Reference is made to the Company's announcement dated 9 December 2013.
The Board of Directors of TMS is pleased to announce that the Company had on 28 May 2014 subscribed for two hundred and fifty five thousand (255,000) ordinary shares of RM1.00 each at par of Lephone, representing 51% equity interest in Lephone ("Acquisition”) pursuant to the terms and conditions as contained in the Joint Venture Agreement dated 9 December 2013, as follows:-
No. of ordinary shares of RM1.00 each | Total Cash Consideration (RM) |
255,000 | 255,000.00 |
Lephone was incorporated on 28 May 2014 under the Companies Act, 1965 as private limited company and the principal activity is to distribute all products of ShenZhen Blephone Technology Co., Ltd. (Company no. 440301104783083).
The authorised share capital of Lephone is RM500,000 divided into 500,000 ordinary shares of RM1.00 each and the paid-up capital is RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each.
Subsequent to the Acquisition, Lephone shall become a 51% owned subsidiary of TMS.
The Acquisition would not have material effect on TMS Group’s earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding for the financial year ending 31 December 2014.
None of the Directors and/or major shareholders of the Company and/or persons connected to them has any interest, direct or indirect, in the Acquisition.
This announcement is dated 18 June 2014.