• COMPANY
• PRODUCTS
• TECHNOLOGIES
• BENEFITS
• INVESTOR RELATIONS
• AWARDS
• NEWS
• SALES
• SUPPORT
• CAREERS
• CONTACT US

Newsroom

Investment In A Wholly-Owned Subsidiary By Vitrox Corporation Berhad

The Board of Directors of ViTrox Corporation Berhad ("VCB") is pleased to announce that VCB has established its foreign business entity via ViTrox Technologies (Suzhou)
Co., Ltd. ("ViTrox Suzhou") in the People's Republic of China ("PRC") ("Investment"). In consequent thereof, ViTrox Suzhou has become a wholly-owned subsidiary of VCB.

Information on Vitrox Suzhou

ViTrox Suzhou was granted approval for establishment on January 19, 2006 and further granted the business license to commence operation on February 9, 2006. The registered capital of ViTrox Suzhou is USD100,000. As at the date of this announcement, VCB has not injected any capital into ViTrox Suzhou. Capital injection of a maximum of USD100,000 will be undertaken by VCB on a staggered basis, satisfied fully in cash and subject to the operations need of ViTrox Suzhou. ViTrox Suzhou is currently dormant but the intended principal activities of ViTrox Suzhou are Sales and Support Office in Suzhou Industrial Park, PRC. ViTrox Suzhou is expected to commence operations by early March 2006.

Please be informed that the aforementioned certificate of approval for establishment of enterprises with foreign investment in the PRC and business licence were received on
February 24, 2006.

Rationale

The rationale for the Investment is to engage ViTrox Suzhou as the Sales and Support Office in Suzhou Industrial Park, PRC with the objectives of cost savings, provide faster response to China customers, enhance sales, market share, confidence and reputation in China market.

Financial Effect

There will not be any material effect arising from the Investment 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 ViTrox Suzhou 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.