1. INTRODUCTION
Pursuant to Paragraph 9.19 (24) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors K & N Kenanga Holdings Berhad (KNKH) wishes to announce that its wholly-owned subsidiary, Kenanga Capital Sdn Bhd (KCSB) has on 3 December 2014 disposed its 100% equity interest in Capital Investment Bank (Labuan) Limited (CIBL) to Amanie Corporate Advisors Sdn Bhd (formerly known as WG Advisory Sdn Bhd) for a total cash consideration of Ringgit Malaysia Six Million Six Hundred Fifty-Five Thousand Seven Hundred and Fifty-Five (RM6,655,755) (Disposal).
As a result of the above Disposal, CIBL ceased to be a subsidiary of KCSB.
2. DETAILS OF THE DISPOSAL
CIBL has an issued and paid-up share capital of United States Dollar Two Million Six Hundred Thirty-One Thousand Five Hundred and Seventy-Nine (USD2,631,579) and is a dormant company.
3. FINANCIAL EFFECTS
The Disposal will not have a material effect on the earnings or net assets of KNKH Group for the financial year ending 31 December 2014.
4. DIRECTORS AND SUBSTANTIAL SHAREHOLDERS INTERESTS
None of the Directors or Substantial Shareholders of KNKH or persons connected to them have any interest, direct or indirect, in the Disposal.
This announcement is dated 3 December 2014.