General Announcement
01/04/2005SERSOL TECHNOLOGIES BERHAD (SerSol or the Company)
SERSOL TECHNOLOGIES BERHAD |
Type | Announcement |
Subject | SERSOL TECHNOLOGIES BERHAD (SerSol or the Company) |
Contents :
- · Acquisition of the entire equity interest in Multi Square (S) Pte. Ltd. (MSPL) comprising 100 ordinary shares of Singapore Dollar (SGD)1.00 each in MSPL (MSPL Share) for a cash consideration of SGD100 (Proposed MSPL Acquisition)
Collectively known as the Proposals
1. INTRODUCTION
- The Board of Directors of SerSol is pleased to announce that it had acquired the entire equity interest in MSPL resulting in MSPL being a wholly-owned subsidiary of SerSol on 30 March 2005 for a cash consideration of SGD100.
The Board of Directors of SerSol is also pleased to announce that the Company proposes to increase its investment in MSPL by the subscription of an additional 99,900 MSPL Shares for a total cash consideration of SGD99,900.
2.1 MSPL ACQUISITION
- The purchase consideration of SGD100 is based on the par value of MSPL Shares and is funded via internally generated funds.
2.2. PROPOSED ADDITIONAL SHARES SUBSCRIPTION
- SerSol will further invest SGD99,900 in MSPL via the subscription of additional 99,900 MSPL Shares as follows:
Period | Amount Paid/ to be Paid | Number of MSPL Shares acquired/ to be subscribed | Accumulated issued and paid-up share capital of MSPL |
![]() | SGD | ![]() | SGD |
April 2005 | 49,900 | 49,900 | 50,000 |
May 2005 | 30,000 | 30,000 | 80,000 |
June 2005 | 20,000 | 20,000 | 100,000 |
![]() | ![]() | ![]() | ![]() |
3. INFORMATION ON MSPL
MSPL was incorporated on 7 February 2005 in Singapore as a limited company. MSPL is currently dormant with an authorised share capital of SGD 1,000,000 comprising 1,000,000 MSPL Shares and has a current issued and paid-up share capital of 100 MSPL Shares.
4. RATIONALE FOR THE PROPOSALS
- MSPL will be the marketing arm of SerSol in Singapore and this will enable SerSol to be in close proximity with its customers in Singapore. This is in view of the fact that a majority of SerSols multinational customers across South East Asia are headquartered in Singapore.
5. EFFECTS OF THE PROPOSALS
The Proposals will not have any material effect on the earnings and net tangible assets of the consolidated accounts of SerSol for the financial year ending 31 December 2005.
The Proposals do not have any effect on the issued and paid-up share capital and substantial shareholders shareholdings of SerSol.
- Save for the approval of Bank Negara Malaysia dated 22 March 2005 for the Proposed Additional Shares Subscription of which was received by SerSol on 25 March 2005, the Proposals are not subject to the approvals of SerSols shareholders and any other relevant authorities.
- As far as the Directors of SerSol are aware, none of the Directors, substantial shareholders and/or person(s) connected with the Directors or substantial shareholders of SerSol, has any interest, direct or indirect, in the Proposals.
8. DIRECTORS RECOMMENDATION
- The Board of Directors of SerSol, after having considered all aspects of the Proposals, is of the opinion that the terms and conditions of the Proposals are fair and reasonable and are in the best interest of the Company.
9. ADVISER AND SPONSOR
- No adviser is required for the Proposals and Southern Investment Bank Berhad (SIBB) is the Sponsor for SerSol.
This announcement is dated 1 April 2005.
Announcement Info
Company Name | SERSOL TECHNOLOGIES BERHAD (MESDAQ Market) |
Stock Name | SERSOL |
Date Announced | 1 Apr 2005 |
Category | General Announcement |
Reference No | C&-050331-62117 |
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