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OTHERS INCREASE OF EQUITY INTEREST IN AN ASSOCIATE COMPANY, EXTRA DILIGENT SDN. BHD. BY SDB MINING SDN. BHD.

SELANGOR DREDGING BERHAD

Type Announcement
Subject OTHERS
Description
INCREASE OF EQUITY INTEREST IN AN ASSOCIATE COMPANY, EXTRA DILIGENT SDN. BHD. BY SDB MINING SDN. BHD.

Further to the announcement made on 29 June 2018, the Board of Directors of Selangor Dredging Berhad (“SDB” or “Company”) wishes to announce that SDB Mining Sdn. Bhd., a wholly-owned subsidiary of the Company, has on 5 September 2018 acquired additional 10,000 ordinary shares, representing 10% of the issued shares of Extra Diligent Sdn. Bhd. at the consideration of RM10,000,000 (“Acquisition”) with details as per table below:-

Name of Shareholders

Prior to the Acquisition

%

After the Acquisition

%

Dato’ Sri Chee Yew Fei

55,000

55.00

45,000

45.00

SDB Mining Sdn. Bhd.

35,000

35.00

45,000

45.00

Rox Mining Global Sdn. Bhd.

10,000

10.00

10,000

10.00

Total:

100,000

100.00

100,000

100.00

 

FINANCIAL EFFECTS OF THE ACQUISITION

The Acquisition shall not have any effect on share capital, substantial shareholdings, earnings, gearing and net assets of SDB Group.

No liability would be assumed by SDB in the Acquisition.

INTEREST OF DIRECTORS AND/OR MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH THEM

None of the Directors and/or major shareholders of SDB and/or persons connected with them have any interest, direct or indirect, in the Acquisition.

APPROVAL REQUIRED

The Acquisition does not require the approval from the shareholders of SDB.

STATEMENT BY DIRECTORS

The Board of Directors of SDB, after due consideration of all relevant aspects of the Acquisition, is of the opinion that the Acquisition is reasonable and in the best interest of the Company.

PARAGRAPH 10.02(G) OF THE MAIN MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD

The highest percentage ratio pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad applicable to the Acquisition is negligible.

This announcement is dated 5 September 2018.






Announcement Info

Company Name SELANGOR DREDGING BERHAD
Stock Name SDRED
Date Announced 05 Sep 2018
Category General Announcement for PLC
Reference Number GA1-04092018-00045



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