Provision of Financial Assistance
|NV MULTI CORPORATION BERHAD|
|Subject||Provision of Financial Assistance|
Contents :1. INTRODUCTION
- Pursuant to Paragraph 8.23(1)(i) and 10.08 of the Listing Requirements of Bursa Malaysia Securities Berhad with regard to the provision of financial assistance, the Board of Directors of NV Multi Corporation Berhad ("NV Multi") wishes to announce the following financial assistance provided by its following 65%-owned subsidiary company on 2 February 2005: -
Nirvana Memorial Park (Kuching) Sdn Bhd ("NIRK") has granted a loan of RM300,000 to Madam Wong Nga Yang, an Executive Director of NIRK under the existing Staff Personal Loan Scheme of NIRK.
- Madam Wong Nga Yang is a Director of NIRK and deemed interested through Chung Kiaw Garment Sdn Bhd ("CKG") of which she is the Director and major shareholder of CKG. CKG is holding 35% equity interest in NIRK.
Madam Wong Nga Yang is also a shareholder of NV Multi. As at the date of this announcement, she holds 595,000 ordinary shares of RM0.25 each in NV Multi.
The Board of Directors of NV Multi is of the opinion that the abovementioned financial assistance transaction is fair and reasonable.
2. FINANCIAL EFFECTS
2.1 Share Capital
- The provision for financial assistance has no effect on the share capital and shareholdings structure of NV Multi for the financial year ending 31 December 2005.
- There is no material impact on the earnings of NV Multi Group financial year ending 31 December 2005.
- There is no material impact on the NTA of NV Multi Group financial year ending 31 December 2005.
3. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
Save and except for Madam Wong Nga Yang who is the Director of NIRK, none of the Directors of NV Multi, substantial shareholders and person connected with Directors and substantial shareholders of NV Multi has any interest, whether direct or indirect, in the provision of this financial assistance.
4. APPROVALS REQUIRED
- The above financial assistance is not subject to the approval of the shareholders of NV Multi or relevant authorities.
|Company Name||NV MULTI CORPORATION BERHAD|
|Date Announced||2 Feb 2005|