Naim Cendera Holdings Berhad wishes to announce that its wholly-owned sub-subsidiary, NCSB Engineering Sdn. Bhd. ("NCSBE") has:-
1) on 22nd May 2008 acquired 2 ordinary shares of RM1.00 each in Aktif Majusama Sdn. Bhd. ("AMSB") (Company No 773595-A) for a cash consideration of RM2.00; and,
2) subsequently subscribed for an additional 6,998 ordinary shares of RM1.00 each for cash consideration of RM6,998.
Following the acquisition and subscription, NCSBE will hold 70% of the issued and paid-up share capital of AMSB. The balance of 30% will be owned by CW Machinery Sdn. Bhd.
Information on CW Machinery Sdn. Bhd.
CW Machinery Sdn Bhd ("CWMSB") was incorporated on 16 August 2007 as Megasyn Industries Sdn. Bhd. It assumed its present name on 15 April 2008. CWMSB is a construction company with a fleet of heavy machineries. CWMSB has a paid-up capital of RM100,000 comprising 100,000 ordinary shares of RM1.00 each.
Information on Aktif Majusama Sdn. Bhd. ("AMSB")
AMSB was incorporated on 16 May 2007 and has an authorised share capital of RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital is RM10,000 comprising 10,000 ordinary shares of RM1.00 each.
AMSB has not commenced operation since its inception and has no liabilities.
Rationale for the acquisition and subscription
AMSB shall engage in the business of construction and equipment management. The rationale for the acquisition and subscription is to integrate construction and equipment management to reduce equipment downtime and maximize the effectiveness and profitability of AMSB.
Financial Effects of the acquisition and subscription
The acquisition and subscription are not expected to have any material effects on the share capital and shareholding structure of the Company. AMSB is expected to contribute positively to the earnings and/or net assets of Naim for the year ended 31 December 2008 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 acquisition and subscription.
This announcement is dated this 23rd day of May 2008