Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 27 Jun 2016
Category: General Announcement for PLC
Reference Number: GA1-27062016-00070
Type: Announcement
Subject: OTHERS
Description: Completion of proposed group reorganization via inter-companies disposal and acquisition of four (4) wholly owned subsidiaries
An announcement has been made on 4 May 2016 (reference number : GA1-04052016-00047) by Kobay Technology Bhd. (“Kobay”), 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. , Maker Technologies Sdn. Bhd. , Bend Weld Engineering Sdn. Bhd. and Omni Value Chain Sdn. Bhd. 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.
The Board of Directors of Kobay wishes to announce that on 27 June 2016, Kobay and Lipo have mutually agree to waive the condition precedent to first obtain the stamp duty exemption under Section 15A of the Stamp Act 1949, from the Inland Revenue Board for the transfer of the Sale Shares. In view of this, the aforementioned proposal has been completed.
This announcement is dated 27 June 2016.