RCE wishes to announce that the Company had on 14 October 2014 entered into a share sale and purchase agreement with the following vendors to acquire 100% equity interest in Strategi Interaksi Sdn Bhd ( SISB ) comprising a total of 10,000 ordinary shares of RM1.00 each ( SISB Shares ) for a total cash consideration of RM20,000 ( Acquisition ):
Vendors | No. of SISB Shares | % | Consideration (RM) |
| | | | |
Faizal Hussein bin Abd Ghani | 9,000 | 90 | | 18,000 |
John Lee Yeow Meng | 1,000 | 10 | | 2,000 |
| 10,000 | 100 | | 20,000 |
SISB was incorporated in Malaysia on 30 September 2013 as a private limited company and has an authorised share capital of RM400,000 comprising 400,000 ordinary shares of RM1.00 each, of which 10,000 ordinary shares have been issued and fully paid-up. Its principal activity is investment holding. SISB directly owns the entire equity interest of EXP Payment Sdn Bhd ( EXP ) comprising 1,800,000 ordinary shares of RM1.00 each. EXP was incorporated in Malaysia on 29 July 2012 and is principally involved in payroll collection system.
The Acquisition is not expected to have any material effect on the gearing, earnings per share and net assets per share of RCE for the financial year ending 31 March 2015.
None of the Directors and major shareholders of RCE and/or persons connected to them have any interest, whether direct or indirect, in the Acquisition.
This announcement is made pursuant to Chapter 9, Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, whereby upon completion of the Acquisition on even date, SISB became a wholly-owned subsidiary of RCE.
This announcement is dated 14 October 2014.