Further to the announcement dated 24 December 2010 pertaining to the proposed joint venture agreement between M3Tech and Lim Cheng Mong (“LCM”) and Nexgen Studio Pte. Ltd. (“Nexgen”), the Board of Directors of M3Tech is pleased to announce the incorporation of the joint venture company under the name of M3 Interactive (S) Pte. Ltd.
The principal activity of M3 Interactive (S) Pte. Ltd. is to pursue the new business segment involving eEducational Service.
The current issued and paid up share capital of M3 Interactive (S) Pte. Ltd. is SGD100-00 only divided into 100 ordinary shares of SGD1-00 each and the equity interest ratios are as follows:-
Equity interest ratio
Concurrently, M3Tech has also on 31st January 2011 entered into a shareholders’ agreement with Nexgen and LCM, which serves to regulate the management of M3 Interactive (S) Pte. Ltd.
The said incorporation would not have material effect on M3Tech's earning and net assets for the financial year ending 30 June 2011.
None of the Directors and Substantial Shareholders of the Company and persons connected with the Directors and Substantial Shareholders of the Company has any interest, direct or indirect, in the said incorporation.
This announcement is dated 31st January 2011.