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Acquisition of subsidiary, Toko Industries Sdn. Bhd. (formerly known as Toko Machineries & Printing Enterprise Sdn. Bhd.) by Shantawood Manufacturing Sdn. Bhd., a wholly-owned subsidiary of DPS Resources Berhad

DPS RESOURCES BERHAD

Type

Announcement
SubjectAcquisition of subsidiary, Toko Industries Sdn. Bhd. (formerly known as Toko Machineries & Printing Enterprise Sdn. Bhd.) by Shantawood Manufacturing Sdn. Bhd., a wholly-owned subsidiary of DPS Resources Berhad

Contents :

1. INTRODUCTION


Pursuant to paragraph 9.19(23) of Part J, Chapter 9 of the Bursa Malaysia Securities Berhad Listing Requirements, the Board of Directors of DPS Resources Berhad ("the Company") wishes to announce that Shantawood Manufacturing Sdn. Bhd. ("STW"), a wholly-owned subsidiary of the Company has on 15 August 2007 purchased 3 ordinary shares of RM1.00 each fully paid representing 100% shares in the capital of Toko Industries Sdn. Bhd. (formerly known as Toko Machineries & Printing Enterprise Sdn. Bhd.) ("Toko") for a total consideration of RM3.00. Upon the completion of acquisition, Toko shall become a wholly-owned subsidiary of STW.


2. INFORMATION ON THE ACQUISITION

The authorised share capital of Toko is RM100,000 comprising of 100,000 ordinary shares of RM1.00 each of which the issued and paid up capital is RM3.00 divided into 3 ordinary shares of RM1.00 each.


3. RATIONALE

Toko will be used as a vehicle to acquire certain agriculture land to carry out the business under agro-based industries which shall made STW and Toko to qualify for certain income tax exemption incentive upon approval from the relevant Authority.


4. FINANCIAL EFFECTS

The acquisition is not expected to have any material effect on the share capital, earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2007.


5. LIABILITIES ASSUMED

The Company shall assume liabilities of RM2,500 pursuant to the acquisition of Toko.


6. APPROVALS REQUIRED

The acquisition is not subject to the approval of the shareholders of the Company.


7. INTERESTS OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND PERSONS CONNECTED WITH DIRECTORS AND/OR SUBSTANTIAL SHAREHOLDERS

None of the Directors, Substantial Shareholders and persons connected with Directors and/or Substantial Shareholders of the Company have any interest, direct or indirect, in the acquisition of Toko.


8. DIRECTORS' OPINION

The Board of Directors of the Company, having taking into consideration all aspects of the acquisition, is of the opinion that the acquisition is in the best interest of the Company.



Announcement Info

Company NameDPS RESOURCES BERHAD  
Stock Name DPS    
Date Announced15 Aug 2007  
CategoryGeneral Announcement
Reference NoCC-070815-44732




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