Announcement Details/Table Section :
Salcon Berhad (“Salcon” or “the Company”) had on 22 March 2012 acquired 2 ordinary shares of RM1.00 each, representing 100% equity interest in SDSB, a company incorporated in Malaysia, from Salcon Engineering Berhad (“SEB”) which is a wholly owned subsidiary of Salcon, for a total cash consideration of RM2.00 only (“the Acquisition”). Subsequent to the Acquisition, SDSB shall become a direct wholly owned subsidiary of the Company.
SDSB
SDSB was incorporated on 3 November 2006 in Malaysia. The authorised share capital of SDSB is RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each while its issued share capital consists of 2 ordinary shares of RM1.00 each which have been fully paid. SDSB is presently dormant.
SEB
SEB is a direct wholly owned subsidiary of Salcon and was incorporated on 3 April 1974 in Malaysia. The authorised share capital of SEB is RM50,000,000.00 comprising 50,000,000 ordinary shares of RM1.00 each which have been issued and fully paid. The principal activity of SEB is design, construction, operation and maintenance of municipal potable water, sewerage and construction of wastewater facilities; provision of mechanical and electrical engineering services for general industries; and investment holding.
The rationale for the Acquisition is an internal corporate restructuring of the Salcon Group.
The Acquisition will not have any significant effect on the earnings or net assets of Salcon Group for the financial year ending 31 December 2012, and of the share capital of the Company.
None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, direct or indirect, in the Acquisition.
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