Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 04 Jul 2019
Category: General Announcement for PLC
Reference Number: GA1-04072019-00041
Description: APPLICATION TO STRIKE OFF A WHOLLY-OWNED SUBSIDIARY COMPANY PURSUANT TO SECTION 344 OF THE SINGAPORE COMPANIES ACT, CHAPTER 50
The Board of Directors of Kobay Technology Bhd. (“Kobay”) wishes to announce that its wholly-owned subsidiary, Kobay SCM (S) Pte Ltd (Company no.: 200912806D) [“Kobay SCM”] has on 4 July 2019 submitted an application to the Accounting and Corporate Regulatory Authority (“ACRA”) to strike off its name off the Register pursuant to Section 344 of the Singapore Companies Act, Chapter 50. The said application is subject to ACRA’s approval.
Kobay SCM was incorporated in Singapore on 15 July 2009 with its issued and paid up share capital of SGD10,000/=. Kobay SCM is a wholly owned subsidiary of Kobay Industries Sdn Bhd, which in turn, a wholly owned subsidiary of Kobay.
Kobay SCM is an investment holding company and has been inactive since 2016. As such, the Board has decided to strike off the Company. Kobay SCM has fully distributed all its capital and reserve to its holding company prior to the striking off application.
The striking off is not expected to have operational impact and material financial impact on the consolidated net asset per share, earning per share, gearing, share capital and substantial shareholders’ shareholding of the Group for the financial year ending 30 June 2019.
The Board also does not foresee any risk and liability to be assumed by Kobay SCM and Kobay arising from the striking off exercise.
The Board, after due consideration of all aspects, is of the opinion that the striking off is in the best interest of Kobay.
None of the directors and/or substantial shareholders of Kobay or any person connected with them have any interest, direct or indirect, in the striking off.
The striking off does not require approval from the shareholders of Kobay, Securities Commission and any other authorities except approval of ACRA.
This announcement is dated 4 July 2019.