General Announcement
Reference No CC-111007-63875
| Company Name | : | FAVELLE FAVCO BERHAD |
| Stock Name | : | FAVCO |
| Date Announced | : | 7 Oct 2011 |
| Type | : | Announcement |
| Subject | : | OTHERS |
| Description | : | FAVELLE FAVCO BERHAD (“the Company” or “FFB”) Acquisition of two (2) fully paid ordinary shares in Favelle Favco Management Services Sdn Bhd (“FFMS”) representing 100% Equity Interest of the issued and fully paid shares of FFMS. |
Announcement Details/Table Section :
INTRODUCTION
The Board of Directors of FFB is pleased to announce that the Company had on 7 October 2011 acquired two (2) ordinary shares of RM1.00 each fully paid in FFMS. FFMS is a 100% owned subsidiary by FFB. FFMS was incorporated on 12 August 2011 as a private limited company under the Malaysia Companies Act, 1965. The authorised share capital of FFMS is RM100,000.00 comprising 100,000 ordinary shares of RM1.00 each. The issued and paid-up capital of FFMS is RM2.00 comprising two (2) ordinary shares of RM1.00 each.
PRINCIPAL ACTIVITY OF FAVELLE FAVCO MANAGEMENT SERVICES SDN BHD
The principal activity of FFMS is the provision of recruitment and employee staffing services. However, FFMS is currently dormant.
DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS
None of the Directors and/or Substantial Shareholders of the Company and persons connected with such Directors and/or Substantial Shareholders have any interest, direct or indirect in the above transaction other than via the shares held in the Company.
FINANCIAL EFFECT
The aforesaid acquisition does not have any material impact on the earnings and net assets of the Company for the financial year ending 31 December 2011.
STATEMENT BY DIRECTORS
The Board of Directors of the Company is of the opinion that the aforesaid acquisition is in the best interest of the Company.