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ACQUISITION OF THE REMAINING ORDINARY SHARES IN LIABOC KONSEPS (M) SDN. BHD., A SUBSIDIARY COMPANY OF EKSONS CORPORATION BERHAD
The Board of Directors of Eksons Corporation Berhad ("Eksons" or "the Company") wishes to announce that Eksons has on 31st March 2009 acquired the remaining 2 ordinary shares of RM1.00 each representing 20% the issued and paid-up share capital of Liaboc Konseps (M) Sdn Bhd ("LK(M)") from Mr. Chan Ying Kok ("the Vendor") for a cash consideration of RM2/- ("the Acquisition").
1. Information on LK(M)
LK(M) was incorporated under the name Dasar Rampai (M) Sdn. Bhd. on 17th March 1997 as a private limited company under the Companies Act, 1965. LK(M) adopted its present name on 30th April 1997 and currently is a 80% subsidiary company of Eksons. Subsequent to the Acquisition, LK(M) will be a wholly-owned subsidiary of Eksons.
The principal activity of LK(M) used to be trading in fashion wear, but has since ceased its business operations.
2. Basis of Purchase Consideration
The purchase consideration of RM2/- for the acquisition of 2 ordinary shares, free from lien and encumbrance, is arrived at on a willing buyer-willing seller basis. The purchase consideration is to be settled fully in cash.
3. Source of Funding
The Acquisition is funded with internally generated funds.
4. Rationale
Eksons is currently the 80% registered and beneficial owner of total issued and paid-up shares of LK(M). The Acquisition will allow Eksons to have complete management, operational and financial control over LK(M).
5. Financial Effect
As the Acquisition is satisfied in cash, it does not have any material effect on the net tangible assets per share, earnings per share, share capital and substantial shareholders' shareholdings of the Eksons Group for the financial year ending 31 March 2009.
6. Approval required
The Acquisition is not subject to any approval from the shareholders of Eksons or any relevant authorities.
7. Directors and Substantial Shareholders interest
Mr. Tay Hua Sin is a Director of LK(M).
Save as disclosed above, none of the Directors, or substantial shareholders of Eksons or its subsidiaries and/or persons connected with them have any interest, direct or indirect in the Acquisition.
8. Statements by the Board of Directors
The Directors of Eksons are of the opinion that the Acquisition is in the best interest of the Company.
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