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OTHERS FARLIM GROUP (MALAYSIA) BHD. (Farlim) Acquisition of the remaining interest in LJ Harta Sdn. Bhd. by Kanchil Jaya Sdn. Bhd., a wholly-owned subsidiary

FARLIM GROUP (MALAYSIA) BHD

Type Announcement
Subject OTHERS
Description
FARLIM GROUP (MALAYSIA) BHD. (Farlim)
Acquisition of the remaining interest in LJ Harta Sdn. Bhd. by Kanchil Jaya Sdn. Bhd., a wholly-owned subsidiary

1INTRODUCTION

 

Farlim is pleased to announce that Kanchil Jaya Sdn. Bhd. (Company No. 26360-T) (KJSB), a wholly-owned subsidiary, has on February 26, 2019 acquired 200,000 ordinary shares constituting 20% of the issued and paid-up share capital of LJ Harta Sdn. Bhd. (319175-X) (LJHSB) from TSS Property Management Sdn. Bhd. (Company No. 229293-M) (TSSPMSB) for a total cash consideration of Ringgit Malaysia Two Hundred Thousand (RM200,000.00) Only ("the Acquisition") whereupon LJHSB has become a wholly-owned subsidiary of KJSB.

 

2. INFORMATION ON LJHSB


LJHSB was incorporated in Malaysia on October 8, 1994 under the Companies Act, 1965 as a private limited company. Its principal activity is property development.


The total issued and paid-up share capital of LJHSB is RM1,000,000.00.

 

3. INFORMATION ON KJSB

 

KJSB was incorporated in Malaysia on February 10, 1976 under the Companies Act, 1965 as a private limited company. Its principal activities are property development and investment holding.


The total issued and paid-up share capital of KJSB is RM10,000,000.00.

 

 

4. INFORMATION ON TSSPMSB

 

TSSPMSB was incorporated in Malaysia on November 19, 1991 under the Companies Act,1965 as a private limited company. Its principal activities are management and maintenance of real estate and investment in properties for rental purpose.


The total issued and paid-up share capital of TSSPMSB is RM50,000.00.

 

5. FINANCIAL EFFECT


The Acquisition is not expected to have any material effect on the net tangible assets and earnings per share for the financial year ending December 31, 2019 and has no effect on the share capital of and substantial shareholdings in Farlim.

 
6. PURCHASE CONSIDERATION


The purchase consideration of the Acquisition which was arrived at on a willing buyer and willing seller basis is satisfied in cash.

 

7. LIABILITIES TO BE ASSUMED ARISING FROM THE ACQUISITION

 

There are no liabilities to be assumed by Farlim arising from the Acquisition.


8. APPROVAL REQUIRED


The Acquisition is not subject to the approval of shareholders and any government authorities.


9. DIRECTORS AND/OR MAJOR SHAREHOLDER'S INTEREST

 

Certain Directors and major shareholders of Farlim are deemed interested in the Acquisition as follows:-


Tan Sri Dato' Seri Lim Gait Tong being Director and major shareholder of Farlim through Farlim Holding Sdn Bhd (Company No. 205193-W) and Mr. Lim Chu Dick, being Director and person connected with such Director and major shareholder of Farlim are also Directors of KJSB and LJHSB.


10. RATIONALE


The Acquisition is made in line with efforts by Farlim for consolidation of its interest in LJHSB.


11. STATEMENT BY THE BOARD OF DIRECTORS


The Acquisition is, in the opinion of the Directors, in the best interest of Farlim.


This announcement is dated February 26, 2019.






Announcement Info

Company Name FARLIM GROUP (MALAYSIA) BHD
Stock Name FARLIM
Date Announced 26 Feb 2019
Category General Announcement for PLC
Reference Number GA1-25022019-00119



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