OTHERS INCORPORATION OF A SUBSIDIARY, DOMINANT OPTO TECHNOLOGIES JAPAN K.K.
|D&O GREEN TECHNOLOGIES BERHAD|
INCORPORATION OF A SUBSIDIARY, DOMINANT OPTO TECHNOLOGIES JAPAN K.K.
The Board of Directors of D & O Green Technologies Berhad (“D&O” or “the Company”) wishes to announce that a new wholly-owned subsidiary of Dominant Opto Technologies Sdn Bhd (“Dominant”) (a 89.79% subsidiary owned by D&O), known as Dominant Opto Technologies Japan K.K. (“Dominant Japan”) was incorporated on 12 June 2018. The certificate of incorporation of Dominant Japan was received by the Company on 25 June 2018.
2.BACKGROUND INFORMATION OF DOMINANT JAPAN
Dominant Japan was incorporated under the Japanese Companies Act, and having its registered office at 3-20-5-703, ShinYokohama, Kohoku-ku, Yokohama City, #222-0033 Japan.
The intended activities of Dominant Japan are as follows:
Directors of Dominant Japan are Mr Tay Kheng Chiong and Mr Low Tek Beng. Mr Low Tek Beng is also act as the legal representative The initial issued and paid-up share capital of Dominant Japan is Yen 1,000,000, which is approximately RM36,155 which was funded by internally generated funds.
3. PROSPECTS OF DOMINANT JAPAN
With the establishment of Dominant Japan, Dominant is able to provide better pre and post sales services to existing and potential customers. It also helps the Group to increase its market share in Japan’s LED component market.
4. FINANCIAL EFFECTS OF THE INCORPORATION
a) Issued and paid-up Share Capital and Substantial Shareholders’ Shareholding
The Incorporation will not have any effect on the issued and paid-up share capital of D&O and the shareholdings of its substantial shareholders.
b) Earnings, Net Assets and Gearing
The Incorporation is not expected to have any material effect on the earnings, net assets and gearing of D&O for the financial year ending 31 December 2018.
5. APPROVALS REQUIRED
The Incorporation in Dominant Japan does not require the approval of shareholders of D&O.
6. RISK FACTORS
Dominant Japan’s revenue and operating results are exposed to general business risk as well as certain risk inherent in the electronics industry. These may include, amongst others, intensity of competition, changes in technology and changes in general economic, business and credit conditions.
6.2 Investment risks
There can be no assurance that the anticipated benefits of the Incorporation will be realised, or Dominant Japan will be able to generate sufficient revenue in future to offset the investment cost incurred by Dominant Malaysia.
7. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTEREST
None of the directors and/or substantial shareholders of D&O and/or persons connected with such Directors or Substantial Shareholders have any interest, direct or indirect in the aforesaid Incorporation.
This announcement is dated 25 June 2018.
|Company Name||D&O GREEN TECHNOLOGIES BERHAD|
|Date Announced||25 Jun 2018|
|Category||General Announcement for PLC|