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 February 2012 incorporated a wholly-owned subsidiary in Malaysia namely TUNAS CITARASA SDN. BHD. .
1. Details of TUNAS CITARASA SDN. BHD. ("TCSB")
TCSB was incorporated in Malaysia on 8 February 2012 under the Companies Act 1965 with an authorised capital of RM100,000.00 divided into 100,000.00 shares of RM1.00 each with an issued and fully paid up share capital of two (2) shares. TCSB is a wholly-owned subsidiary of OJV.
The directors of TCSB are Mr Yu Soo Chye @ Yee Soo Chye and Yu Tack Tein. TCSB is currently dormant and has yet to commence operations.
2.Rationale for the incorporation of TCSB
TCSB will be utilized as a vehicle for the Company's future business expansion.
3. Financial Effects
Earnings & Net Assets
The incorporation of TCSB 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 TCSB is currently dormant.
Share Capital
The incorporation of TCSB has no effect on the share capital of the Company as the incorporation cost was satisfied entirely by internally generated cash.
4. Approval Sought
The incorporation of TCSB 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 TCSB.
6. Directors' Recommendation
The Directors of Oversea, having considered all aspect of the incorporation of TCSB, are of the opinion that the said incorporation is in the best interest of the Company.
This announcement is dated 9 February 2012.