Announcement Details :
Naim Holdings Berhad (“Naim” or “the Company”) wishes to announce that its wholly-owned subsidiary, Naim Cendera Sdn. Bhd. (“NCSB”) has on 8 December 2009, subscribed for an additional 699,998 shares in Jelas Kemucak Resources Sdn. Bhd. (“JKRSB”) for a cash consideration of RM699,998 bringing its total shareholding in the company to 700,000 shares representing 70% of the issued and paid-up capital of JKRSB. The balance of 30% will be subscribed by Mr. Sia Sung Ho who has more than 20 years experience in quarry operations.
INFORMATION OF JKRSB
JKRSB was incorporated on 8 September 2006. Prior to 8 December 2009, JKRSB was a dormant company with a paid up capital of RM2.00 wholly owned by NCSB. On 8 December 2009 JKRSB increased its capital as follows:-
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From (RM)
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To (RM)
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Authorised capital
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100,000
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5,000,000
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Paid-up capital
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2
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1,000,000
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RATIONALE FOR THE PROPOSED SUBSCRIPTION
The rationale for NCSB’s investment in JKRSB is that JKRSB will be engaging in the extraction and supply of granite stone.
The extraction and supply of stones by JKRSB will; -
a) ensure regular, uninterrupted supply of granite for Naim’s construction works;
b) will allow Naim to control the pricing of stones; and,
c) reap economies of scale which will give Naim a competitive edge in bidding for new contracts.
Financial Effects of the acquisition and subscription
The investment is not expected to have any material effect on the share capital and shareholding structure of the Company. JKRSB is expected to contribute positively to the earnings and/or net assets of Naim for the year ended 31 December 2010 and beyond.
Directors’ and Major Shareholders’ interest
None of the directors or major shareholders of the Company or persons connected to them has any interest, direct or indirect, in the said investments and subscription.
This announcement is dated this 8th day of December 2009
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