Contents :
Introduction
The Board of Directors of Engtex Group Berhad (536693-X) ("Engtex") wishes to announce that Engtex Sdn Berhad (112520-V), a subsidiary of Engtex, has on 22 April 2003, entered into a Share Sale and Purchase Agreement with Indoglow Sdn Bhd (289015-W) to acquire the remaining 5% equity interest representing Two Hundred Fifty Thousand (250,000) ordinary shares of RM1.00 each in Allpipes Technology Sdn Bhd (152572-H) ("ATSB") for a total cash consideration of Ringgit Malaysia Three Hundred Sixty Seven Thousand Five Hundred (RM367,500) only (referred to as the "Acquisition"). The Acquisition will result in ATSB becoming a wholly owned subsdiary of Engtex.
Information on ATSB
ATSB was incorporated on 16 April 1986 in Malaysia under the Companies Act, 1965 as a private limited company under the name of Mushroom Products Sdn Bhd. It assumed its present name on 24 October 1995. The authorised and issued and fully paid-up share capital of ATSB is RM5,000,000 divided into 5,000,000 ordinary shares of RM1.00 each.
Activity of ATSB
ATSB is principally involved in the manufacturing of steel pipes, fittings and related products. ATSB has a place of business located at Lot 3757, Batu 29 Jalan Ipoh-Kuala Lumpur, 47200 Serendah, Hulu Selangor.
Financial Effects
The Acquisition will not have a significant 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/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 24 April 2003.