OTHERS TFP SOLUTIONS BERHAD ("TFP" OR "THE COMPANY") - INCORPORATION OF A NEW SUBSIDIARY - ONE GOLD SDN. BHD., A JOINT VENTURE COMPANY FOR TFP AND ACE CAPITAL GROWTH SDN BHD ("ACE")
TFP SOLUTIONS BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | TFP SOLUTIONS BERHAD ("TFP" OR "THE COMPANY") - INCORPORATION OF A NEW SUBSIDIARY - ONE GOLD SDN. BHD., A JOINT VENTURE COMPANY FOR TFP AND ACE CAPITAL GROWTH SDN BHD ("ACE") |
1. INTRODUCTION
Reference is made to the Company’s announcement made on 4 January 2021 in relation to the Joint Venture cum Shareholders’ Agreement between TFP and ACE.
The Board of Directors of TFP wishes to announce that the Company had on 10 February 2021 subscribed for 6 ordinary shares which represents 60% of the issued share capital of One Gold Sdn. Bhd. [Registration No. 202101005202 (1405501-T)] (“One Gold”) and the remaining 4 ordinary shares of One Gold is subscribed by ACE which represents 40% of the total issued share capital in One Gold (“the Incorporation”).
Upon completion of the Incorporation, TFP shall hold 60% of the total issued shares of One Gold and becomes a subsidiary of TFP.
2. INFORMATION OF ONE GOLD
One Gold was incorporated on 10 February 2021 as a private company limited by shares under the Companies Act, 2016. The initial issued and paid-up share capital of One Gold is RM10.00 divided into 10 ordinary shares. One Gold is currently dormant and the intended principal activity is to carry on business related to trading in metals, precious metal, jewellery and distribution business also as dealers in buying or selling.
3. RATIONALE OF THE INCORPORATION
The Incorporation and joint venture is to mainly to facilitate TFP’s Group strategic plan to expand its Fin-Tech business segment to offer trading of precious metal to its customers.
4. FINANCIAL EFFECTS
The Incorporation will not have any material effect on the issued share capital of the Company and the substantial shareholders’ shareholding. The Incorporation also does not have any material effect on earnings per share nor net assets per share of the Group for the financial year ending 31 December 2021.
5. DIRECTORS’ INTERESTS AND/OR SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND/OR PERSON CONNECTED TO THEM
None of the Directors and/or substantial shareholders of the Company and/or persons connected with Directors and/or major shareholders has any interest, direct or indirect, in the incorporation.
6. STATEMENT BY DIRECTORS
Having considered all aspects of the incorporation, the Board of Directors of the Company is of the opinion that the incorporation of One Gold is in the best interest of TFP Group.
7. APPROVAL REQUIRED
The Incorporation is not subject to the approval of the shareholders of the Company.
This announcement is dated 11 February 2021. |
Announcement Info
Company Name | TFP SOLUTIONS BERHAD |
Stock Name | TFP |
Date Announced | 11 Feb 2021 |
Category | General Announcement for PLC |
Reference Number | GA1-11022021-00001 |