Joint Venture Agreement

BackMar 02, 2017
Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-01032017-00001
Subject JOINT VENTURE AGREEMENT
Description

SALCON BERHAD ("SALCON" OR "THE COMPANY") JOINT VENTURE AGREEMENT BETWEEN CIRCLIC INTERACTIVE TOURISM SDN BHD (FORMERLY KNOWN AS CIRCLIC INTERACTIVE SDN BHD) ("CIRCLIC"), A 65%-OWNED SUBSIDIARY OF SALCON XINLIAN GROUP LIMITED ("SXGL"), WHICH IN TURN IS A 51.02%-OWNED SUBSIDIARY OF SALCON, AND SHENZHEN WISDOM SPORTS INDUSTRY CO., LTD ("SHENZHEN WISDOM")
Query Letter Contents

JOINT VENTURE AGREEMENT BETWEEN CIRCLIC INTERACTIVE TOURISM SDN BHD (FORMERLY KNOWN AS CIRCLIC INTERACTIVE SDN BHD) ("CIRCLIC"), A 65%-OWNED SUBSIDIARY OF SALCON XINLIAN GROUP LIMITED ("SXGL"), WHICH IN TURN IS A 51.02%-OWNED SUBSIDIARY OF SALCON, AND SHENZHEN WISDOM SPORTS INDUSTRY CO., LTD ("SHENZHEN WISDOM")

__________________________________________________________________________________________________

We refer to your Company’s announcement dated 28 February 2017 in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

  1. The eventual issued and paid-up capital of Wisdom Sports (M) Sdn Bhd (“WSSB”).
  2. CIRCLIC’s sources of funds for subscription of its portion of ordinary shares in WSSB.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully

TAN YEW ENG
Vice President, Issuers
Listing Division, Regulation

TYE/NMA

Cc : Market Surveillance Dept., Securities Commission (via fax)

Reference is made to the Company’s announcement dated 28 February 2017 and the query letter dated 1 March 2017 issued by Bursa Malaysia Securities Berhad. The Board of Directors of Salcon wishes to provide the following additional information:-

 

1. The eventual issued and paid-up share capital of Wisdom Sports (M) Sdn Bhd (“WSSB”)

 

The eventual issued and paid-up share capital of WSSB is RM500,000.00.

 

2. CIRCLIC’s sources of funds for subscription of its portion of ordinary shares in WSSB

 

CIRCLIC will subscribe for its portion of ordinary shares in WSSB via internally generated funds.

 

This announcement is dated 2 March 2017.

 

Announcement Info

Company Name SALCON BERHAD
Stock Name SALCON
Date Announced 02 Mar 2017
Category General Announcement for PLC
Reference Number GA1-01032017-00080