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The Board of Directors of YNH Property Bhd ("YNH" or "the Company") wishes to announce that a wholly-owned subsidiary of the Company, Kar Sin Berhad ("KSB") has on 12 September 2008 transferred its entire ownership of 100% equity interest in D' Kiara Place Sdn. Bhd. ("DKP") to the Company (hereinafter referred to as "internal Re-organisation"), at a total consideration of RM101,764,608.83.
INFORMATION ON THE SUBSIDIARIES
DKP, bearing Company No. 335142-D, was incorporated in Malaysia on 28 February 1995 as a private limited company under the name Dayadina Kiara Point Sdn Bhd. The company changed its name to D'Kiara Place Sdn Bhd on 6 November 2003. The authorised share capital of DKP is RM20,000,000 divided into 20,000,000 ordinary shares of RM1.00 each of which 14,100,000 ordinary shares have been issued and are fully paid up or credited as fully paid up. The principal activities of DKP are that of property development and provision of consultancy services.
KSB, bearing Company No. 85160-D, was incorporated as a private limited company on 24 May 1982 as Kar Sin Enterprise Sdn Bhd. The name of the Company was changed to Kar Sin Sdn Bhd on 18 February 1997. The Company changed to a public limited company on 7 March 1997 as Kar Sin Berhad. The authorised share capital of KSB is RM1,000,000 divided into 1,000,000 ordinary shares of RM1.00 each of which 800,000 ordinary shares have been issued and are fully paid up or credited as fully paid up. The principal activities of KSB are that of property development and cultivation and sale of oil palm produce.
RATIONALE FOR THE INTERNAL RE-ORGANISATION
The internal Re-organisation is to streamline the Group structure of YNH's group.
EFFECT OF THE INTERNAL RE-ORGANISATION
Upon completion of the internal Re-organisation, the Company's ultimate equity ownership of DKP will remain unchanged but DKP will become direct subsidiary of the Company.
FINANCIAL EFFECTS
The internal Re-organisation does not have any effect on the earnings, net assets, gearing, share capital and shareholdings of substantial shareholders of the YNH's group for the year ending 31 December 2008.
APPROVAL FOR THE INTERNAL RE-ORGANISATION
The internal Re-organisation is not subject to the approval of shareholders of YNH and any other authorities.
DIRECTORS' AND SUBSTANCIAL SHAREHOLDERS' INTEREST
None of the Directors and/or substancial shareholders of the Company and/or persons connected to them has any interest, direct or indirect in the internal Re-organisation.
DIRECTORS' RECOMMENDATION
The Directors are of the opinion that the internal Re-organisation is in the best interest of YNH's Group.
This announcement is dated 12 September 2008. |
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