Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 26 Dec 2013
Category: General Announcement
Reference Number: KT-131213-60313
Description: ACQUISITION OF NEW SUBSIDIARY
The Board of Directors of Kobay Technology Bhd. (“Kobay”) wishes to announce that on 26 December 2013, Kobay has subscribed for 70% equity interest in Wirama Progresif Sdn. Bhd. (Company No. 908317-P) (“Wirama”) of which comprises 7,000 ordinary shares of RM1.00 each for a cash consideration of RM7,000.00.
Wirama was incorporated on 16 July 2010 as a private company limited by shares. Its authorised share capital is RM100,000 comprising 100,000 ordinary shares of RM1.00 each, of which 2 ordinary shares of RM1.00 each have been issued and fully paid-up.
Subsequent to the subscription, Wirama will become a 70% owned subsidiary company of Kobay. The other 30% equity interest is held by a Malaysian individual, Mr. Lam Wan Loong. Currently, Wirama is dormant and its intended principal activity will be supply of engineering parts and accessories, and services to oil & gas industry.
The subscription is not expected to have material financial impact on Kobay’s earning per share, net assets per share, gearing, share capital or its substantial shareholders’ shareholding for the financial year ending 30 June 2014.
None of the directors and/or major shareholders of Kobay or any person connected with them have any interest, direct or indirect, in the acquisition.
This announcement is dated 26 December 2013.