The Board of Directors wishes to announce that Malaysia Building Society Berhad ("MBSB") had on 12 September 2014 acquired 2 ordinary shares of RM1.00 each, representing the entire issued and paid-up share capital of 88 Legacy Sdn Bhd (“Acquisition”).
Information on 88 Legacy Sdn Bhd
88 Legacy Sdn Bhd ("88 Legacy") was incorporated on 15 August 2014 in Malaysia. The authorised share capital of 88 Legacy is RM400,000.00 divided into 400,000 ordinary shares of RM1.00 each. The issued and paid-up share capital of 88 Legacy is RM2.00 comprising 2 ordinary shares of RM1.00 each.
The principal activities of 88 Legacy are property investment and dealing in properties.
88 Legacy Sdn Bhd was acquired for the surrender of lands pursuant to a settlement agreement with a borrower.
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 2014.
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.
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 12 September 2014.