Newsroom
Re-organisation Of Vitrox Corporation Berhad's Group Structure
BackAug 08, 2006
The Board of Directors of ViTrox Corporation Berhad ("VCB") is pleased to announce that VCB had on August 8, 2006 disposed off its entire equity interest in the capital of ViTrox Technologies (Suzhou) Co., Ltd. ("ViTrox Suzhou") to its wholly-owned subsidiary, ViTrox International Sdn. Bhd. ("VISB") for a total consideration of Ringgit Malaysia Two (RM2.00) only. In consequent thereof, ViTrox Suzhou remained as a wholly-owned subsidiary of VCB via VISB ("Re-Organisation").Organisation Chart of VCB Group before and after the Re-Organisation
Please refer to Appendix 1 and 2 respectively for the organisation charts.
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. ViTrox Suzhou is currently dormant but the intended principal activities of ViTrox Suzhou are Sales and Support Office in Suzhou Industrial Park, People's Republic of China. As at the date of this announcement, Neither VCB nor VISB has injected any capital into ViTrox Suzhou. Capital injection of a maximum of USD100,000 will be undertaken by VISB on a staggered basis, satisfied fully in cash and subject to the operations need of ViTrox Suzhou.
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 for setting up of foreign subsidiaries companies and for catering for future foreign investment
Rationale
The Re-Organisation is to streamline the foreign subsidiary(ies) of VCB under VISB.
Financial Effect
There will not be any material effect arising from the Re-Organisation on the net 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 Re-Organisation 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 Re-Organisation.
Directors and Substantial Shareholders Interest
None of the Directors and Substantial Shareholders or person connected with the Directors or Substantial Shareholders of VCB Group has any interest, direct or indirect in the Re-Organisation.
Statement by the Board of Directors
The Directors of VCB are of opinion that the Re-Organisation is in the best interest of VCB.
Estimated Time Frame For Completion
Barring any unforeseen circumstances, the Re-Organisation is expected to be completed by end of August, 2006. VCB shall update the official date of the completion of the Re-Organisation in due course.