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BackJul 10, 2018
Type Announcement
Subject OTHERS
Description

FREIGHT MANAGEMENT HOLDINGS BHD. ("FMHB" OR "THE COMPANY") - ACQUISITION OF CENTRO MAXX SDN. BHD.

1. INTRODUCTION

Pursuant to Paragraph 9.19(23) of Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of FMHB (“Board”) wishes to announce that the Company has on 10 July 2018 through its wholly-owned subsidiary, namely FMG Capital & Management Sdn. Bhd., acquired the entire issued and paid-up capital of Centro Maxx Sdn. Bhd. (“CM”) comprising one (1) ordinary share for a cash consideration of RM1.00 from Mr Yang Heng Lam (“Acquisition”). Following the Acquisition, CM will be an indirect wholly-owned subsidiary of the Company.

 

2. INFORMATION OF CENTRO MAXX SDN BHD

CM is a private company incorporated on 23 May 2018 in Malaysia under the Companies Act 2016 with issued share capital comprising one (1) ordinary share and is currently dormant. The intended principal activities of CM are general trading and distribution, freight services, convenience store services, sales of food and beverages, pharmaceutical activities.

 Mr Yang Heng Lam is a director and sole shareholder of CM.

 

3. RATIONALE AND BENEFIT OF THE ACQUISITION

The Acquisition is in line with the Group’s expansion needs.

 

4. FINANCIAL EFFECTS OF THE ACQUISITION

The Acquisition will not have any effect on FMHB’s share capital and substantial shareholders’ shareholding and shall not have any material effect on the Group’s earnings, net assets and gearing for the financial year ending 30 June 2019.

 

5. APPROVAL REQUIRED

The Acquisition does not require the approval of the shareholders of the Company or approval from any relevant authorities.

 

6. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSON CONNECTED

Save for Mr Yang Heng Lam being an Executive Director and a major shareholder of the Company with direct and indirect interest of 18.339% and 0.329% respectively, none of the other directors and/or major shareholders of FMHB and/or persons connected with them has any interest, direct and/or indirect in the Acquisition.

 

7. DIRECTORS’ STATEMENT

The Board (save for Mr Yang Heng Lam) having considered the Acquisition, is of the opinion that the Acquisition is in the best interest of the Company.

 

This announcement is dated 10 July 2018.





Announcement Info

Company Name FREIGHT MANAGEMENT HOLDINGS BERHAD
Stock Name FREIGHT
Date Announced 10 Jul 2018
Category General Announcement for PLC
Reference Number GA1-06072018-00001