General Announcement

29/08/2007

DAYA MATERIALS BERHAD ("DMB" OR THE "COMPANY") ACQUISITION OF 60% OF THE ISSUED AND PAID-UP SHARE CAPITAL IN MERIDIAN ORBIT SDN BHD BY THE COMPANY, FOR A TOTAL CASH CONSIDERATION OF RM6.00 ("ACQUISITION")

DAYA MATERIALS BERHAD

Type

Announcement
SubjectDAYA MATERIALS BERHAD ("DMB" OR THE "COMPANY")
ACQUISITION OF 60% OF THE ISSUED AND PAID-UP SHARE CAPITAL IN MERIDIAN ORBIT SDN BHD BY THE COMPANY, FOR A TOTAL CASH CONSIDERATION OF RM6.00 ("ACQUISITION")

Contents :

1. INTRODUCTION

      The Board of Directors of DMB is pleased to announce that the Company had on 29 August 2007 acquired six (6) ordinary shares of RM1.00 each in Meridian Orbit Sdn. Bhd. (MOSB), representing 60% of the issued and paid-up share capital for a total cash consideration of RM6.00 from Chai Churn Hwa, a Malaysian.
2. INFORMATION ON MOSB
      MOSB was incorporated on 9 July 2007 under the Companies Act, 1965 as a private limited company with an authorised share capital of RM100,000 divided into 100,000 ordinary shares of RM1.00 each, of which ten (10) ordinary shares of RM1.00 each have been issued and fully paid-up. The principal activity of MOSB is investment holding. The remaining four (4) ordinary shares are being held by Yeap Teik Ee, a Malaysian. As at the date of this announcement, MOSB has not commenced business.
3. RATIONALE FOR THE ACQUISITION

      The Acquisition is to facilitate DMB and its subsidiary companies (Group) to expand its business activities within the oil and gas industry. The Acquisition is expected to contribute positively to the future profitability and cash flow of DMB as well as the stability of its future income stream.
4. EFFECTS OF THE ACQUISITION

      The Acquisition is not expected to have any material effect on the earnings, net assets, share capital, gearing and substantial shareholders shareholdings of DMB for the financial year ending 31 December 2007.
5. DIRECTORS AND MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH DIRECTORS OR MAJOR SHAREHOLDERS INTERESTS

      None of the Directors or substantial shareholders of DMB or persons connected to the Directors and/or substantial shareholders of DMB as defined in the Listing Requirements of Bursa Securities for the MESDAQ Market have any interest, direct or indirect, in the Acquisition.
    This announcement is dated 29 August 2007.

    Announcement Info

    Company NameDAYA MATERIALS BERHAD (MESDAQ Market) 
    Stock Name DAYA
    Date Announced29 Aug 2007  
    CategoryGeneral Announcement
    Reference NoCC-070829-75FC0



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