Reference is made to PESTECHs announcement made on 8 April 2015 and Bursa Malaysia Securities Berhads letter dated 9 April 2015.
The Board of Directors of PESTECH (Board) wishes to furnish the following additional information pertaining to the abovementioned matter:-
1) The party from whom the project has novated to Diamond Power Limited (DPL).
The Project has been novated to DPL from L.Y.P Group Co., Ltd.
2) The source of funding in relation to the cost for the development of the Project.
DPL plans to utilise internal source of funding together with project financing from financial institution(s) for the development of the Project.
3) The eventual issued and paid-up capital of DPL.
DPL's current registered and paid-up capital is Cambodian Riel (KHR) 2,000,000,000 (equivalent to USD500,000). However, the amount will be periodically enhanced based on the progress and requirement of the Project.
4) The source of funding for financing PESTECH's investment in DPL and the breakdown.
Barring any unforeseen circumstances, PESTECH envisages that it will use internally generated funds for its investment in DPL.
5) The details of the JV partner.
The shareholding structure of DPL is as follows:-
Shareholders | | Percentage of Holdings % |
PESTECH Power Sdn. Bhd. | | 60 |
Diamond House Co., Ltd. (DHC) | | 30 |
Ms. Kim Heang | | 10 |
| | |
Total | | 100 |
DHC is a Cambodia incorporated holding company, owned by His Excellency Oknha Hout Chantho. DHC is involved in multifaceted business activities including importation and exportation of goods, forest concession, fishery, entertainment and power transmission line.
Ms. Kim Heang is a Cambodian business person involved in various business ventures including plantation, trading, hospitality and entertainment, real estates and utility infrastructure.
This announcement is dated 13 April 2015.