Introduction

The Board of Directors of Eurospan Holdings Berhad (“EHB” or “the Company”) wishes to announce that on 30 May 2019, an application was made to the Companies Commission of Malaysia (“CCM”) to strike off Euroswood Furniture Sdn. Bhd. (“EFSB”), a 100% wholly owned subsidiary of the Company, under Section 550 of the Companies Act 2016 (“Striking Off”).

Information on EFSB

EFSB was incorporated on 3 January 1996 under the Companies Act, 1965 as a private limited company. The issued and paid up share capital of EFSB is RM2.00 comprising 2 ordinary shares.

The business activity of EFSB was investment holdings. However, EFSB had ceased its business operation since 30 September 2018.

The unaudited shareholders’ fund of EFSB as at 30 April 2019 was NIL.

The original cost of investment in EFSB by the Company was RM2.00.

Financial Effects

The Striking Off will not have any material effect on the net assets per share, earnings per share and gearing as well as on the share capital and substantial shareholders’ shareholding of EHB for the financial year ending 31 May 2019.

There is no liability assumed by EHB in the Striking Off.

Directors’ and Major Shareholders’ Interest

None of the Directors and major shareholders or persons connected to the Directors or major shareholders have any direct or indirect interest in the Striking Off.

Approval Required

The Striking Off is not subject to the approval of the shareholders of EHB or any other governmental authorities save for CCM.

Statement by the Board of Directors

The Board of Directors is of the opinion that the Striking Off is in the best interest of EHB.

This announcement is dated 30 May 2019.