OTHERS Proposed Group Reorganization via Inter-companies Disposal and Acquisition of Four (4) Wholly Owned Subsidiaries

By May 4, 2016 Bursa 2016

Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 04 May 2016
Category: General Announcement for PLC
Reference Number: GA1-04052016-00047

Type: Announcement
Subject: OTHERS
Description: Proposed Group Reorganization via Inter-companies Disposal and Acquisition of Four (4) Wholly Owned Subsidiaries

The Board of Directors (“Directors”) of Kobay Technology Bhd. (“Kobay”), wishes to announce that Kobay has on 3 May 2016 entered into a Shares Sales Agreement to undertake a group reorganization (Internal Group Reorganization) via inter-companies’ disposal of the entire issued and paid up share capital (“the Sale Shares”) in four (4) subsidiaries (“subject companies”) namely Polytool Technologies Sdn. Bhd. (“PTech”), Maker Technologies Sdn. Bhd. (“Maker”),  Bend Weld Engineering Sdn. Bhd. (“BWE”) and Omni Value Chain Sdn. Bhd. (“OVC”) which are all wholly owned subsidiaries of Kobay to Lipo Corporation Sdn. Bhd. (“Lipo”) of which Lipo in turn is a wholly owned subsidiary of Kobay, for a total consideration of RM18,806,208 to be satisfied by way of issuance 5,613,793 ordinary shares of RM1.00 each at an issued price of RM3.35 per share in the paid-up capital of Lipo. (hereinafter referred to as “Transactions”).

The detail announcement is herein attached.

This announcement is dated 4 May 2016.

Attachments :
Bursa Announcement_Proposed Disposal of subsidiaries to Lipo.pdf

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