Joint venture cum shareholders agreement with Aerosun Corporation, Aerosun (Hong Kong) Co., Limited, and Gameladha Nasiriffin Bin Arifin ("JVA")
|Type||Reply to Query|
|Reply to Bursa Malaysia's Query Letter - Reference ID||IQL-23012017-00003|
|Subject||Joint venture cum shareholders agreement with Aerosun Corporation, Aerosun (Hong Kong) Co., Limited, and Gameladha Nasiriffin Bin Arifin ("JVA")|
ADDITIONAL INFORMATION - ENTRY INTO A JOINT VENTURE
|Query Letter Contents||
We refer to your Company’s announcement dated 20 January 2017 in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
TAN YEW ENG
Cc : Market Surveillance Dept., Securities Commission (via fax)
The Board of Directors of Uzma Berhad (“Uzma”) wishes to announce on the following additional information pertaining to the JVA:-
1. Details of Aerosun Corporation
Aerosun Corporation (“Aerosun”), the Holding Company of Aerosun (Hong Kong) Co., Limited, is a Public Listed Company on Shanghai stock exchange, incorporated in and under the laws of the People’s Republic of China and has entered into a joint development with Petronas Carigali Sdn. Bhd. in respect of non- metallic pipelines systems for offshore use.
Aerosun wished to establish it presence in Malaysia by way of joint venture with Uzma for pipeline applications and other related business in its capabilities and to carry out the business accordingly.
2. The eventual issued and paid-up capital of Aerosun Uzma Malaysia Sdn. Bhd. (“Aerosun Uzma”)
The eventual issued and paid-up capital of Aerosun Uzma after the subscription of additional shares by the three JV parties in their respective shareholding proportion would be RM500,000 divided into 500,000 ordinary shares of RM1.00 each.
3. The effect of the JVA on earnings per share of Uzma Berhad group.
The joint venture is not expected to have any financial effects on earnings per share of Uzma Berhad group for the financial year ending 31 December 2017.
This announcement is dated 24 January 2017.
|Company Name||UZMA BERHAD|
|Date Announced||24 Jan 2017|
|Category||General Announcement for PLC|