Disposal Of Shares In Limbongan-Ekovest Management Sdn Bhd
Apr 29, 2009
Date Announced
:
29/04/2009
Type
:
Announcement
Subject
:
DISPOSAL OF SHARES IN LIMBONGAN-EKOVEST MANAGEMENT SDN BHD
Contents
:
Further to our announcement on 28th April 2009, we wish to inform the Exchange that the Company disposed its entire 49,000 ordinary shares of RM1.00 each in Limbongan-Ekovest Management Sdn Bhd (LEM) to Mr. Yap Lian Keat of No: 22 Jalan 23/27B Taman Desa Setapak, 53300 Kuala Lumpur.
The basis of the disposal is that the Company does not anticipate any revenue for LEM for the current financial year and that LEM has accumulated losses of RM141,923.00 which exceeded its Issued and Paid-up Share Capital of RM100,000. In view of the aforesaid and the fact that the Group already have a fully-owned project management company in Ekovest Project Management Sdn Bhd (company number: 210724-D), the Board has decided to dispose of its investment in LEM.