INTRODUCTION The Board of Directors of EGIndustries Berhad (“the Company”) is pleased to inform that the Company hasincorporated a new subsidiary under the name of EG Operations Sdn. Bhd. (“EGOP”),company number 1075362-W.
INFORMATION ON NEW SUBSIDIARY EGOP was incorporated in Malaysiaon 26 December 2013. (The certificate ofIncorporation however was only made available to the Company on 31 December 2013) EGOP has an authorised share capital of RM400,000divided into 400,000 ordinary shares of RM1.00 each and its existing issued andpaid-up capital is RM2.00.
RATIONALE EGOP is set up to manufacture the plastic moulded parts and components, and assembly ofplastic moulded parts, components and related box built products.
FINANCIAL EFFECTS The investment in EGOP is whollyin cash and the investment is not expected to have any material effect on theearnings and NTA of the Company for the financial year ending 30 June 2014. This investment is expected to contributepositively to the future earnings of the Company. The investment has no effect on the sharecapital of the Company.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS’ INTEREST None of the Directors and/orsubstantial shareholders or persons connected to directors and/or substantialshareholders has any direct or indirect interest in the above investment.
APPROVALS REQUIRED The above investment does notrequire the approval of shareholders or any relevant authorities.
STATEMENT BY DIRECTORS The Directors are of the opinionthat the above investment is in the best interest of the Company. This announcement is dated 31December 2013.
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