The Board of Directors of PESTECH is pleased to inform that PESTECH Sdn. Bhd. ("PSB") a wholly-owned subsidiary of the Company had on 14 April 2015 acquired one (1) ordinary share of USD1.00 in the share capital of Enersol Co. Ltd. ("Enersol") for a total cash consideration of USD1.00 ("the Acquisition"). Upon completion of the Acquisition, Enersol became a wholly-owned subsidiary of PSB.
Information on Enersol
Enersol was incorporated in Labuan, Malaysia under the Labuan Companies Act, 1990 on 6 April 2015. The principal activities of Enersol are investment holding, provision of comprehensive power system engineering and technical solution for the design, procurement and installation of substations, transmission lines and underground cables for electricity transmission and distribution.
The Acquisition does not have any material effect on the earnings and net tangible assets of the Company.
None of the Directors, Major Shareholders and/or persons connected to them has any interest, direct or indirect, in the Acquisition.
This announcement is dated 14 April 2015.