Announcement Details :
Naim Holdings Berhad (“NHB” or “the Company”) wishes to announce that it has on 5 April 2010 subscribed for fifty million (50,000,000) ordinary shares of RM1.00 each in NCSB Engineering Sdn. Bhd. ("NCSBE") for cash consideration of Ringgit Malaysia Fifty million only (RM50,000,000.00).
One million (1,000,000) shares was acquired from wholly-owned subsidiary, Naim Cendera Sdn. Bhd. (“NCSB”) and the balance of forty-nine million (49,000,000) shares was by way of new allotment of shares at par value of RM1.00 per share.
Following the subscription, NHB will hold 100% of the issued and paid-up share capital of NCSBE.
Information on NCSBE
NCSBE was incorporated on 20 February 2007 under the name of Total Reliability Earthwork Sdn. Bhd. On 2 April 1997, it changed its name to TR Earthwork Sdn. Bhd. and on 11th June 2004, it changed its name to NCSBE.
NCSBE is principally involved in construction of buildings and civil infrastructure projects.
Rationale for the acquisition and subscription
NCSB is currently undertaking both construction and property development activities. In order to streamline the operations of business activities of NCSB, the internal restructuring is aimed to separate property development from construction activities. NCSB shall continue to undertake property development whereas construction shall now be undertaken by NCSBE. The rationale for the split of business activities is to improve efficiency of handling performance and enhance workflow processes and ultimately to realize new profit potential.
Financial Effects of the acquisition and subscription
As this is an internal restructuring, the acquisition and subscription are not expected to have any material effect on the share capital and shareholding structure of the Company for the year ending 31 December 2010.
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 acquisition and subscription.
This announcement is dated this 6 April 2010
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