General Announcement

08/11/2000

Subscription of shares in KAI-PMB Facade Technology Limited by PMB Facade Technology Sdn Bhd

PRESS METAL BERHAD

TypeAnnouncement
SubjectSubscription of shares in KAI-PMB Facade Technology Limited by PMB Facade Technology Sdn Bhd

Contents :


      PRESS METAL BERHAD (PMB) is pleased to announce that its 51% owned-subsidiary, PMB Facade Technology Sdn Bhd (PMBF) had on 18 October 2000 subscribed for 25,500 subscribers shares (ordinary shares of Tk100.00 each, equivalent to approximately RM6.67), fully paid at par representing 51% of the total issued and paid up share capital in KAI-PMB Facade Technology Limited for a total cash consideration of Tk2,550,000.00 (equivalent to approximately RM170,000.00).

      Information on KAI-PMB Facade Technology Limited

      KAI-PMB Facade Technology Limited (KAI-PMB) was incorporated on 18 October 2000 in Dhaka, Bangladesh. The current authorised share capital of KAI-PMB is Tk50,000,000.00 (equivalent to approximately RM3,333,333.33) divided into 500,000 ordinary shares of Tk100.00 each (equivalent to approximately RM6.67) and the issued and paid-up share capital is Tk5,000,000.00 (equivalent to approximately RM333,333.33) comprising 50,000 ordinary shares of Tk100.00 each (equivalent to approximately RM6.67).

      The remaining 49% of the total issued and paid up share capital in KAI-PMB is held by KAI Bangladesh Aluminium Ltd, a company incorporated in Bangladesh.

      The Directors of KAI-PMB are Mr Koon Poh Ming, Mr Koon Poh Weng, Mr Wong Fook Yong, Mr Shabbir Ahmed Agha and Mr Bilal Mamoon.

      The principal activity of KAI-PMB is to carry on the business of construction, renovation, supplying, manufacturing, fabricating and installing structural glazing and ventilated thermal flow aluminium cladding in buildings in Bangladesh.

      Rationale

      The rationale for the acquisition of KAI-PMB is to enable the Group to diversify its activities into the Indian sub-continent where the products and expertise of PMB can be successfully utilised in many high rise buildings being constructed in various cities there.

      Financial Effects

      The contribution of KAI-PMB towards the Groups results for the year ending 31 December 2000 is not expected to be significant.

      Directors and Substantial Shareholders Interest

      Mr Koon Poh Ming and Mr Koon Poh Weng who are Directors of PMB, PMBF and KAI-PMB, and substantial shareholders of PMB, are deemed interested in the subscription by virtue of their common directorships in PMB, PMBF and KAI-PMB, and their shareholding in PMB.

      Dato Koon Poh Keong, Mr Kuan Poh Fatt, Koon Poh Tat, Mr Kuan Shin, Mr Koon Poh Kong and Mr Kwan Yun Hong @ Kuan Onn Hing who are Directors and shareholders of PMB, are deemed interested in the subscription by virtue of them being brothers of Mr Koon Poh Ming and Mr Koon Poh Weng.

      Mr Kwan Ching Hing, a substantial shareholder of PMB, is deemed interested in the subscription by virtue of him being the brother of Mr Koon Poh Ming and Mr Koon Poh Weng.

      Madam Tan Kim Hiok who is a substantial shareholder of PMB, is deemed interested in the subscription by virtue of her being the sister-in-law of Mr Koon Poh Ming and Mr Koon Poh Weng.

      Save as disclosed above, none of the other Directors or substantial shareholders of PMB or persons connected to Directors or substantial shareholders have any interest, direct or indirect, in the subscription in KAI-PMB by PMBF.

Announcement Info

Company NamePRESS METAL BERHAD  
Stock Name PMETAL
Date Announced8 Nov 2000  
CategoryGeneral Announcement
Reference NoCU-001108-54383

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