MUIIND

0.095

(%)

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR MALAYAN UNITED INDUSTRIES BERHAD ("MUIB" or "the Company") - Members' voluntary winding-up of indirect subsidiaries

MALAYAN UNITED INDUSTRIES BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
MALAYAN UNITED INDUSTRIES BERHAD ("MUIB" or "the Company")
- Members' voluntary winding-up of indirect subsidiaries

1.   INTRODUCTION

 

The Company wishes to announce that the following wholly-owned subsidiaries of Metrojaya Berhad, which is in turn a 98.21%-owned subsidiary of MUIB, have at their respective Extraordinary General Meeting helds on 27 May 2020, obtained approval from the sole shareholder to commence members’ voluntary winding-up pursuant to Section 439(1)(b) of the Companies Act 2016 (“Winding-Up”):-

 

i)   East India Company Clothing (Malaysia) Sdn Bhd ("EIC"); and

ii)  Metrojaya Department Stores Sdn Bhd ("MDS").

 

Mr Chong Mun Yew has been appointed as the Liquidator for the above Winding-Up.

 

2.   DETAILS OF SUBSIDIARY UNDER WINDING-UP

 

Subsidiary

Date of Incorporation

Principal activity prior to Winding-Up

Issued and Paid-up Share Capital (RM)

EIC

15 February 1995 Dormant

43,434

MDS

5 April 1993

Dormant

47,566

 

3.     RATIONALE FOR THE WINDING-UP

 

The Winding-Up of the subsidiaries is part of the MUIB Group’s continuing rationalisation effort to simplify the structure of the MUIB Group. In addition, the Winding-Up will enable the MUIB Group to save future costs associated with maintaining these subsidiaries.

 

4.     EFFECTS OF THE  WINDING-UP

 

The Winding-Up will not have any material financial or operational effect on the MUIB Group for the current financial year ending 30 June 2020.

 

5.     DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

 

None of the Directors, major shareholders and persons connected with the Directors and major shareholders of MUIB have any interest, direct or indirect, in the Winding-Up of these subsidiaries.

 

This announcement is dated 29 May 2020.

 






Announcement Info

Company Name MALAYAN UNITED INDUSTRIES BERHAD
Stock Name MUIIND
Date Announced 29 May 2020
Category General Announcement for PLC
Reference Number GA1-29052020-00053