Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 07 Jan 2021
Category: General Announcement for PLC
Reference Number: GA1-23122020-00046
Subject: OTHERS
Description: INCORPORATION OF A NEW SUBSIDIARY COMPANY
1. INTRODUCTION
The Board of Directors of Kobay Technology Bhd. (“Kobay”) wishes to announce that Kobay has incorporated a new 51% owned subsidiary under Companies Act 2016, namely, Gen Plus Technologies Sdn. Bhd.(“Gen Plus”) on 7 January 2021 (“the incorporation”).
2. INFORMATION ON THE INCORPORATION
2.1) The initial issued share capital and equity of the Company is RM100.00 for which 51% is owned by Kobay.
2.2) The intended principal business activities of Gen Plus are
i) To distribute and trade as agent of generator set that using gas to generate electricity;
ii) To provide repair and maintenance as well as selling spare parts in relates thereto; and
iii) To build, manage and maintenance in bulk or a number of generator set on behalf of any individual or body corporate who invested for an intention to trade or sell the electricity generated by the generator to anybody includes the authority in Malaysia or any other countries.
3) FINANCIAL EFFECT OF THE INCORPORATION
The incorporation will not have any material effect on the earning per share, net assets per shares, gearing and substantial shareholders’ shareholding of the Company and its subsidiaries for the year ended 30 June 2021.
4) INTEREST OF DIRECTORS AND/ OR SUBSTANTIAL SHAREHOLDERS AND/ OR PERSON CONNECTED TO THEM
Save from Dato’ Seri Koay Hean Eng, who is the director of Kobay has declared his interest by virtue of 19% in the incorporation held by his son , none of the directors and/or substantial shareholder of Kobay or any person connected with them have any interest, direct or indirect, in the incorporation.
5) STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors of Kobay is of the opinion that the incorporation is in the best interest of the Company.
This announcement is dated 7 January 2021.