1.         INTRODUCTION

The Board of Directors of BCM wishes to announce that BCM has incorporated a new wholly-owned subsidiary under the Companies Act, 2016, namely BCM Laundry Services Sdn. Bhd. (“BCM Laundry”) on 2 August 2021 (“the Incorporation”).

2.         INFORMATION OF BCM LAUNDRY  

BCM Laundry was incorporated on 2 August 2021 with an issued share capital of RM100,000.00 comprising 100,000 ordinary shares. BCM Laundry has not commenced business since its incorporation.

The intended principal activity of BCM Laundry is to carry on the business of launderers, cleaners, dry cleaners and carpet beaters services. The Directors of BCM Laundry are Mr. Hoo Swee Guan and Mr. Ho Kee Wee. The shareholder of BCM Laundry is as follows:-

3.         RATIONALE OF THE INCORPORATION

            The purpose of the Incorporation of BCM Laundry is to expand BCM business as in carrying laundry business to generate more revenue.  

4.         FINANCIAL EFFECTS OF THE INCORPORATION

The Incorporation will not have any material effect on the issued share capital of the Company and the substantial shareholders’ shareholding. The Incorporation also does not have any material effect on earnings per share nor net assets per share of the Group for the financial year ending 31 December 2021.

5.         DIRECTORS’ INTERESTS AND/OR SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND/OR PERSON CONNECTED TO THEM

Save for Mr Hoo Swee Guan and Mr Ho Kee Wee, who are the Executive Directors of BCM and acting as BCM’s Representatives in BCM Laundry, have declared their interest by virtue of the fact that they are first Directors in BCM Laundry, none of the Directors and/or substantial shareholders of BCM and/or persons connected with Directors and/or major shareholders has any interest, direct or indirect, in the Incorporation.

6.         STATEMENT BY BOARD OF DIRECTORS

The Board of Directors of the Company, having considered all aspects of the Incorporation, is of the opinion that the Incorporation is in the best interest of BCM Group.

This announcement is dated 2 August 2021.