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INTRODUCTION
Ancom Berhad (“Ancom” or “Company”) wishes to announce that Ancom Energy & Services Sdn Bhd (“AES”), a subsidiary of the Company, has disposed off its entire 85,000 ordinary shares of RM1.00 each (“Sale Shares”) representing 85% equity interest in Indah Segar Sdn Bhd (“IS”) to Encik Hamidi bin Jafri for cash consideration of RM1.00 (“Disposal”).
INFORMATION ON IS
IS was incorporated in Malaysia on 24 June 1997 under the Companies Act, 1965. Its authorized share capital is RM100,000/- made up of 100,000 ordinary shares of RM1.00 each all of which have been issued and fully paid-up.
IS is currently dormant.
BASIS, COST AND RATIONALE
Based on IS’s audited accounts for the financial year ended 31 May 2009, IS recorded a loss after tax of RM3,432 and has negative shareholders funds of RM20,000. The sale consideration of RM1.00 was derived at on a willing buyer willing seller basis after taking into account the negative shareholders funds position of IS. AES’s cost for the Sale Shares is RM85,000.
The Disposal is in line with the Company’s aim to dispose of non-core assets.
FINANCIAL EFFECTS
The Disposal will not have any material effect on the share capital, shareholding and the consolidated net assets and earnings of the Ancom Group for the financial year ending 31 May 2010.
IS will cease to be a subsidiary of AES directly and Ancom indirectly after the Disposal.
APPROVALS REQUIRED
The Disposal does not require the approval of the shareholders of Ancom or any regulatory authorities.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS
None of the Directors and substantial shareholders of AES and Ancom or persons connected to them is interested, directly or indirectly, in the Disposal.
DIRECTORS OPINION
The Directors of Ancom are of the opinion that the Disposal is in the interest of the Company and not to the detriment of the shareholders of the Company.
This announcement is dated 1 April 2010. |
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