Newsroom
Investment In A Wholly-Owned Subsidiary By Vitrox Corporation Berhad
BackFeb 24, 2006
The Board of Directors of Vitrox Corporation Berhad ("VCB") is pleased to announce that VCB has on February 24, 2006 acquired the entire issued and paid up capital of ViE Technologies Sdn. Bhd. (722428-W) ("ViE") 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, ViE has become awholly-owned subsidiary of VCB.
Information on ViE
ViE is a private limited company incorporated on January 26, 2006 with an authorised share capital of RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. ViE has an issued and paid-up capital of RM2.00 comprising 2 ordinary shares of RM1.00 each. The principal activities of ViE is research, development and manufacture of electronics products.
Rationale
The rationale for the Investment is to expand the activities of VCB and its subsidiaries ("VCB Group") to research, development and manufacture of electronics products.
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 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 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 ViE 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.