General Announcement

Reference No CC-131111-65314

Company Name

:

IRE-TEX CORPORATION BERHAD

Stock Name

:

IRETEX

Date Announced

:

11/11/2013

Type

:

Announcement

Subject

:

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS

Description

:

IRE-TEX CORPORATION BERHAD (“ITCB” OR THE "COMPANY")
(I) PROPOSED DISPOSAL BY ITCB OF 2,295,000 ORDINARY SHARES OF RM1.00 EACH IN EPPOR-PACK SDN BHD, REPRESENTING 51% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF EPPOR-PACK SDN BHD, TO RENOTEX GROUP LTD
(II) PROPOSED DISPOSAL BY ITCB OF 510,000 ORDINARY SHARES OF RM1.00 EACH IN POWERTUDE SDN BHD, REPRESENTING 51% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF POWERTUDE SDN BHD, TO RENOTEX GROUP LTD
(COLLECTIVELY, THE "PROPOSALS")

Attachments

:

Disposal of 51% shareholding in EPSB & PSB_131111.pdf

 

The Board of Directors of ITCB wishes to announce that the Company is proposing to undertake the following proposals:-
 

(a)

Proposed disposal by ITCB of 2,295,000 ordinary shares of RM1.00 each in Eppor-Pack Sdn Bhd (“EPSB”), representing 51% of the issued and paid-up share capital of EPSB, to Renotex Group Ltd (“Renotex”) for a cash consideration of RM2,199,725 and the full settlement by Renotex of outstanding shareholder’s advances of RM4,558,876 owing by EPSB to ITCB as at 11 November 2013; and
 

(b)

 

Proposed disposal by ITCB of 510,000 ordinary shares of RM1.00 each in Powertude Sdn Bhd (“PSB”), representing 51% of the issued and paid-up share capital of PSB, to Renotex for a cash consideration of RM513,714 and the full settlement by Renotex of outstanding shareholder’s advances of RM948,401 owing by PSB to ITCB as at 11 November 2013.
 
Further details of the Proposals are set out in the attached file.