TURBO

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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS TURBO-MECH BERHAD ("TURBO" OR "THE COMPANY") - UPDATE OF THE STATUS OF PROPOSED JOINT VENTURE WITH FLOWCO (MALAYSIA) SDN. BHD. ("PROPOSED JV")

TURBO-MECH BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
TURBO-MECH BERHAD ("TURBO" OR "THE COMPANY")
- UPDATE OF THE STATUS OF PROPOSED JOINT VENTURE WITH FLOWCO (MALAYSIA) SDN. BHD. ("PROPOSED JV")

Reference is made to the Company’s announcements dated 18 May 2023 and 24 May 2023 in relation to the Proposed Joint Venture. The terms herein shall bear the same meaning as defined in the said announcements.

 

The Board of Directors of the Company wishes to announce that on 30 October 2023, the Company and FLOWCO have subscribed for 200,000 and 100,000 ordinary shares respectively for a total cash consideration of RM300,000 in FTMW and the issued share capital of FTMW has been increased from RM100,000 to RM400,000 with effect from 30 October 2023.

 

Consequent to the share subscription by the Parties, the total issued capital of FTMW is RM400,000 comprising 400,000 ordinary shares in which each Party holds 50% equity interest in FTMV.

 

Therefore, the Proposed Joint Venture is completed on 30 October 2023.

 

This announcement is dated 30 October 2023.

 






Announcement Info

Company Name TURBO-MECH BERHAD
Stock Name TURBO
Date Announced 30 Oct 2023
Category General Announcement for PLC
Reference Number GA1-11092023-00050