OTHERS Announcement on Equity Investment through Wholly Owned Subsidiary
SARAWAK OIL PALMS BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | Announcement on Equity Investment through Wholly Owned Subsidiary |
1. Introduction
The Board of Directors of Sarawak Oil Palms Berhad (“SOPB” or “Company”) wishes to announce that Asia Oils Investment Pte Ltd (“AOIPL”), its wholly owned subsidiary of the Company had on 13 March 2020 subscribed 200,000 non-cumulative and non-convertible preference shares of USD1.00 each (“Subscriptions of Shares”) in Seaworth Pte Ltd, a joint venture company.
2. Information on Seaworth Pte Ltd (“SW”)
Seaworth Pte Ltd was incorporated under the laws of Singapore, as a private limited company on 23 January 2019. The present share capital of SW consists of 8,000,000 ordinary share of USD1.00 each and 11,050,000 non-cumulative and non-convertible preference share of USD1.00 each before the above Subscriptions of Shares.
The shareholders of Seaworth Pte Ltd are JJ Rhema Pte Ltd and Asia Oils Investment Pte Ltd holding 50% each of the share capital of SW.
Directors of SW are
3. Rationale for the Subscription of Shares
The Subscription of Shares would enable SOPB (through AOIPL, its wholly owned subsidiary) to participate as a partner in the shipping business and to provide logistical support to SOPB Group palm oil business.
4. Basis of Arriving at the Subscription of Shares
The Subscription of Shares’ consideration of USD1.00 each was arrived at the mutual agreement between the shareholders.
5. Financial Effects
The Subscription of Shares is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholdings of the Company and SOPB Group for the financial year ending 31 December 2020.
6. Approval Required
The Subscription of Shares is not subject to the approval of the Shareholders of SOPB and/or other relevant authorities.
7. Interest of Directors, Major Shareholders and/or persons connected to them.
Saved as disclosed above, none of the Directors and/or major shareholders and/or persons connected with them has any interest, direct or indirect, in the Subscription of Shares.
8. Statement by Audit Committee
The Audit Committee of SOPB after having considered all aspects of the Subscription of Shares, is of the opinion that the Subscription of Shares is :
9. Statement by Directors
The Board of Directors of SOPB (except Tan Sri Datuk Ling Chiong Ho, Ling Chiong Sing, Ling Lu Kuang), after having considered all aspects of the Subscription of Shares, is of the opinion that the Subscription of Shares is in the best interest of the Company and SOPB Group as well as fair, reasonable and on normal commercial terms and not detrimental to the interest of the minority shareholders of the Company. |
Announcement Info
Company Name | SARAWAK OIL PALMS BERHAD |
Stock Name | SOP |
Date Announced | 16 Mar 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-13032020-00056 |