Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 19 Jul 2016
Category: General Announcement for PLC
Reference Number: GA1-19072016-00074
Type: Announcement
Subject: OTHERS
Description: INCORPORATION OF A NEW SUBSIDIARY COMPANY
The Board of Directors of Kobay Technology Bhd. (308279-A) (“Kobay”) is pleased to announce that Kobay has on 19 July 2016 incorporated a new subsidiary company namely KT Microhandling Sdn. Bhd. (Company No. 1195087-P) (“the Incorporation”).
Its authorized share capital is RM400,000/- comprising of 400,000 ordinary shares of RM1 each. The initial paid-up share capital of KT is RM2.00 where Lipo, the wholly owned subsdiary of Kobay, will own 100% of the equity interest.
KT was incorporated to carry out the business of manufacturing of semiconductor assembly and testing equipment.
The Board of Directors does not envisage any specific risk associated with the Incorporation apart from the general business risks faced by KT after the incorporation and commencement of business.
The Board of Directors, after due consideration of all aspects of the Incorporation, is of the opinion that the Incorporation is in the best interest of the Company.
The incorporation of new subsidiary company will not have any significant financial impact and material effect on the earnings, gearing, share capital and net tangible assets of Kobay group for the financial year ending 30 June 2016.
The Incorporation does not require approval from the shareholders of Kobay, Securities Commission, Foreign Investment Committee and other regulatory authorities.
None of the directors or major shareholders of the Company or persons connected with them, has an interest, direct or indirect, in the said acquisition.
This announcement is dated 19 July 2016.