1. INTRODUCTION
The Board of Directors of the Company (“Board”) wishes to announce that the Company had on recently established a new subsidiary company, namely, Solarvest Asset Management Sdn. Bhd. (“SAMSB”), which is 100%-owned by Solarvest.
2. INFORMATION OF SAMSB
SAMSB was incorporated in Malaysia under the Companies Act, 2016 as a private company limited by shares on 24 December 2019. Upon incorporation, Solarvest subscribed 100 ordinary shares, representing 100% equity interest in the share capital of SAMSB for a total cash consideration of RM100.00 (Ringgit Malaysia: One Hundred) only. Subsequently, Solarvest had on 12 February 2020 subscribed an additional 1,999,900 ordinary shares in the capital of SAMSB at the issue price of RM1.00 per share. Currently, the total issued and paid-up share capital of SAMSB is RM2,000,000.00 comprising of 2,000,000 ordinary shares, and Solarvest remains as the sole member of SAMSB.
The Directors of SAMSB are Mr. Tan Chyi Boon, Mr. Lim Chin Siu, Mr. Chong Chun Shiong, Datuk Seri Chiau Beng Teik and Mr. Chiau Haw Choon.
The intended business activity of SAMSB is to carry out the business of solar leasing and other related activities. SAMSB will provide finance leasing and lending services in relation to the solar rooftop projects undertaken or to be undertaken by Solarvest and group of companies (“the Group”), mainly to facilitate the expansion of the Group’s businesses into solar leasing and other related activities.
3. FINANCIAL EFFECTS
The Board is of the opinion that the establishment of SAMSB will not have any material effects on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of the Company for the financial year ending 31 March 2020 as SAMSB is currently a dormant company and has yet to commence business operations.
4. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHARHOLDER’S INTERESTS
None of the Directors and/or major shareholders or persons connected to them has any interests, direct or indirect, neither during the incorporation nor upon the subscription of additional ordinary shares in the capital of SAMSB by Solarvest.
5. STATEMENT BY THE BOARD OF DIRECTORS
The Board is of the opinion that the establishment of SAMSB is in the best interest of the Company.
This announcement is dated 12 February 2020.