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INTRODUCTION
Ekovest Berhad (EB or the Company) wishes to announce that the Company had on 28 April 2009 disposed of its entire 49,000 ordinary shares of RM1.00 each representing 49% of the total issued and paid up share capital in Limbongan – Ekovest Management Sdn Bhd (LEM) for the sum of Ringgit Malaysia: One Only (RM1.00)
INFORMATION ON LEM
LEM was incorporated in Malaysia under the Companies Act, 1965 on 8 June 2000. The Authorised Share Capital of LEM is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each and is fully issued and paid-up. LEM is 51% owned by Pembinaan Limbongan Setia Berhad and 49% owned by EB. The principal activity of LEM is project management.
FINANCIAL INFORMATION
For the financial year ended 31 March 2008, LEM registered a net profit of RM4,226.00 against a revenue of RM510,000.00. LEM has an accumulated loss of RM141,923.00.
FINANCIAL EFFECT
The disposal will not have any effect on the share capital and net tangible asset of EB and no material effect on the earnings of the group.
RATIONALE
LEM has accumulated losses which exceeded the equity of the Company. The Company does not anticipate any revenue for LEM for the current financial year.
SHARE CAPITAL & SUBSTANTIAL SHAREHOLDERS
The share capital and substantial shareholders’ shareholding of EB remain unchanged.
RISK FACTORS
There are no risk factors in the disposal
APPROVAL
The disposal does not require the approval of shareholders’ and the relevant government authorities.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS’ INTEREST
None of the directors and substantial shareholders and/or persons connected with them has any direct or indirect interest in the disposal.
STATEMENT OF DIRECTORS
The Board after taking into consideration all the relevant factors and after careful deliberation is of the opinion that the disposal is in the best interest of the Company and its shareholders.
COMMISSION’S POLICIES AND GUIDELINES
The disposal does not depart from the Commission’s policies and guidelines on issue/offer of securities.
DOCUMENT FOR INSPECTION
The Audited Financial Statements for the financial year ended 31 March 2008 of LEM will be made available for inspection at the registered office of EB at 33-35 Ground Floor Wisma Ekovest, Jalan Desa Gombak 6, Taman Sri Setapak, Off Jalan Gombak, 53000 Kuala Lumpur during the normal office hours from Monday to Friday (except public holidays) |
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