The Board of Directors of AppAsia Berhad (Formerly Known As Extol MSC Berhad) (“AppAsia” or “the Company”) wishes to announce that the Company had on 12 February 2015 acquired two (2) ordinary shares of RM1.00 each in AppAsia International Sdn Bhd (Company No. 1124363-T) (“AppAsia International”) from Mr Toh Hong Chye and Mr Wong Ngai Peow at a total consideration of RM2.00 (Ringgit Malaysia: Two) only (“Acquisition”). Following the Acquisition, AppAsia would hold 100.0% of the total issued and paid up capital of AppAsia International and AppAsia International would become a wholly-owned subsidiary of the Company.
AppAsia International was incorporated in Malaysia on 24 December 2014 with the authorised share capital of RM400,000.00 divided into 400,000 ordinary shares of RM1.00 each. The present issued and paid-up share capital of AppAsia International is RM2.00 divided into two (2) ordinary shares of RM1.00 each. AppAsia International has not commenced business since its incorporation.The intended principal activity of AppAsia International is to deal with mobile application development, Information Technology Systems and other related business.
The Acquisition is not expected to have any material effect on the earnings and net assets of the Company for the financial year ending 31 December 2015.
The Acquisition is not subject to the approval of the shareholders of the Company or other relevant authorities.
Except for Mr Toh Hong Chye and Mr Wong Ngai Peow (Executive Directors and Shareholders of AppAsia), and also the directors and shareholders of AppAsia International, none of the directors and/or major shareholders of the Company and/or persons connected with them has any interest, direct or indirect in the Acquisition.
This announcement is dated 12 February 2015.