Introduction

The Board of Directors of Jaycorp wishes to announce that the Company had on 13 April 2016 subscribed for an additional 599,998 new ordinary shares of RM1.00 each, representing 60% of the enlarged issued and paid-up share capital of Jaycorp Engineering & Construction Sdn Bhd (“JECSB”), for a total cash consideration of Ringgit Malaysia Five Hundred Ninety-Nine Thousand Nine Hundred and Ninety-Eight only (RM599,998.00) (“Subscription”).

Following the Subscription, the shareholdings of JECSB is as follows:

Information on JECSB

JECSB was incorporated on 6 January 2016 in Malaysia under the Companies Act, 1965.

The authorised share capital of JECSB is RM5,000,000.00 divided into 5,000,000 ordinary shares of RM1.00 each and the issued and paid-up share capital is RM1,000,000.00 divided into 1,000,000 ordinary shares of RM1.00 each.

The intended business activity of JECSB is engineering, construction and property development.

Rationale for the Subscription

The Subscription will be strategic and beneficial to Jaycorp for Jaycorp Group’s expansion into engineering, construction and property development.

Directors' and/or Major Shareholders' Interests

Tan Sri Abdul Majid Khan (“Tan Sri Majid”) is the Executive Chairman of Jaycorp and a director of JECSB.

Mr Yeo Aik Tan ("Mr Yeo") is also an alternate director of Jaycorp and a director of JECSB.

Both Tan Sri Majid and Mr Yeo are major shareholders of Jaycorp.

Encik Rahman is the nephew of Tan Sri Majid. He is also a director of JECSB. 

Save as disclosed above, none of the Directors and/or major shareholders of Jaycorp and/or persons connected with them have any interests, direct or indirect, in the Subscription.

Financial Effects
 

The Subscription will not have any material effect on the earnings per share and net assets per share of Jaycorp for the financial year ending 31July 2016.

The Subscription will not have any effect on the share capital, gearing and substantial shareholders’ shareholdings of Jaycorp.

This announcement is dated 13 April 2016.