. Lai Yeng Fock and Mr. Tan Say Sing.
  • 2. -2- Their shareholding in SPSB are as follows – Name No. of shares held Yew Kok Siew 33,000 Lai Yeng Fock 33,000 Tan Say Sing 34,000 Total 100,000 4. SOURCE OF FUNDS The Acquisition was financed via internal funds of the SBC Group. 5. FINANCIAL EFFECTS (a) Share capital and substantial shareholders The Acquisition will not have any effect on the share capital of SBC or its substantial shareholders. (b) On earnings, net assets and gearing The Acquisition will not have any material effect on the earnings, net assets and gearing of SBC Group for the financial year ending 31st March, 2010. 6. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST None of the directors and major shareholders of SBC and its subsidiaries or persons connected to them, have any interest, direct or indirect, in the Acquisition. 7. DIRECTORS’ OPINION The Board of Directors of SBC is of the opinion that the Acquisition is in the long term interest of the SBC Group.