Announcements


Date: 01 June 2017

OTHERS ASIA BIOENERGY TECHNOLOGIES BERHAD ('ABT" or "the Company") - PROPOSED ACQUISITION OF SHARES IN GOODWILL SELECTED SDN. BHD. ("GSSB") AND MATRIX CONCORD SDN. BHD. ("MCSB")


Type Announcement
Subject OTHERS
Description ASIA BIOENERGY TECHNOLOGIES BERHAD ('ABT" or "the Company") - PROPOSED ACQUISITION OF SHARES IN GOODWILL SELECTED SDN. BHD. ("GSSB") AND MATRIX CONCORD SDN. BHD. ("MCSB")

The Board of Directors of ABT wishes to announce that the Company and its wholly-owned subsidiary, Asiabio Petroleum Sdn. Bhd. (1112819-D) ("APSB") had on 1 June 2017 acquired one (1) ordinary share representing 100% of the share capital of the following companies for a total cash consideration of RM2.00 (Ringgit Malaysia Two) only (RM1.00 each company) (collectively known as "Proposed Acquisitions"):-

(a) GSSB

GSSB was incorporated on 2 May 2017 pursuant to the Companies Act, 2016 as a private limited company and has not commenced business since its incorporation. The issued and paid-up capital of GSSB is RM1.00 with one (1) ordinary share.

(b) MCSB

MCSB was incorporated on 2 May 2017 pursuant to the Companies Act, 2016 as a private limited company and has not commenced business since its incorporation. The issued and paid-up capital of MCSB is RM1.00 with one (1) ordinary share.

Subsequent to the Proposed Acquisitions:

i.    GSSB shall become a wholly-owned subsidiary of ABT; and

ii.   MCSB shall become a wholly-owned subsidiary of APSB, which in turn is a wholly-owned subsidiary of ABT.

The Proposed Acquisitions would not have material effect on ABT Group's earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholding for the financial year ending 31 March 2018.

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interest, direct or indirect, in the Proposed Acquisitions.

Having considered all aspects of the Proposed Acquisitions, the Board of Directors of ABT is of the opinion that the Proposed Acquisitions are in the best interest of ABT.

This announcement is dated 1 June 2017.





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