WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR Members' Voluntary Winding-Up Of An Inactive Subsidiary, MP Property Management Sdn. Bhd.
MAGNUM BERHAD |
Type | Announcement |
Subject | WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR |
Description | Members' Voluntary Winding-Up Of An Inactive Subsidiary, MP Property Management Sdn. Bhd. |
1. Introduction
Magnum Berhad (“Magnum” or “Company”) wishes to announce that its inactive subsidiary, MP Property Management Sdn. Bhd. (“MP Property”), will commence the members’ voluntary winding-up proceedings by passing a special resolution pursuant to Section 439(1)(b) of the Companies Act 2016 (collectively “MP Property Members’ Voluntary Winding-Up”).
2. Information On MP Property
MP Property was incorporated in Malaysia on 17 November 2009 as Instant Creation Sdn. Bhd. On 7 July 2010, it assumed its current name. As at the date hereof, MP Property has an issued share capital of two (2) fully paid-up ordinary shares. The principal activity of MP Property was Property Management.
MP Property had ceased its operations since year 2010. Currently, Magnum has 100% direct equity interest in MP Property.
3. Rationale For The MP Property Members’ Voluntary Winding-Up
The MP Property Members’ Voluntary Winding-Up will enable Magnum to save future administrative time and costs associated with maintaining an inactive company namely, MP Property. In addition, Magnum has no future plan to activate the businesses or operations of MP Property.
4. Appointment Of Liquidator
Mr Sylvester Devaraj a/l Anthony, a chartered accountant (MIA 4228), will be appointed as the Liquidator for the purpose of the MP Property Members’ Voluntary Winding-Up proceedings.
5. Financial Effect Of The MP Property Members’ Voluntary Winding-Up To The Group
The MP Property Members’ Voluntary Winding-Up proceedings are not expected to have any material impact on Magnum Group’s operations, earnings, net assets and gearing for the current financial year ending 31 December 2020.
6. Interests Of Directors, Substantial Shareholders and Persons Connected to them
None of the directors and substantial shareholders of Magnum and persons connected with them have any interests, direct or indirect, in the MP Property Members’ Voluntary Winding-Up.
7. Directors’ Statement
The Directors of Magnum, having considered all aspects of the voluntary winding-up proceedings, are of the opinion that the MP Property Members’ Voluntary Winding-Up is in the best interest of the Magnum Group.
This announcement is dated 26 November 2020. |
Announcement Info
Company Name | MAGNUM BERHAD |
Stock Name | MAGNUM |
Date Announced | 26 Nov 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-26112020-00045 |