Newsroom
Investment In A Wholly-Owned Subsidiary By Vitrox Corporation Berhad
BackJan 12, 2006
The Board of Directors of Vitrox Corporation Berhad ("VCB") is pleased to announce that VCB has on January 7, 2006 acquired the entire issued and paid up capital of Vitrox International Sdn. Bhd. ("VISB") of RM2.00 divided into 2 ordinary shares of RM1.00 each, for a cash consideration of RM2.00 ("Investment") from Ms. Ooi Ean Hoon and Mr. Bruce Jackson Joe Anak Jabas. In consequent thereof, VISB has become a wholly-owned subsidiary of VCB.Information on VISB
VISB is a private limited company incorporated on January 6, 2006 with an authorised share capital of RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. VISB has an issued and paid-up capital of RM2.00 comprising 2 ordinary shares of RM1.00 each. The principal activity of VISB is investment holding.
Rationale
The rationale for the Investment is to engage VISB to set up foreign subsidiary companies and cater for future foreign investment.
Financial Effect
The Investment is satisfied by cash. There will not be any effect on the net tangible assets, earnings per share, share capital and substantial shareholding of VCB and its subsidiaries ("VCB Group") for the financial year ending December 31, 2006.
Approval Required
The Investment is not subject to the approval of the shareholders of VCB, or any regulatory authorities.
Liabilities to be Assumed after the Acquisition
No liabilities will be assumed by the VCB Group arising from the Investment.
Directors and Substantial Shareholders Interest
None of the Directors and Substantial Shareholders or person connected with the Directors or Substantial Shareholders of VCB or VISB has any interest, direct or indirect in the Investment.
Statement by the Board of Directors
The Directors of VCB are of opinion that the Investment is in the best interest of VCB.