General Announcement

03/05/2005

SERSOL TECHNOLOGIES BERHAD (SerSol or the Company) · Proposed acquisition of 80% equity interest in Asset Capital Holdings Limited (Asset Capital) representing 8,000 ordinary shares of Hong Kong Dollar (HKD) 1.00 each in Asset Capital for a cash consideration of RM358,650 (Proposed Acquisition) · Proposed advancement of United States Dollar (USD) equivalent to Renminbi (RMb) 852,361 to Asset Capital (Proposed Cash Advancement) Collectively known as the Proposals

SERSOL TECHNOLOGIES BERHAD

Type

Announcement
SubjectSERSOL TECHNOLOGIES BERHAD (SerSol or the Company)
· Proposed acquisition of 80% equity interest in Asset Capital Holdings Limited (Asset Capital) representing 8,000 ordinary shares of Hong Kong Dollar (HKD) 1.00 each in Asset Capital for a cash consideration of RM358,650 (Proposed Acquisition)
· Proposed advancement of United States Dollar (USD) equivalent to Renminbi (RMb) 852,361 to Asset Capital (Proposed Cash Advancement)

Collectively known as the Proposals

Contents :

We refer to the Companys announcement dated 17 March 2005.


On behalf of the Board of Directors of SerSol, Southern Investment Bank Berhad is pleased to announce that Bank Negara Malaysia (BNM), via its letter dated 22 April 2005, have registered SerSols investment abroad and Proposed Cash Advancement of RM391,350 together with advances of RM200,000 as working capital (Working Capital Advances) to Asset Capital, a non-resident of Malaysia.

In addition, BNM has also registered the capitalisation of the Working Capital Advances into 400,000 ordinary shares of Asset Capital Shares of HKD1.00 each.

In the event SerSol does not make the Proposed Cash Advancement and Working Capital Advances in April 2005, the Company is required to inform BNM prior to making the said advances.

SerSol is encouraged to repatriate back to Malaysia all dividends, profits or gain from the disposal of the above investment as soon as the said dividends, profits or benefits have been paid or when the equity in the foreign investment is disposed; and to inform the Department of Foreign Exchange Control of the said disposal.

SerSol had advanced RM150,000 to Asset Capital on 29 April 2005.

This announcement is dated 3 May 2005.


Announcement Info

Company NameSERSOL TECHNOLOGIES BERHAD (MESDAQ Market) 
Stock Name SERSOL
Date Announced3 May 2005  
CategoryGeneral Announcement
Reference NoMI-050503-64935

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