YNH Property Bhd (or "The Company") - Acquisitions Of Remaining Shares In Subsidiaries
BackMay 30, 2007
| General Announcement |
| Reference No CC-070530-6754D |
| Company Name |
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YNH PROPERTY BERHAD |
| Stock Name |
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YNHPROP |
| Date Announced |
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30/05/2007 |
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| Type | : | Announcement |
| Subject | : | YNH PROPERTY BHD (or "the Company") - ACQUISITIONS OF REMAINING SHARES IN SUBSIDIARIES |
Contents :
INTRODUCTION
The Board of Directors of YNH Property Bhd wishes to announce that its wholly-owned subsidiary, YNH Construction Sdn. Bhd. has today acquired the remaining paid-up capital in YNH Engineering Sdn. Bhd. ("YESB") and YNH Communication Engineering Sdn. Bhd. ("YCESB") as follows:
a) 45,000 ordinary shares of RM1.00 each representing 30% of the total paid-up capital in YESB from Ding Tize Chong for a cash consideration of RM45,000.00, resulting in YESB becoming a wholly-owned subsidiary of YNH Construction Sdn. Bhd.
b) 20,000 ordinary shares of RM1.00 each representing 40% of the total paid-up capital in YCESB from Lou Cheng Hui for a cash consideration of RM20,000.00, resulting in YCESB becoming a wholly-owned subsidiary of YNH Construction Sdn. Bhd.
The Board of Directors of YNH Property Bhd wishes to announce that its wholly-owned subsidiary, YNH Construction Sdn. Bhd. has today acquired the remaining paid-up capital in YNH Engineering Sdn. Bhd. ("YESB") and YNH Communication Engineering Sdn. Bhd. ("YCESB") as follows:
a) 45,000 ordinary shares of RM1.00 each representing 30% of the total paid-up capital in YESB from Ding Tize Chong for a cash consideration of RM45,000.00, resulting in YESB becoming a wholly-owned subsidiary of YNH Construction Sdn. Bhd.
b) 20,000 ordinary shares of RM1.00 each representing 40% of the total paid-up capital in YCESB from Lou Cheng Hui for a cash consideration of RM20,000.00, resulting in YCESB becoming a wholly-owned subsidiary of YNH Construction Sdn. Bhd.
BASIS OF DETERMINING THE PURCHASE CONSIDERATIONS
The above purchase considerations were arrived at on a willing-buyer, willing-seller basis.
INFORMATION ON YESB AND YCESB
YESB and YCESB were incorporated on 9 March 2007 and the principal activity of both companies are on the business of contractors and engineering.
The authorized share capital of YESB is RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each and paid-up share capital is RM150,000 divided into 150,000 ordinary shares of RM1.00 each.
The authorized share capital of YCESB is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each and paid-up share capital is RM50,000 divided into 50,000 ordinary shares of RM1.00 each.
EFFECT ON THE ACQUISITIONS
The above acquisitions are not expected to have any material effect on the earnings or net assets of the Company for the current financial year.
RATIONALE FOR THE ACQUISITIONS
The acquisitions of the remaining 30% and 40% equity interest in YESB and YCESB respectively will accord YNH Construction Sdn. Bhd. control over the management of YESB and YCESB.
APPROVALS REQUIRED
The acquisitions are not subject to the approval of shareholders or any government authorities.
DIRECTORS AND MAJOR SHAQREHOLDERS' INTERESTS
None of the Directors or substantial shareholders or persons connected to them has any interest in the aforesaid acquisitions.
This announcement is dated 30 May 2007.
The above purchase considerations were arrived at on a willing-buyer, willing-seller basis.
INFORMATION ON YESB AND YCESB
YESB and YCESB were incorporated on 9 March 2007 and the principal activity of both companies are on the business of contractors and engineering.
The authorized share capital of YESB is RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each and paid-up share capital is RM150,000 divided into 150,000 ordinary shares of RM1.00 each.
The authorized share capital of YCESB is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each and paid-up share capital is RM50,000 divided into 50,000 ordinary shares of RM1.00 each.
EFFECT ON THE ACQUISITIONS
The above acquisitions are not expected to have any material effect on the earnings or net assets of the Company for the current financial year.
RATIONALE FOR THE ACQUISITIONS
The acquisitions of the remaining 30% and 40% equity interest in YESB and YCESB respectively will accord YNH Construction Sdn. Bhd. control over the management of YESB and YCESB.
APPROVALS REQUIRED
The acquisitions are not subject to the approval of shareholders or any government authorities.
DIRECTORS AND MAJOR SHAQREHOLDERS' INTERESTS
None of the Directors or substantial shareholders or persons connected to them has any interest in the aforesaid acquisitions.
This announcement is dated 30 May 2007.