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 22/02/2011
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General Announcement
Reference No NN-110222-54568 |
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| Company Name |
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NYLEX (MALAYSIA) BERHAD |
| Stock Name |
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NYLEX |
| Date Announced |
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22/02/2011 |
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| Type |
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Announcement |
| Subject |
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OTHERS |
| Description |
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NYLEX (MALAYSIA) BERHAD
ACQUISITION OF ADDITIONAL INTEREST IN ANCOM KIMIA SDN BHD |
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| Announcement Details/Table Section : |
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Nylex (Malaysia) Berhad (“Nylex” or “Company”) is pleased to announce that its wholly-owned subsidiary, Perusahaan Kimia Gemilang Sdn Bhd (Company No. 82890-D) (“PKG”), has purchased 550,000 shares in its associate, Ancom Kimia Sdn Bhd (Company No. 260964-M) (“AKSB”), from Muhtar Hashim (“MH”) for a cash consideration of RM275,000 (“Acquisition”).
AKSB was incorporated on 9 April 1993 as Gagasan Saga Sdn Bhd. It changed its name to Ancom Management Sdn Bhd on 20 October 1995 and thereafter to its present name on 29 November 1997. Its current authorised share capital is RM5,000,000 while its paid-up share capital is RM2,200,000. AKSB is principally involved in the distribution of petrochemicals and industrial chemicals. Before the Acquisition, PKG holds 30% of the shareholdings in AKSB whilst the remaining shares were held equally by MH and Datuk Ir (Dr) Mohamed Al Amin Abdul Majid (“Datuk Al Amin”), both of whom are directors of AKSB.
The Acquisition has changed the effective shareholding of Nylex in AKSB from 30% to 55% and AKSB is now a subsidiary of PKG and an indirect subsidiary of Nylex. The Acquisition is in line with Nylex’s strategy to focus on one of its core businesses - industrial chemicals. The Acquisition is not expected to have any material effect on the earnings and net assets of Nylex Group for the financial year ending 31 May 2011.
Datuk Al Amin, the Executive Chairman of Nylex, is deemed interested in the Acquisition pursuant to paragraph 10.08 (11) of the Listing Requirements of Bursa Malaysia Securities Berhad (“Listing Requirements”) by virtue of his 35% equity interest in AKSB. None of the other directors, major shareholders or person(s) connected with them has any interest, direct or indirect, in the Acquisition.
The Directors of the Company, other than Datuk Al Amin, are of the view that the Acquisition is in the best interest of the Company and is not detrimental to the interest of the minority shareholders.
The Acquisition, which is funded by internally generated funds of Nylex Group, is not subject to the approval of the shareholders of the Company or any authorities as the highest percentage ratio applicable to this transaction pursuant to paragraph 10.02(g) of the Listing Requirements is 0.20%.
This announcement is dated 22 February 2011.
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