TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS ANCOM BERHAD - ACQUISITION OF SHARES BY PUNCAK BERLIAN SDN. BHD. IN TEN PLUS RESOURCES SDN. BHD.
|Subject||TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS
|Description||ANCOM BERHAD - ACQUISITION OF SHARES BY PUNCAK BERLIAN SDN. BHD. IN TEN PLUS RESOURCES SDN. BHD.|
Ancom Berhad ("Ancom" or the "Company") wishes to announce that Puncak Berlian Sdn. Bhd. ("PBSB"), a wholly-owned subsidiary of Redberry Sdn. Bhd. ("Redberry"), which in turn is a wholly-owned subsidiary of the Company, has on 20 November 2017 acquired two (2) ordinary shares, representing 100% of the issued and paid-up share capital in Ten Plus Resources Sdn. Bhd. (Company no. 1073411-A) ("Ten Plus") from Dato' Jeffri Bin Salim ("Dato' Jeffri") at a consideration of RM2.00 ("Acquisition").
Upon completion of the Acquisition, Ten Plus will become a wholly-owned subsidiary of PBSB (direct) and Redberry and the Company (indirect).
Ten Plus is a private company incorporated on 10 December 2013 under the laws of Malaysia. The issued and paid-up share capital of Ten Plus is RM2 comprising 2 ordinary shares. The total issued and paid-up share capital of Ten Plus will later be increased to RM100,000 or more depending on the needs of the working capital, with 90% of the equity interest hold by PBSB and the remaining 10% of equity interest to be subscribed by another new shareholder that is still in the process of negotiation/ discussion.
Ten Plus is principally in the business of investment holding and is currently inactive. Ten Plus has earlier signed a Collaboration Agreement in year 2015 to provide the services via the Digital Media Network for a period of ten (10) years for the LED Advertising Chain Project (Rangkaian Pengiklanan LED) undertaken by a state government, but there were no business activities carried out by Ten Plus since then.
The acquisition of Ten Plus is to explore the opportunity to further expand Ancom Group's media division business by attempting digital media advertising business.
None of the directors and/or major shareholders of the Company or persons connected to them have any interest, direct or indirect, in the Acquisition.
This announcement is dated 20 November 2017.