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1. INTRODUCTION The Board of Directors
of Scope Industries Berhad (“SIB”) wishes to announce that SIB
had on 24 December 2009 entered into a Share Sale Agreement (“SSA”)
with Encik Zainon Abidin Bin Ismail and Mr. Sugumaran A/L
Kannaiyah (the “Purchasers”) to dispose the entire equity
interest which consists of 5,000,000 ordinary shares of HK$1.00
each in Forever for a total consideration of Ringgit Malaysia
Four Hundred Thousand (RM400,000.00) only (the “Disposal”).
As a result of Disposal, Forever will cease to be a wholly-owned
subsidiary of SIB.
2. INFORMATION ON FOREVER AND ITS SUBSIDIARY & PURCHASERS
2.1 Information on Forever
Forever was incorporated in Hong Kong as a private limited
company on 21 March 2006. The present authorised and issued and
paid-up share capital of Forever is HKD5,000,000 comprising
5,000,000 ordinary shares of HKD1.00 each.
Forever is principally involved in investment holding.
Forever has a wholly-owned subsidiary namely, Fujian Xiangcheng
Electron Science And Technology Co., Ltd. (“Fujian”).
2.2 Fujian
Fujian was incorporated in People’s Republic of China (“PRC”) as
a private limited company on 11 September 2006. The present
authorised and issued and paid-up share capital of Fujian is
USD630,000 comprising 630,000 ordinary shares of USD1.00 each.
Fujian is principally involved in manufacturing and assembling
of compact fluorescent light bulbs, power transformers,
electronic and plastic products.
As Fujian is the wholly-owned subsidiary of Forever, the
Disposal will entail an indirect disposal of Fujian from SIB.
2.3 Information on the Purchasers
2.31 Zainon Abidin Bin Ismail (Passport No. A20871725).
2.32 Sugumaran A/L Kannaiyah (Passport No. A20987516).
3. CONSIDERATION
The Disposal consideration of RM400,000.00 was arrived at on a
willing buyers and willing seller basis.
4. FINANCIAL EFFECTS OF THE DISPOSAL
The Disposal of Forever shares will not have any material effect
on SIB Group’s earnings per share, net assets per share,
gearing, share capital and substantial shareholders’
shareholding for the financial year ending 30 June 2010.
5. APPROVALS REQUIRED
The Disposal of Forever shares are not subject to the approval
of shareholders of SIB or any relevant government authorities.
6. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST
None of the directors and/or major shareholders of SIB and/or
persons connected with them have any interest, either direct or
indirect in this Disposal.
7. STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors of SIB, after taking into consideration
of the rationale of the Disposal, is of the opinion that the
Disposal is in the best interest of SIB.
8. COMPLIANCE WITH THE BURSA MALAYSIA SECURITIES BERHAD’S ACE
MARKET LISTING REQUIREMENTS
The Disposal has not departed from the Bursa Malaysia Securities
Berhad’s ACE Market Listing Requirements.
This announcement is dated 24 December 2009.
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