The Board of NV Multi Corporation Berhad (‘NVMC’) wishes to announce that NV Care Sdn Bhd (‘NVC’), a 61%-owned subsidiary company of NVMC , had on 28 December 2001 diluted its equity interest to 56% by way of transfer of 250,000 ordinary shares of RM1.00 each to Credence Image Sdn Bhd ("CI").
The new change of shareholding structure of NVC following the dilution in equity interest in NVC are is as per attachment.
2. INFORMATION ON NVC
NVC is principally involved in the provision of funeral packages.
On 28 October 1998, NVMC and NVC entered into a Conditional Sale and Purchase Agreement with CI to acquire the entire issued and paid-up share capital of PJMC Sdn Bhd (‘PJMC’) (formerly known as PJ Modern Casket & Funeral Parlour Sdn Bhd) for a consideration of RM1,650,000 to be satisfied by cash amounting to RM900,000 and the remaining balance by 750,000 NVC shares representing 15% of the enlarged issued and paid-up share capital of NVC to be allotted equally over 3 years commencing 30 September 1999 subject to the fulfillment of a profit guarantee mentioned in next paragraph below. Clause 3(a)(ii) of the said agreement specified that the issued and paid-up capital of NVC should be increased to 5,000,000 ordinary shares of RM1.00 each.
On 28 October 1998, NVMC and NVC and all the shareholders of CI entered into a Guarantee Agreement whereby the shareholders of CI guaranteed that the pre-tax profit of PJMC will not be less than RM600,000 per annum for the financial year ended 30 September 1999, financial year ended 31 December 2000 and financial year ending 31 December 2001 in connection with the Conditional Sale and Purchase Agreement referred above.
PJMC’s pretax profit for the financial year ended 31 December 2000 amounted to RM1,434,506.00
3. FINANCIAL EFFECTS OF THE ALLOTMENT
4. APPROVALS REQUIRED
The shares allotment in NVC have no material impact on the earnings and net tangible assets of NVMC for the current financial year ending 31 December 2001.
No approval from any relevant authorities or shareholders of NVMC is required for the allotment.
5. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTEREST
None of the directors, substantial shareholders and persons connected with directors and substantial shareholders of NVMC has any interest, whether direct or indirect in the said allotment
This announcement is dated 28 December 2001.
|Shareholder||No. of ordinary shares of RM1.00 each held||No. of ordinary shares of RM1.00 each held|
|Lim Chee Hing|
|Credence Image Sdn Bhd|