Announcements


Date: 16 June 2017

OTHERS ASIA BIOENERGY TECHNOLOGIES BERHAD ("ABT" or "the Company") - PROPOSED ACQUISITION OF SHARES IN PERFECT POWER GROUP LIMITED


Type Announcement
Subject OTHERS
Description ASIA BIOENERGY TECHNOLOGIES BERHAD ("ABT" or "the Company") - PROPOSED ACQUISITION OF SHARES IN PERFECT POWER GROUP LIMITED

The Board of Directors of ABT wishes to announce that the Company had on 16 June 2017 acquired one hundred (100) ordinary shares of USD1.00 each, representing 100% of the share capital of Perfect Power Group Limited (Company No. 1946247) ("PPGL") for a total cash consideration of USD100.00 (US Dollar One Hundred), equivalent to RM427.85 (Ringgit Malaysia Four Hundred Twenty Seven and Sen Eighty Five) only (Proposed Acquisition").

PPGL is dormant and was incorporated on 26 May 2017 pursuant to the BVI Business Companies Act, 2004 as a company limited by shares. The authorised share capital of the Company is USD50,000.00 of 50,000 ordinary shares of USD1.00 each. The issued and paid-up capital of PPGL is USD100.00 (US Dollar One Hundred) of 100 ordinary shares of USD1.00 each.

Subsequent to the Proposed Acquisition, PPGL shall become a wholly-owned subsidiary of ABT.

The Proposed Acquisition would not have any material effects 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 Acquisition.

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

This announcement is dated 16 June 2017.





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