The Board of the Directors of the Company wishes to announce that the Company had on 27 May 2013 disposed 500,004 ordinary shares of RM1.00 each, representing 100% of the issued and paid-up share capital of MESB Development Sdn. Bhd. (Company No. 197822-T) (“MDSB”) to the following persons for a total consideration of RM56,000 only (“the Disposal”) as follows:
|
No. |
Names |
Unit of Shares |
Consideration (RM) |
|
1. |
Leong Chee Chung [NRIC No. 650420-10-7133]
|
400,003 (80%)
|
44,800.00 |
|
2. |
Koh Keng Keat [NRIC No. 720826-07-5435]
|
100,001 (20%) |
11,200.00 |
|
|
Total |
500,004 |
56,000.00 |
MDSB was incorporated on 17 May 1990 and is presently dormant since 2003 with issued and paid up share capital of RM500,004.00 divided into 500,004 ordinary shares of RM1.00 each. Based on its audited financial statements for the financial year ended 31 March 2012, the shareholders’ deficit stood at RM20,366.
The disposal of the above dormant subsidiary is part of the Company’s rationalization and streamlining exercise and is not expected to have any material effect on the earnings per share, net assets or share capital of the Company and Group.
The consideration price was derived based on the Report on Financial Due Diligence Review on and the valuation of MDSB issued by Messrs JB Lau.
None of Directors and/or major shareholders of the Company and/or persons connected or associated with any of them have any interests, direct or indirect, in the Disposal.