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BackFeb 13, 2014
Type Announcement
Subject OTHERS
Description PRESTARIANG BERHAD (“PRESBHD”of "the Company")
- ACQUISITION OF TWO (2) ORDINARY SHARES OF RM1/- EACH, REPRESENTING 100% EQUITY INTEREST IN PRESTARIANG TECHNOLOGY SDN. BHD. ("PTSB")
1. INTRODUCTION

The Company wishes to announce that on 13 February 2014, the Company had acquired two (2) ordinary shares of RM1.00 each in PTSB, representing 100% of the total issued and paid-up share capital of PTSB, at a total consideration of RM2.00 from Dr. Abu Hasan Bin Ismail and Encik Abdul Razak Bin Bakrun ("the Acquisition"). Subsequent to the Acquisition, PTSB became a wholly-owned subsidiary of PRESBHD.

2. INFORMATION ON PTSB

PTSB was incorporated in Malaysia under the Companies Act, 1965 on 27 January 2014. The present authorised share capital of PTSB is RM400,000.00 divided into 400,000 ordinary shares of RM1.00 each and the paid-up share capital is RM2.00 divided into two (2) ordinary shares of RM1.00 each. PTSB has not commenced any operation since incorporation.

3. RATIONALE FOR THE ACQUISITION

Pursuant to the Acquisition, PTSB becomes a wholly own subsidiary of PRESBHD. The Acquisition is in line with the expansion strategy of Prestariang Group to venture into education and skill training for the oil and gas industry.

4. FINANCIAL EFFECTS

The Acquisition is not expected to have any material effect on the earnings or net assets of PRESBHD.

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHARHOLDER’S INTERESTS

Save as disclosed below, none of the other Directors and/or major shareholders of PRESBHD and/or persons connected to them has any interest, direct or indirect, in the Acquisition.

Dr. Abu Hasan Bin Ismail
- Director and substantial shareholder of PRESBHD
- Director and substantial shareholder of PTSB

6. STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors of PRESBHD is of the opinion that the Acquisition is in the best interest of PRESBHD and the Group.

This announcement is dated 13 February 2014.

 

Announcement Info

Company Name PRESTARIANG BERHAD  
Stock Name PRESBHD    
Date Announced 13 Feb 2014  
Category General Announcement
Reference No CS-140213-41246