Transactions (Chapter 10 Of Listing Requirements) : Non Related Party Transactions

BackAug 25, 2017
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
Description

SALCON BERHAD ("SALCON" OR "THE COMPANY") JOINT VENTURE AGREEMENT BETWEEN CIRCLIC INTERACTIVE TOURISM SDN BHD ("CIRCLIC") AND SHENZHEN WISDOM SPORTS INDUSTRY CO., LTD ("SHENZHEN WISDOM")

Further to the Company’s announcement dated 28 February 2017 in relation to the Joint Venture Agreement between CIRCLIC and SHENZHEN WISDOM, the Board of Directors of Salcon wishes to announce that Wisdom Sports (M) Sdn Bhd (Formerly known as Enrich Signature Sdn Bhd) (“WSSB”), a wholly-owned subsidiary of CIRCLIC, has on 24 August 2017 increased its issued share capital from RM2.00 to RM1,000,000.00 by way of subscription of shares in WSSB by CIRCLIC and SHENZHEN WISDOM (“Subscription”) for cash consideration as follows:-

 

Allottees

Before the Subscription

No. of new ordinary shares allotted on 24 August 2017

Total Cash Consideration

After the Subscription

No. of ordinary shares held

%

No. of ordinary shares held

%

CIRCLIC

2

100

449,998

RM449,998.00

450,000

45

SHENZHEN WISDOM

-

-

550,000

RM550,000.00

550,000

55

Total

2

100

999,998

RM999,998.00

1,000,000

100

 

Subsequent to the Subscription, Circlic’s equity interest in WSSB is reduced from 100% to 45% and WSSB ceased as an indirect subsidiary of Salcon.

 

This announcement is dated 25 August 2017.

 

Announcement Info

Company Name SALCON BERHAD
Stock Name SALCON
Date Announced 25 Aug 2017
Category General Announcement for PLC
Reference Number GA1-25082017-00072