OTHERS IRE-TEX CORPORATION BERHAD ("Ire-Tex" or "the Company") - INCORPORATION OF A WHOLLY-OWNED SUBSIDIARY COMPANY

IRE-TEX CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
IRE-TEX CORPORATION BERHAD ("Ire-Tex" or "the Company")  
- INCORPORATION OF A WHOLLY-OWNED SUBSIDIARY COMPANY

1. INTRODUCTION

Pursuant to Paragraph 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Ire-Tex wishes to announce that Ire-Tex has incorporated a new subsidiary company namely, Green Energy Storage and Solutions Sdn. Bhd. (“GESS”). Ire-Tex is one (1) of the first subscribers for one (1) ordinary share of RM1.00 each, representing 50% equity interest in GESS for a cash consideration of RM1.00. Upon the successful incorporation of GESS on 1 September 2016, Ire-Tex acquired the remaining one (1) subscriber's share, representing the other 50% equity interest in GESS for a cash consideration of RM1.00. Consequent thereto, GESS became a wholly-owned subsidiary of Ire-Tex.

2. INFORMATION OF GESS

GESS was incorporated in Malaysia under the Companies Act, 1965 on 1 September 2016. The present authorised share capital of GESS is RM400,000.00 divided into 400,000 ordinary shares of RM1.00 each and the paid-up share capital is RM2.00 divided into 2 ordinary shares of RM1.00 each.

The intended principal activities of GESS is to carry out business relating to green energy storage and solutions.

3. FINANCIAL EFFECTS

The incorporation of GESS is not expected to have any material effects on the earnings or net assets of the Company for the financial year ending 31 December 2016.

4. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHARHOLDER’S INTERESTS

Other than their respective interests through Ire-Tex, none of the Directors and/or major shareholders or persons connected to them has any interests, direct or indirect, in the aforesaid acquisition.

5. STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors is of the opinion that the incorporation is in the best interest of the Company.

This announcement is dated 2 September 2016.






Announcement Info

Company Name IRE-TEX CORPORATION BERHAD
Stock Name IRETEX
Date Announced 02 Sep 2016
Category General Announcement for PLC
Reference Number GA1-02092016-00030