The Board of Directors of ATA IMS Bhd wishes to announce that PT Winsheng Plastic and Tooling Industry (“PTWSP”), a wholly-owned subsidiary of Winsheng Plastic Industry Sdn. Bhd., which is in turn a wholly-owned subsidiary of ATA IMS had on 05 March 2021 appointed Mr Gobalan Kanaran, a director of PTWSP, as liquidator for PTWSP to apply to all the relevant government departments for the cessation of operations and voluntary liquidation and dissolution of PTWSP.

The voluntary liquidation and dissolution of PTWSP is expected to be completed between three (3) to twelve (12) months from the date of the appointment.

Information on PTWSP

PTWSP was incorporated in the Republic of Indonesia on 22 April 2014. Its present issued capital is IDR9,000,000,000, comprising 90,000 ordinary shares at IDR100,000 per share. PTWSP was principally engaged in tooling fabrication and plastic part manufacture.

Rationale for the Voluntary Liquidation and Dissolution

With the current business environment being severely affected by the Covid-19 pandemic, customers’ sales orders have reduced significantly and new customers’ projects have been postponed indefinitely, PTWSP has incurred losses. The management has thus decided to cease the operations of PTWSP and proceed to apply for voluntary liquidation and dissolution of PTWSP.

Financial or Operational Effects of the Dissolution

As the Net Liabilities of PTWSP represent approximately 1.07% of ATA IMS Bhd’s Group net assets as at 31 March 2020, and the revenue and net losses represents approximately 0.06% and 1.90% of the Group’s revenue and net profits respectively. The voluntary liquidation and dissolution of PTWSP will not have any significant financial and operational impact on the Group.

Directors’ and/or Major Shareholders’ Interests

Dato’ Sri Foo Chee Juan is holding 900 shares in trust for Winsheng Plastic Industry Sdn Bhd, which represents one (1) percent of the paid-up capital of PTWSP.  Other than this, none of the Directors and/or major shareholders of ATA IMS and/or persons connected to them have any direct or indirect interest in the voluntary liquidation and dissolution of PTWSP.

This announcement is dated 5 March 2021.