Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 14 May 2014
Category: General Announcement
Reference Number: KT-140514-49989
Type: Announcement
Subject: OTHERS
Description: STRIKING OFF OF A SUBSIDIARY COMPANY
The Board of Directors of Kobay Technology Bhd. (“Kobay”) wishes to announce that its wholly owned subsidiary, namely Megatool Precision Suzhou Co. Ltd. (“MPS”)(Company no.: 320594400003264) has on 13 May 2014 received the approval letter from the Registrar of Foreign Investment in the People’s Republic of China to strike off the Company.
MPS was incorporated in China on 10 July 1995 and intends to involve in manufacturing of precision tools, molds and die with an intention to tap into the market in China.
The Company was operating at a small scale since its incorporation and had been inactive since 2013. As such, the Board has decided to strike off the Company.
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 2014.
The Board also does not foresee any risk and liability to be assumed by MPS 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 Foreign Investment Committee and it does not subjected to the approval of the Securities Commission and does not fall under the Securities Commission’s Policies and Guidelines on the Issue/Offer of Securities or any amendments thereof.
This announcement is dated 14 May 2014.