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1. INTRODUCTION
Pursuant to Paragraph 9.19 (23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Cahya Mata Sarawak Berhad ("CMSB") wishes to announce that CMS Property Development Sdn. Bhd. ("CMS Property Development"), a wholly owned subsidiary of CMSB had, on 25 November 2009, acquired a new subsidiary company, CMS Development Services Sdn. Bhd. (formerly known as Sarawak HBI Sdn. Bhd.) (“CMS Development Services” or "the Company").
2. INFORMATION ON CMS DEVELOPMENT SERVICES
CMS Development Services was incorporated in Malaysia on 13 November 1995 as a private limited company under the Companies Act, 1965 under the name Sarawak HBI Sdn. Bhd. and had, on 10 November 2009 changed its name to CMS Development Services.
The Company was acquired by CMS Property Development on 25 November 2009 for a cash consideration of RM2.00 and is presently dormant.
CMS Development Services has an authorised share capital RM10,000,000.00 comprising 10,000,000 ordinary shares of RM1.00 each, of which 2 ordinary shares have been issued and are fully paid. The Company is a wholly owned subsidiary of CMS Property Development. Its principal activity is to carry out all activities related to project and construction management and development advisory services.
3. EFFECTS ON THE ACQUISITION
The above acquisition is not expected to have any material effect on the earnings and net assets of the CMSB’s Group for the financial year ending 31 December 2009.
4. APPROVALS REQUIRED
No approval from any authorities or shareholders of CMSB is required for the aforesaid acquisition.
5. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
None of the Directors, major shareholders of CMSB and/or persons connected to them has any interest, direct or indirect, in the aforesaid acquisition.
This announcement is dated 25 November 2009. |
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