WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR MEMBER'S VOLUNTARY WINDING UP OF ADVANCE AUTOTEK INDUSTRIES (M) SDN. BHD,
BSL CORPORATION BERHAD |
Type | Announcement |
Subject | WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR |
Description | MEMBER'S VOLUNTARY WINDING UP OF ADVANCE AUTOTEK INDUSTRIES (M) SDN. BHD, |
1. Introduction Pursuant to Paragraph 9.19 (19) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of BSL Corporation Berhad (“BSL Corp”) wishes to announce that Advance Autotek Industries (M) Sdn. Bhd. (“AAI”), a wholly owned subsidiary of BSL Corp, has at its Extraordinary General Meeting held on 30 August 2018, obtained approval from the sole shareholder to commence Member’s Voluntary Winding Up pursuant to Section 439(1)(b) of the Companies Act 2016 (“Winding-up”). 2. Information on AAI AAI was incorporated on 11 October 2004 as a private limited company under the Companies Act 1965. The share capital of AAI is RM500,000.00. AAI is an investment holding company. 3. Rationale for the Winding-up: AAI is an investment holding company and it’s wholly owned subsidiary namely AAI Auto Electronics Sdn. Bhd. had been struck off during the financial year. The business opportunities for AAI were very low. The Winding-up of AAI was in line with BSL Corp’s objective to streamline, focus and grow its core business. In addition, the Winding-up exercises will also enable BSL Corp to save future costs associated with maintaining AAI. 4. Information on the liquidators Mr. Loo Chee Chou and Mr. Ng Meng Kwai have been appointed as the Joint and Several Liquidators for the purpose of the Winding-up of AAI. 5. Effects of the winding up AAI is not a major subsidiary of BSL Corp. Based on the net assets as at 30 August 2018, the expected impact of the Winding-up of AAI to BSL Corp is a loss of approximately RM530,000.00 for the financial year ending 31 August 2018. It will not have any effect on the share capital and substantial shareholders’ shareholding of the Company. 6. Directors’ and major shareholders’ interest None of the directors, major shareholders of BSL Corp and/or person connected to them have any interest, direct or indirect in the Winding-Up of AAI. This announcement is dated 30th August 2018. |
Announcement Info
Company Name | BSL CORPORATION BERHAD |
Stock Name | BSLCORP |
Date Announced | 30 Aug 2018 |
Category | General Announcement for PLC |
Reference Number | GA1-23082018-00031 |