General Announcement for PLC

08/11/2018

OTHERS INCORPORATION OF A 51% OWNED SUBSIDIARY

XIN HWA HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description 
INCORPORATION OF A 51% OWNED SUBSIDIARY

Xin Hwa Holdings Berhad (“Company”) wishes to announce that the Company has on 1 November 2018 incorporated a 51% owned subsidiary with the name of “XH Nusantara Energy Sdn. Bhd.” (“XHNE”).

 

The initial issued and paid-up share capital of XHNE is RM100.00 comprising 100 ordinary shares at an issue price of RM1.00 each and the shareholding of the respective shareholders of XHNE (also known as “JV Partners”) are:-

 

The Company

51%

Nusalindo Salvage (M) Sdn. Bhd.                

40%

Proven Vision Sdn. Bhd.                                 

9%

 

The issued and paid-up share capital of XHNE will be increased to RM1 million in due course and a shareholders agreement documenting the rights and obligations of the JV Partners will be entered in due course.

 

The intended principal activity of XHNE is provision of logistics for oil and gas industry.

 

None of the directors and/or substantial shareholders of the Company and/or persons connected to them have any interest, direct or indirect, in the abovementioned incorporation and joint venture arrangement.

 

The incorporation of XHNE is not expected to have any material effect on the Group’s earnings and net assets for the financial year ending 31 March 2019.



Announcement Info

Company Name XIN HWA HOLDINGS BERHAD
Stock Name XINHWA
Date Announced 08 Nov 2018
Category General Announcement for PLC
Reference Number GA1-08112018-00080


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