1. INTRODUCTION

The Board of Directors of the Company wishes to announce that the Company’s wholly-owned subsidiary, JM Education Counselling Centre (Sabah) Sdn. Bhd. (“JMECC”) had on 2 December 2019 applied to the Companies Commission of Malaysia (“CCM”) to strike off JMECC from the register pursuant to Section 550 of the Companies Act 2016 (“Proposed Striking Off”).

2. INFORMATION ON JMECC

JMECC is a wholly-owned subsidiary of the Company with issued share capital of RM10.00.

3. RATIONALE OF THE PROPOSED STRIKING OFF

JMECC has ceased its business activities since 28 August 2019 and has no intention to carry its business in the future. The Proposed Striking Off will reduce the administrative resources and cost incurred for maintaining JMECC. 

4. FINANCIAL EFFECT

The Proposed Striking Off will not have any material effect on the earnings and net assets per share of the Company for the financial year ending 31 December 2019.

5. APPROVAL REQUIRED

The Proposed Striking Off is not subject to the approval of the shareholders of the Company. It is however subject to the approval of CCM.

This announcement is dated 2 December 2019.