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The Board of Directors of Engtex Group Berhad ("Engtex") wishes to announce that Eng Lian Hup Trading Sdn Bhd, a wholly-owned subsidiary of Engtex, has on 17 March 2003, acquired two (2) ordinary shares of RM1.00 each, representing the entire issued and paid-up share capital of Apsonic Sdn Bhd ("ASB") for a total cash consideration of RM2.00 ("Acquisition").
Information on ASB
ASB was incorporated on 28 November 2002 in Malaysia under the Companies Act, 1965 as a private limited company. The authorised share capital of ASB is RM100,000 divided into 100,000 ordinary shares of RM1.00 each out of which 2 ordinary shares of RM1.00 each have been issued and fully paid-up.
Activity of ASB
ASB will be involved in providing warehousing and one-stop distribution center for pipes, valves, fittings and general hardware products for the northern region of Malaysia.
Financial Effects
The Acquisition will not have any effect on the earnings, net tangible assets, share capital and substantial shareholders' shareholdings of Engtex.
Directors' and Substantial Shareholders' Interest
None of the directors and/or substantial shareholders and/or persons connected with a director or substantial shareholder has any interest, whether direct or indirect, in the Acquisition.
Statement by Directors
The Board of Directors of Engtex is of the opinion that the Acquisition is in the best interest of Engtex.
This announcement is dated 17 March 2003.