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Further to the announcement of 15 January 2008, SALCON is pleased to announce the incorporation of Nan An Salcon Water Company Limited ("Nan An Salcon") in The People's Republic of China on 18 April 2008.
The principal activity of Nan An Salcon is to develop and construct the Coastal 3-Town Water Intake Engineering Project.
Presently, Nan An Salcon has no registered capital. The proposed registered capital for Nan An Salcon is RMB100 million (approximately RM44.80 million) and will be subscribed by Salcon Fujian (HK) Limited ("SFHK"), Hong Kong and Nan An City Trading Industry & Agriculture Investment Co. Ltd on a 65:35 basis within 2 months from the date of incorporation.
SFHK is a wholly-owned subsidiary of the Company.
The incorporation of Nan An Salcon will not have any material effect on the earnings and net assets of the Group for the financial year ending 31 December 2008.
None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, direct or indirect, in the incorporation.
This announcement is dated 29 April 2008. |
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