1. Introduction

The Board of Directors of LYC wishes to announce that the Company has on 19 May 2020 incorporated a Fifty-One percent (51%) owned subsidiary known as KLIMC Sdn Bhd [Registration No. 202001011665 (1367985-V)]("KLIMC"). The remaining Forty-Nine percent (49%) shareholding is held by Urban Masterpiece Sdn Bhd [Registration No. 201601027097 (1198036-A)](“Urban Masterpiece”).

 2. Information of KLIMC

KLIMC was incorporated on 19 May 2020 as a private limited company by shares in Malaysia under the Companies Act 2016. The share capital of KLIMC as at the date of announcement is Ringgit Malaysia One Hundred (RM100.00) only comprising One Hundred (100) ordinary shares. LYC holds Fifty-One (51) shares for Ringgit Malaysia Fifty-One (RM51.00) only, representing Fifty-One percent (51%) shareholding of KLIMC while Urban Masterpiece holds Forty-Nine (49) shares for Ringgit Malaysia Forty-Nine (RM49.00) only, representing Forty-Nine percent (49%) shareholding of KLIMC.

The intended principal activities of KLIMC are to own and to carry on the business of running hospitals.

The current directors of KLIMC are Mr Sui Diong Hoe and Dr. Nor Azeera Binti Wahab.

3. Information of Urban Masterpiece

Urban Masterpiece is a Malaysian company with business interest in water treatment technology, flood mitigation infrastructures, security and defense solutions.

The share capital of Urban Masterpiece is One Million Ringgit (RM1,000,000) only comprising One Million (1,000,000) ordinary shares. The shareholders and directors of Urban Masterpiece are Encik Mohamad Shohor bin Mahamud and Datuk Wan Abd Halim bin Abd Majid who holds five hundred thousand (500,000) shares each respectively.

The founders, shareholders, directors and advisors of the company are having more than 25 years of working experience ranging from architectural design, real estate development, construction, aerostructure composite manufacturing and aerospace engineering services. 

4. Rationale

The Company is working with Urban Masterpiece to explore the possibility of set up, own and operate a hospital with a focus on attracting medical tourism with a focus on fertility, cosmetic and aesthetic, orthopaedic and osteperosis at a location to be identified at a later date and is subject to approval of necessary authorities.

According to the Malaysia Healthcare Travel Council, the healthcare travel industry in Malaysia grew by 14% in 2019 with recorded RM1.5 billion in receipts from 1.2 million medical tourists.

The Company intends to leverage on the healthcare expertise of LYC Healthcare group of companies and the construction expertise of Urban Masterpiece to ensure the successful execution of the proposed project.

5. Financial Effect of the Incorporation of KLIMC

The incorporation of KLIMC does not have any effect on the share capital and substantial shareholders’ shareholdings of LYC. It is also not expected to have any material effect on the net assets, gearing and earnings of LYC for the financial year ending 31 March 2021. 

6. Directors’ and Major Shareholders’ Interests

None of the directors and/or major shareholders of the Company, or persons connected to such directors and/or major shareholders, has any interest, direct or indirect, in the said incorporation. 

This announcement is dated 19 May 2020.