Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 27 Dec 2013
Category: General Announcement
Reference Number: KT-131227-64355
Description: Change of Equity Interests in Kobay Systems Sdn. Bhd.
The Board of Directors of Kobay Technology Bhd. (“Kobay”) wishes to announce that its equity participation in Kobay Systems Sdn. Bhd. (“KSys” or “the Company”) has been diluted from 100% to 70% arising from the latest shares allotment (hereinafter referred to as “change of equity interest”) on 26 December 2013.
Information on KSys
KSys was incorporated on 2 January 1998 as Unitedprise Sdn. Bhd.. It has changed its name to Kobay SCM Sdn. Bhd. on 19 December 2006 then subsequently on 7 March 2012 changed its name to Kobay Systems Sdn. Bhd.. Its current authorized capital is RM100,000 divided into 100,000 ordinary shares of RM1 each with its paid up capital of RM2 comprising of 2 ordinary shares of RM1 each. The Company is currently a dormant company. Based on the audited financial statements for the financial year ended 30 June 2013, the Company has recorded a loss of RM26,406 and the shareholders’ fund of the Company was – RM612,051.
With the allotment of additional 9,998 ordinary shares of RM1.00 each in KSys, Kobay has subscribed for 6,998 ordinary shares for a total cash consideration of RM6,998 and the other individual namely Ahmad Bin Hassan, a Malaysian Malay, has subscribed for the balance of the 3,000 ordinary shares.
As a result of the allotment, Kobay’s equity interest was diluted from 100% to 70%.
The subscription of 6,998 ordinary shares of RM1 each for a total cash consideration of RM6,998 will be funded from Kobay’s internally generated fund.
The change in equity interest is not expected to have material financial impact on the earning, gearing, share capital and net tangible assets of Kobay for the current financial year ending 30 June 2014.
None of the directors and major shareholders of Kobay group and/or any persons connected to them (as defined in Section 122A of the Companies Act, 1965) have any direct or indirect interests in the change of equity interest.
The Board, after due consideration of all aspects of the change of equity interest, is of the opinion that it is reasonable and is in the best interest of Kobay.
This announcement is dated 27 December 2013.