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BackMay 16, 2011
Date Announced
:
16/05/2011  



Type
:
Announcement
Subject
:
OTHERS

Description
:
Malaysia Building Society Berhad
- Acquisition of a subsidiary namely Ombak Pesaka Sdn Bhd

Announcement Details/Table Section :

The Board of Directors wishes to announce that Malaysia Building Society Berhad ("MBSB") had on 16 May 2011 acquired 2 ordinary shares of RM1.00 each, representing the entire issued and paid-up share capital of Ombak Pesaka Sdn Bhd (“Acquisition”).

Information on Ombak Pesaka Sdn Bhd

Ombak Pesaka Sdn Bhd ("Ombak Pesaka") was incorporated on 8 February 2011 in Malaysia. The authorised share capital of Ombak Pesaka is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of Ombak Pesaka is RM2.00 comprising 2 ordinary shares of RM1.00 each.

The principal activity of Ombak Pesaka is providing hospitality services.

Rationale


Ombak Pesaka Sdn Bhd was acquired to undertake the surrender of a hotel together with all facilities and amenities free from encumbrances, pursuant to a loan settlement agreement with a borrower.

Financial Effects


The Acquisition will not have any material effect on the earnings per share, net assets per share, gearing and share capital of MBSB for the financial year ending 31 December 2011.

The Acquisition will not have any effect on the substantial shareholders’ shareholding of the Company.

Directors’ and/or Major Shareholders’ Interests


None of the Directors and/or Major Shareholders of MBSB or persons connected to them has any interest, direct or indirect, of the Acquisition.

Approvals Required


The Acquisition is not subject to the approval of the shareholders of the Company or any other relevant authorities except for the approval of the relevant authorities in Malaysia.

Statement by Directors


The Directors of MBSB, are of the opinion that the Acquisition is in the best interests of the Company.

This announcement is dated 16 May 2011.