The Board of Directors of Oversea Enterprise Berhad ("Oversea") is pleased to announce that one of its wholly-owned subsidiary, RESTORAN OVERSEA JV (SINGAPORE) SDN. BHD. (OJV) had on 8 December 2011 (documents received on 14 December 2011) incorporated a wholly-owned subsidiary in Hong Kong, namely IPOH GROUP LIMITED.
1. Details of IPOH GROUP LIMITED ("IGL")
IGL was incorporated in Hong Kong on 8 December 2011 under the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) with an authorised capital of HK$10,000.00 divided into 10,000.00 shares of HK$1.00 each with an issued and fully paid up share capital of one share. IGL is a wholly-owned subsidiary of OJV.
The sole director of IGL is Mr Yu Tack Tein. IGL is currently dormant and has yet to commence operations.
2. Rationale for the incorporation of IGL
IGL will be utilized as a vehicle for the Company's future business expansion.
3. Financial Effects
Earnings & Net Assets
The incorporation of IGL is not expected to have any material effect on the earnings per share and net assets per share of the Group for the financial year ending 31 March 2012 as IGL is currently dormant.
Share Capital
The incorporation of IGL has no effect on the share capital of the Company as the incorporation cost was satisfied entirely by cash generated internally.
4. Approval Sought
The incorporation of IGL is not subject to the approval of the shareholders of the Company or from any relevant authorities.
5. Directors' and Substantial Shareholders' Interest
None of the Directors and/or substantial shareholders of the Company or any persons connected to them have any direct or indirect interest in the incorporation of IGL.
6. Directors' Recommendation
The Directors of Oversea, having considered all aspect of the incorporation of IGL, are of the opinion that the said incorporation is in the best interest of the Company.
7. Statement by Audit Committee
The Audit Committee of Oversea, having seen and reviewed the rationale for the incorporation of IGL, is satisfied and is of the opinion that the said incorporation of IGL is not detrimental to the shareholders of Oversea.
This announcement is dated 15 December 2011.