【WASCO 5142 交流专区】 （前名 WASEONG ）

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Notice of Person Ceasing (Section 139 of CA 2016)

WAH SEONG CORPORATION BERHAD

Particulars of Substantial Securities Holder

Name	EMPLOYEES PROVIDENT FUND BOARD
Address	Tingkat 19, Bangunan KWSP, Jalan Raja Laut Kuala Lumpur 50350 Wilayah Persekutuan Malaysia.
Company No.	EPF ACT 1991
Nationality/Country of incorporation	Malaysia
Descriptions (Class)	Ordinary shares
Date of cessation	28 Dec 2017
Name & address of registered holder	Citigroup Nominees (Tempatan) Sdn Bhd [Employees Provident Fund Board]Level 42, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur(26,820,170 ordinary shares)Citigroup Nominees (Tempatan) Sdn Bhd [Employees Provident Fund Board (AM INV)]Level 42, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur(5,938,900 ordinary shares)Citigroup Nominees (Tempatan) Sdn Bhd [Employees Provident Fund Board (PHEIM)]Level 42, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur(5,043,100 ordinary shares)

No of securities disposed	2,743,200
Circumstances by reason of which a person ceases to be a substantial shareholder	Disposal of shares by Portfolio Manager for Employees Provident Fund Board
Nature of interest	Direct Interest
Date of notice	29 Dec 2017
Date notice received by Listed Issuer	03 Jan 2018

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华商控股付荷兰公司50万英镑和解
Sangeetha Amarthalingam/theedgemarkets.com
January 03, 2018 20:58 pm +08

（吉隆坡3日讯）作为和解协议的一部分，华商控股（Wah Seong Corp Bhd）将向荷兰管道涂层解决方案制造商和安装公司Bauhuis BV支付50万英镑（272万令吉），结束双方在伦敦的仲裁程序。

Bauhuis之前向华商控股间接独资子公司Wasco Coatings HK Ltd索偿390万欧元未付款项。

Bauhuis是根据2015年签署，为加拿大里贾纳（Regina）的一家管道制造厂安装和调试管道涂层设备的合约展开索偿。

Wasco进行反诉，要求2057万美元的超支和延误赔偿。

华商控股在去年11月表示，Bauhuis延迟交付设备或取得加拿大标准协会就管道涂层设备的批准。

“有些需要修改，因不符合2015年合约规定的规格。”

华商控股声称，Bauhuis没有向Wasco交付所有的设备，而且一些设备有瑕疵或不适用，导致额外的成本和损失。这也耽误管道涂层业务的启动。

华商控股今日向大马交易所报备，Wasco和Bauhuis已达成和解协议，Wasco同意向Bauhuis支付50万英镑的全额和最终和解金。

该集团表示，一旦执行协议且Bauhuis收到和解金，后者将指示律师致函伦敦国际仲裁庭，终止仲裁程序。


（编译：陈慧珊）

Type	Announcement
Subject	OTHERS
Description	COMMENCEMENT OF ARBITRATION PROCEEDINGS UNDER THE LONDON COURT OF INTERNATIONAL ARBITRATION ("LCIA") ARBITRATION RULES BY BAUHUIS B.V. ("BAUHUIS") AGAINST WASCO COATINGS HK LIMITED ("WCHKL")
Further to the Company’s announcements on 8 November 2017 and 10 November 2017 respectively, the Board of Directors of WSC wishes to announce that its indirect wholly-owned subsidiary, WCHKL or the Respondent had on 30 December 2017 entered into a Settlement Agreement (“SA”) with Bauhuis or the Claimant whereby WCHKL has agreed to a full and final settlement of the Bauhuis claims by way of payment of ￡500,000.00 (“Settlement Sum”) to Bauhuis under the Contract No. 015-117 dated 2 September 2015 for the supply of pipe-coating equipment to be installed and commissioned by Bauhuis at a pipe-manufacturing plant in Regina, Canada. Upon the execution of the Settlement Agreement and the receipt of the Settlement Sum, Bauhuis shall immediately instructs its solicitor to write to the London Court of International Arbitration (the “LCIA”) to suspend the arbitration proceeding and to file with the LCIA a discontinuance of the arbitration proceeding accordingly. Concurrently, WCHKL will also not initiate a counter-claim against Bauhuis following a legal review of its position. For consistency, the abbreviations used throughout this announcement shall have the same meaning as defined in the announcements dated 8 November 2017 and 10 November 2017 respectively. This announcement is dated 3 January 2018.

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华商控股
拓欧洲前景看俏

2018年1月24日

分析:肯纳格投行研究
目标价:1.70令吉

华商控股（WASEONG，5142 ，主板工业产品股）通过与Evraz Inc NA Canada的联营公司，正在积极进军加拿大。

同时，计划扩大在欧洲的市占率。

行家建议:

Nord Stream 2项目在2019财年完成后，近期可能不会有类似大型项目供攫取，但我们认为，该公司已做好准备在欧洲抢占更多管道涂层工作机会。

这主要因为其位处策略地点，包括希腊、芬兰、德国和挪威的四个厂房，以及具备执行大型项目的能力。

该公司的管道涂层前景，在国内市场维持正面，接下来将有许多项目颁发，相信有机会得标，成为美国石油协会认证的唯一与中国承包商竞争的本地管道承包商。

其他可能在上半年颁发的项目，包括连接边佳兰至玻璃市的多元产品管道计划，及跨沙巴气体输送管计划。

在等待下个月公布业绩之际，我们维持净利预测。若NS2管道涂层活动增加，不排除末季的业绩可能会超标。

目前订单企于34亿令吉，相信可在2017财年转盈，并在2018财年录得净利增长36%。



【e南洋】

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华商售威省工厂
估值近9000万

2018年1月28日
（吉隆坡27日讯）在经历内部整顿后，华商控股（WASEONG，5142 ，主板工业产品股）有意出售位于槟城威省的工业资产，估值接近9000万令吉，接下来还可能出售更多资产。

该集团出售位于威省工业区占地24英亩的工厂，这将成为过去6个月以来第二项出售的工业资产。

去年7月，该集团脱售位于彭亨州的地皮和工厂给AXIS产托（AXREIT，5106，主板产托股）。

华商控股投资者关系与企业通讯部主管阿丽莎接受《The Edge》财经周刊访问时指出：“位于威省的厂房已停止运作。我们在去年宣布已整合输送管制造营运至沙巴亚庇的厂房。”

截至2016年12月31日，该工业资产净账面价值达4447万令吉。

市场预计，这项资产值得介于7900万至9000万令吉之间。

这项资产出售的竞标截止日期落在4月3日，同时，已经聘任国际不动产顾问集团莱坊为独家销售代理。

在脱售这项资产后，华商控股希望可一步加强资产负债表和专注于发展油气和再能生源等核心业务。

将脱手更多资产

当询及今明年是否会进一步脱售资产，她说：“集团已完成重组营运，并会专注于核心业务。因此，这将出现脱售资产的机会，部分是非核心资产，这对公司有利。”

若是集团决定脱售资产，将会考虑直接脱售或是售后回租，这有赖于资产而定。

不过，她并无透露可能会脱售的资产目标。【e南洋】

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SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Dec 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	979,204	330,216	2,492,100	1,276,588
2	Profit/(loss) before tax	61,928	-202,019	122,605	-225,864
3	Profit/(loss) for the period	74,245	-200,406	114,643	-234,554
4	Profit/(loss) attributable to ordinary equity holders of the parent	65,964	-198,325	113,021	-228,302
5	Basic earnings/(loss) per share (Subunit)	8.54	-25.66	14.63	-29.54
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.50
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.1600		1.0000

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业绩转亏为盈．华商财测调高

（吉隆坡27日讯）华商机构（WASEONG,5142,主板工业产品组）成功在2017年转亏为盈，分析员认为在挪威NordStream 2（NS2）项目贡献下，2018年对该公司来说，仍是硕果累累的一年，上调该公司财测及目标价。

肯纳格研究上调该公司2018年财测7%至1亿1350万令吉，主要是加拿大和美国联号公司表现强劲以及低税率冲销联号必达能源（PENERGY,5133,主板贸服组）获利走低利空。

马银行也因为该公司脱售种植业务，每年约节省600万令吉，调高未来两年财测，约1至3%。

不过，肯纳格悲观地认为，该公司2019年核心净利将按年走低8790万令吉，主要是NS2项目将在2019年上半年竣工，并估计会在两年内取得5亿令吉新订单。

另外，在2018年国内也有多向工程将颁发，包括：半岛边佳兰综合炼油中心多元产品管线和沙巴气体管道等。华商机构有望赢得相关项目，因为该公司是少数拥有API执照的本地管道制造商。

综合以上，肯纳格维持该公司“超越大市”评级不变，同时也把目标价从1令吉70仙，调高至1令吉80仙。



文章来源：
星洲日报／财经‧2018.02.28

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Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("WSC" OR "THE COMPANY")- AWARD OF CONTRACT BY BASRAH GAS COMPANY FOR THE DESIGN, PACKAGING AND SALE OF GAS COMPRESSOR PACKAGES AND ASSOCIATED PLANT AND SITE FACILITIES TO THE COMPANY'S INDIRECT WHOLLY-OWNED SUBSIDIARY, WASCO ENGINEERING INTERNATIONAL LTD
The Board of Directors of Wah Seong Corporation Berhad (“WSC”) is pleased to announce that its indirect wholly-owned subsidiary, Wasco Engineering International Ltd (“WEIL”), a company incorporated in the British Virgin Islands and having its primary place of business at B5, Oilfield Supplies Center, Jebel Ali Free Zone, Dubai, United Arab Emirates has been awarded a contract by Basrah Gas Company, a company incorporated in Iraq with headquarters in Khor Al Zubair valued at USD34,557,840 (equivalent to RM135,242,107 based on the exchange rate of USD1.00 to RM3.9135) for the design, packaging and sale of gas compressor packages and associated plant and site facilities. The scope of work of the contract involves provision of gas compressors and process equipment such as tri-ethylene glycol (TEG) unit, fuel gas conditioning skid, pipe racks, slug catcher, knock out drum, vent stack, site facilities such as office and workshop containers, lighting, safety equipment, fire and gas detectors, power generators and air compressors. The activities undertaken will include engineering, detail design, procurement and packaging of the above process equipment. The activity is expected to commence in March, 2018 and to be completed by end of 2018. The contract is for the provision of engineering, design, supply and fabrication services which are within the business scope of the Engineering Division of the WSC Group and the risks are the normal operational risks associated with the said business. The WSC Group has previously supplied similar packages to the same customer in Iraq. The contract is expected to contribute positively to the earnings of WSC Group over the contract period. The contract is project specific and is not renewable. None of the Directors, major shareholders of WSC and / or persons connected to them have any interest, direct or indirect, in the contract. This announcement is dated 16 March 2018.

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SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2018	31 Mar 2017	31 Mar 2018	31 Mar 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	792,832	316,769	792,832	316,769
2	Profit/(loss) before tax	35,915	4,587	35,915	4,587
3	Profit/(loss) for the period	23,968	3,272	23,968	3,272
4	Profit/(loss) attributable to ordinary equity holders of the parent	29,245	9,469	29,245	9,469
5	Basic earnings/(loss) per share (Subunit)	3.78	1.23	3.78	1.23
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.1900		1.1600

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Type	Announcement
Subject	OTHERS
Description	Press Release: Wah Seong Corporation Berhad Upbeat on Future Earnings - Upsurge in Demand Provides Renewed Optimism
We are pleased to attach a copy of the press release dated 16 May 2018, which is self-explanatory on the subject matter.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5792045

Attachments WSC Q12018 Press Release.pdf

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Type	Announcement
Subject	OTHERS
Description	DISTRIBUTORSHIP AGREEMENT ENTERED INTO BETWEEN WDG RESOURCES SDN BHD, AN INDIRECT SUBSIDIARY OF THE COMPANY AND AMMANN BAUAUSRUSTUNG AG
The Board of Directors of Wah Seong Corporation Berhad (“WSC”) is pleased to announce that its indirect subsidiary, WDG Resources Sdn Bhd (“WDG”) has on 5 July 2018, entered into a Distributorship Agreement with Ammann BauAusrűstung AG (“Ammann”), a company duly incorporated in accordance with the laws of Switzerland, for the appointment of WDG as an exclusive dealer of Ammann’s products i.e. Pavers, Heavy Compaction and Light Compaction (“Products”) within West Malaysia for the sales and services of the Products and to promote sales of the Products through mutual cooperation (“Distributorship” or “Distributorship Agreement”). WDG is principally involved in the distribution and service of construction equipment, power systems and related parts. The Distributorship Agreement shall be effective for an indefinite period unless otherwise terminated by either of the parties by giving three (3) months written notice and upon the terms and conditions as are stipulated in the Distributorship Agreement. The Distributorship is expected to contribute positively to the earnings of WSC Group over the period of the Distributorship Agreement. Save and except for the interest of Mr. Chan Cheu Leong and Mr. Chan Wei Keat, a person connected to him, none of the other Directors, major shareholders of WSC and/or persons connected to them have any interest, direct or indirect, in the Distributorship Agreement. About Ammann Group: Ammann BauAusrüstung AG (“Ammann”) and its subsidiaries formed Ammann Group with their head quarter situated at Eisenbahnstrasse 25, 4900 Langenthal, Switzerland. Ammann Group is a family-owned company founded in 1869 and the current CEO of Ammann Group is the sixth generation to run the business. Ammann Group is a world-leading supplier of mixing plants and machines and in providing services to the construction industry with core expertise in road building and transportation infrastructure. Ammann Group has about 160 dealers and 30 agents in more than 100 countries around the world. This announcement is dated 5 July 2018.

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Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD - DISPOSAL OF 49% EQUITY INTEREST IN LESSO HOME SYN TAI HUNG SDN. BHD. TO LESSO HOME SERVICES HOLDINGS LIMITED BY SYN TAI HUNG TRADING SDN. BHD., AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
The Board of Directors of Wah Seong Corporation Berhad (“WSC” or “the Company”) wishes to announce that Syn Tai Hung Trading Sdn. Bhd.(“STHT”), an indirect wholly-owned subsidiary of the Company, has on 3 August 2018 disposed of 490,000 ordinary shares of RM1.00 each in the issued and paid-up share capital of Lesso Home Syn Tai Hung Sdn. Bhd. (“LHSTH”), representing 49% equity interest in LHSTH to Lesso Home Services Holdings Limited (“LHSH”), the existing shareholder of LHSTH, for a total cash consideration of Ringgit Malaysia Four Hundred and Forty Thousand (RM440,000.00) only (“Disposal of LHSTH Shares”). LHSTH was incorporated on 26 January 2017 under the Companies Act, 1965 with the total issued and paid up share capital of RM1,000,000.00, divided into 1,000,000 ordinary shares of RM1.00 each, pursuant to the Joint Venture and Shareholders’ Agreement dated 3 January 2017 (“JVSA”) entered into between STHT and LHSH (“the Parties”) for the purpose of combining their capabilities and expertise in commencing and carrying out inter alia the business of a service point to provide relevant support services to customers in Malaysia who wish to purchase the products available on the online e-platform developed by Lesso E-Commerce named “Lesso Home” including, but not limited to, home furnishing goods, building materials, household hardware and builder hardware, including, but not limited to, provision of information of products, provision of after sales services, assistance with logistics, custom clearance, customer risk assessment and legal compliance; and such other business as may from time to time be agreed by the Parties. LHSTH is principally engaged in the trading and distribution of home furnishing goods, building materials, household hardware, builders’ hardware, sanitary wares and others. As a result of the Disposal of LHSTH Shares by STHT, LHSTH shall become wholly-owned by LHSH and the JVSA shall hence be terminated accordingly. The Disposal of LHSTH Shares will not have any effect on the share capital and shareholdings of the substantial shareholders of WSC and will have a positive financial impact on the gearing, earnings and net assets of WSC Group for the financial year ending 31 December 2018. None of the Directors, major shareholders of WSC and/or persons connected to them have any interest, direct or indirect, in the Disposal of LHSTH Shares. This announcement is dated 3 August 2018.

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Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD ("WSC" OR "THE COMPANY")-        JOINT VENTURE AGREEMENT BETWEEN PMT INDUSTRIES SDN BHD, AN INDIRECT WHOLLY-OWNED SUBSIDIARY OF WAH SEONG CORPORATION BERHAD AND SAITO SEPARATOR LIMITED
Please refer to the attachment for details of the announcement. Please refer attachment below.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5895089

Attachments WSC - General Announcement - JVA between PMTI and Saito Separator Limited.pdf

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SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2018	30 Jun 2017	30 Jun 2018	30 Jun 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	760,010	446,065	1,552,842	762,834
2	Profit/(loss) before tax	28,781	13,450	64,696	18,037
3	Profit/(loss) for the period	22,497	9,559	46,465	12,831
4	Profit/(loss) attributable to ordinary equity holders of the parent	21,043	6,939	50,288	16,408
5	Basic earnings/(loss) per share (Subunit)	2.72	0.90	6.51	2.12
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.2200		1.1600

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Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD (WSC OR COMPANY)INCORPORATION OF PMT SAITO SDN. BHD., A JOINT VENTURE COMPANY
Further to the announcement made on 27 August 2018, the Board of Directors of the Company wishes to announce that a new joint venture company namely PMT Saito Sdn. Bhd. (“PMT Saito”) was incorporated on 6 September 2018 pursuant to the Joint Venture Agreement (“JV Agreement”) entered into between PMT Industries Sdn. Bhd. (“PMTI”), an indirect wholly-owned subsidiary of WSC and Saito Separator Limited (“Saito”). The intended business of PMT Saito is manufacturing accessories and equipment under the brand of “Saito”, for disc bowl centrifuge for palm oil industry, manufacturing of decanters model SID-550P and 580P for palm oil industry and manufacturing and development of new products in any industry. PMT Saito has an initial issued share capital of Ringgit Malaysia One Thousand (RM1,000.00) only comprising One Thousand (1,000) ordinary shares which are subscribed by PMTI and SAITO in the proportions of 51% and 49% respectively in accordance with the terms of JV Agreement. None of the Directors, major shareholders and persons connected with the Directors and major shareholders of WSC has any interest, whether direct or indirect in the above new incorporation. For consistency, the abbreviations used throughout this announcement shall have the same meaning as defined in the announcement dated 27 August 2018. This announcement is dated 7 September 2018.

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SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2018

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2018	30 Sep 2017	30 Sep 2018	30 Sep 2017
		$$'000	$$'000	$$'000	$$'000

1	Revenue	701,920	750,062	2,254,762	1,512,896
2	Profit/(loss) before tax	37,377	42,640	102,073	60,677
3	Profit/(loss) for the period	24,332	27,567	70,797	40,398
4	Profit/(loss) attributable to ordinary equity holders of the parent	24,486	30,649	74,774	47,057
5	Basic earnings/(loss) per share (Subunit)	3.17	3.97	9.68	6.09
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.2600		1.1600

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Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD (WSC OR THE COMPANY)-        TRANSFER OF 1,000,000 ORDINARY SHARES, REPRESENTING 100% EQUITY INTEREST IN STH SRI BULATAN SDN. BHD. FROM SYN TAI HUNG TRADING SDN. BHD. TO WDG RESOURCES SDN. BHD.
The Board of Directors of Wah Seong Corporation Berhad (“WSC” or “the Company”) wishes to announce that Syn Tai Hung Trading Sdn. Bhd. (Company No. 333811-U) (“STHT”), an indirect wholly-owned subsidiary of the Company, has on 27 December 2018 transferred 1,000,000 ordinary shares, representing 100% equity interest in the issued share capital of STH Sri Bulatan Sdn. Bhd. (Company No. 338037-U) (“STHSB”) to WDG Resources Sdn. Bhd. (“WDG”), a 60%-owned subsidiary of the Company, for a total cash consideration of Ringgit Malaysia One Hundred Sixty Three Thousand Two Hundred and Thirty Three (RM163,233.00) only (“Transfer of STHSB Shares”). STHSB was incorporated on 30 March 1995 as Affluent Leisure Sdn Bhd (“ALSB”) under the Companies Act, 1965. The change of name from ALSB to IPS Project Supply Sdn Bhd (“IPSPS”) and from IPSPS to STHSB was effected on 24 August 1996 and 17 July 2002 respectively. The existing issued share capital of STHSB is RM1,000,000.00 comprising 1,000,000 ordinary shares. STHSB was previously an investment holding company and has ceased operations during the financial year ended 31 December 2008 and has remained dormant to date. Moving forward, STHSB will be principally involved in the business of trading, distribution and service of industry machinery, equipment and spare parts. STHT was incorporated on 16 February 1995 under the Companies Act, 1965. The existing issued share capital of STHT is RM20,000,000.00 comprising 12,000,000 ordinary shares and 11,430,000 redeemable preference shares. STHT is an indirect wholly-owned subsidiary of WSC and is principally involved in trading and distribution of building materials. WDG was incorporated on 6 July 1996 as Citra Kirmizi Sdn Bhd (“CKSB”) under the Companies Act, 1965. The change of name from CKSB to Advanced Piping Systems Sdn Bhd (“APS”) and from APS to WDG was effected on 18 October 1997 and 19 November 2015 respectively. The existing issued share capital of WDG is RM3,008,000.00 comprising 2,000,000 ordinary shares and 1,008,000 redeemable cumulative preference shares. WDG is an indirect 60%-owned subsidiary of WSC via STHT and the remaining 40% shareholding is held by Epilog Tegap Sdn Bhd (“ETSB”). WDG is principally involved in manufacturing, fabrication, trading, distribution and service of industry machinery, equipment and parts. ETSB was incorporated on 6 July 2015 under the Companies Act, 1965. The existing issued share capital of ETSB is RM105,000.00 comprising 105,000 ordinary shares which are held by Midvest Asia Sdn Bhd (“MASB”), Go Hotels Sdn Bhd and Mr Danny Ang Cha Sen in the proportions of 33.33% each. ETSB is an investment holding company. With the completion of the Transfer of STHSB Shares, STHSB shall ceased to be a direct wholly-owned subsidiary of STHT and shall become a wholly-owned subsidiary of WDG and an indirect 60%-owned subsidiary of STHT via WDG. The Transfer of STHSB Shares will not have any effect on the share capital and shareholdings of the substantial shareholders of WSC and will have a positive financial impact on the gearing, earnings and net assets of WSC Group for the financial year ending 31 December 2018. Mr Chan Wei Keat (“CWK”) is the son of Mr Chan Cheu Leong (“CCL”), the Group Chief Executive Officer/Managing Director of WSC, a Director of MASB and a substantial shareholder of WSC via MASB. CWK is a Director of WDG, ETSB and MASB and also the substantial shareholder of ETSB via MASB. Save and except for the interest of Mr Chan Cheu Leong and Mr Chan Wei Keat as disclosed above, none of the directors, major shareholders of WSC and/or persons connected to them have any interest, direct or indirect, in the Transfer of STHSB Shares. This announcement is dated 27 December 2018.

icy97

Type	Announcement
Subject	OTHERS
Description	WAH SEONG CORPORATION BERHAD (WSC OR THE COMPANY)-        TRANSFER OF 1,000,000 ORDINARY SHARES, REPRESENTING 100% EQUITY INTEREST IN STH SRI BULATAN SDN. BHD. FROM SYN TAI HUNG TRADING SDN. BHD. TO WDG RESOURCES SDN. BHD.
The Board of Directors of WSC wishes to refer to the announcement dated 27 December 2018 in relation to the above and is pleased to append the additional information as follows:- The basis of arriving at the total consideration of Ringgit Malaysia One Hundred Sixty Three Thousand Two Hundred and Thirty Three (RM163,233.00) only for the Transfer of STHSB Shares is based on the Net Book Value shown in Audited Financial Statements for the financial year ended 31 December 2017 of STHSB (“AFS 2017”). The value of the net assets for STHSB is RM163,233 in accordance to the figure shown in the AFS 2017. The value of the total assets for STHSB is RM170,104 in accordance to the figure shown in the AFS 2017. The abbreviation used in this announcement shall carry the same meaning as defined in the announcement dated 27 December 2018 unless stated otherwise. This announcement is dated 2 January 2018.