KEINHIN

1.280

-0.14 (-9.9%)

WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR WINDING UP OF A 51%-OWNED SUBSIDIARY OF THE COMPANY, SANKO KEIN HING SDN. BHD.

KEIN HING INTERNATIONAL BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
WINDING UP OF A 51%-OWNED SUBSIDIARY OF THE COMPANY, SANKO KEIN HING SDN. BHD.

On behalf of the Board of Directors of the Company, we wish to announce that a Special Resolution has been passed on 4 April 2022 at an Extraordinary General Meeting of Sanko Kein Hing Sdn. Bhd. (“SKH”), a 51%-owned subsidiary of the Company, to wind up SKH.

 

Background:

  1. SKH which was incorporated on 6 October 2019 as a joint venture company owned by the Company (51%) and Sanko Seiki Co., Ltd. (49%) (“SSCL”), a corporation incorporated in Japan
  2. SKH has encountered difficulties to obtain orders from customers and thus, it is unable to continue with its manufacturing business. Therefore, the Shareholders of SKH namely the Company and SSCL have decided to discontinue SKH’s business for precision machining of electronic and electrical industries’ components and close the operation at Lot 1866 & 1867, Jalan Kolej, 43300 Seri Kembangan, Selangor Darul Ehsan. SKH is presently dormant.
  3. The winding up of SKH shall take effect from the date of the passing of Special Resolution by the Shareholders of SKH to wind up SKH.
  4. The winding up of SKH will not have any effect on the share capital and shareholdings of the Company and will not have any material effect on the earnings, net assets and gearing of KHIB Group for the financial year ending 30 April 2022.
  5. None of the Directors, major shareholders of KHIB and/or persons connected to them have any interest, direct or indirect, in the winding up of SKH.

This announcement is dated 4 April 2022.






Announcement Info

Company Name KEIN HING INTERNATIONAL BERHAD
Stock Name KEINHIN
Date Announced 04 Apr 2022
Category General Announcement for PLC
Reference Number GA1-30032022-00018