Announcements
Announcements
Date: 23 March 2017

OTHERS Cypark Resources Berhad ("CRB" or "the Company") - Subscription of shares by Cypark FMS Sdn. Bhd., a wholly-owned subsidiary of the Company, in Aomori Kogaku Sdn. Bhd.


Type Announcement
Subject OTHERS
Description Cypark Resources Berhad ("CRB" or "the Company") - Subscription of shares by Cypark FMS Sdn. Bhd., a wholly-owned subsidiary of the Company, in Aomori Kogaku Sdn. Bhd.

1. Introduction

The Board of Directors of CRB wishes to announce that Cypark FMS Sdn. Bhd. (Company No. 1220321-W) ("CFMS"), a wholly-owned subsidiary of the Company, had on 23 March 2017 subscribed for 700 ordinary shares fully paid-up in the capital of Aomori Kogaku Sdn. Bhd. (Company No. 1223775-A) ("AKSB"), representing 70% of the equity interest at a total cash consideration of RM700/- only ("the Subcription").

Following the Subscription, AKSB became a subsidiary of CRB.

2.Purpose

The Subscription is for the purpose of developing the business of operation and maintenance specializing in the Waste to Energy Plants.

3. Details of AKSB

AKSB was incorporated as a private company limited by shares on 23 March 2017 in Malaysia. The paid-up share capital is RM1,000/- divided into 1,000 ordinary shares.

The remaining 30% ordinary shares of AKSB are owned by TESCO Co,. Ltd. ("TESCO"), a company incorporated in Japan. TESCO is the leading company in Japan in implementing operation and maintenance in more than 100 sites of incinerators and water/waste water treatment facilities all across Japan. Not only environmental business, TESCO is also principally engaged in building and hotel management business, temporary staffing business and nursing care business.

Both CRB and TESCO shall collaborate to transform AKSB to be a leading specialist operator in Waste to Energy plants in South East Asia.

4. Financial effects

The Subscription is not expected to have any material effects on the earnings, gearing and net assets per share of CRB.

5. Directors' and major shareholders' interests

None of the directors and/or major shareholders of CRB and/or persons connected with them have any interest, direct or indirect, in the Subscription.

6. Statement by the Directors

The Board of Directors of CRB, having considered all aspects of the Subscription, are of the opinion that the Subscription is in the best interest of CRB.

This announcement is dated 23 March 2017.

		                            


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