OTHERS M3 TECHNOLOGIES (ASIA) BERHAD ("M3TECH" OR "THE COMPANY") - ACQUISITION OF 100% EQUITY INTEREST IN M3 ONLINE LIMITED (FORMERLY KNOWN AS WAY WAY INNOVATIONS COMPANY LIMITED)

M3 TECHNOLOGIES (ASIA) BERHAD

Type Announcement
Subject OTHERS
Description
M3 TECHNOLOGIES (ASIA) BERHAD ("M3TECH" OR "THE COMPANY")
- ACQUISITION OF 100% EQUITY INTEREST IN M3 ONLINE LIMITED (FORMERLY KNOWN AS WAY WAY INNOVATIONS COMPANY LIMITED)

(1)     INTRODUCTION

The Board of Directors of the Company wishes to announce that the Company’s wholly owned subsidiary, M3 Online Sdn. Bhd. (“M3SB”) has on 28 November 2017 acquired the entire issued and paid-up share capital consisting of 1 ordinary share in M3 Online Limited (formerly known as Way Way Innovations Company Limited) (“M3OL”) for a total cash consideration of HKD1.00 from its wholly-owned subsidiary, Messaging Technologies (H.K.) Limited (“M3Tech HK”).

(hereinafter referred to as “Internal Restructuring”)

(2)       COMPLETION OF INTERNAL RESTRUCTURING

The Internal Restructuring was completed on 28 November 2017.

With the completion of the Internal Restructuring, M3OL became a wholly owned subsidiary of M3TECH via M3SB instead of M3Tech HK.

(3)       INFORMATION ON M3OL

M3OL was incorporated in Hong Kong on 6 October 2009 as a private limited company.  The paid-up share capital of M3OL is HKD1.00 comprising of 1 ordinary share fully issued and subscribed.

M3OL is currently dormant. 

(4)        RATIONALE FOR THE INTERNAL RESTRUCTURING

The Internal Restructuring is expected to enhance earnings of M3TECH Group and will facilitate a more efficient execution of group strategy towards enhancing growth potential and business efficiency. 

(5)        FINANCIAL EFFECTS OF THE INTERNAL RESTRUCTURING

The Internal Restructuring will not have any effect on the issued and paid-up share capital of M3TECH and the substantial shareholders’ shareholdings in M3TECH. The Internal Restructuring is not expected to have any material effect on the consolidated net assets per share, gearing, the consolidated earnings and earnings per share of M3TECH for the financial year ending 30 June 2018.

(6)        APPROVALS REQUIRED

The Internal Restructuring does not require the approval of the shareholders of M3TECH or any regulatory authorities.

(7)        DIRECTORS AND/OR MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders of M3TECH and/or persons connected to such Directors/major shareholders have any interest, direct or indirect, in the Internal Restructuring.

This announcement is dated 29 November 2017.






Announcement Info

Company Name M3 TECHNOLOGIES (ASIA) BERHAD
Stock Name M3TECH
Date Announced 29 Nov 2017
Category General Announcement for PLC
Reference Number GA1-29112017-00068