OTHERS APPASIA BERHAD ("APPASIA" or "THE COMPANY") -APPLICATION TO STRIKE OFF DORMANT SUBSIDIARY PURSUANT TO SECTION 550 OF THE COMPANIES ACT, 2016

APPASIA BERHAD

Type Announcement
Subject OTHERS
Description
APPASIA BERHAD ("APPASIA" or "THE COMPANY")
-APPLICATION TO STRIKE OFF DORMANT SUBSIDIARY PURSUANT TO SECTION 550 OF THE COMPANIES ACT, 2016

The Board of Directors of APPASIA BERHAD (“APPASIA” or “the Company”) wishes to announce that the Company had on 16 November 2018 filed an application to Companies Commission of Malaysia (“CCM”) to strike off the name of AppAsia Pay Sdn. Bhd. (“APSB”), a wholly-owned subsidiary of the Company from the Register of the Companies Commission of Malaysia under Section 550 of the Companies Act, 2016.

APSB, a company incorporated in Malaysia with an issued share capital of RM2.00 and has no intention to carry on its business in the future.

APSB has no intention to activate its business in future. The striking off of APSB is in the best interest of the Company as it will reduce the administrative resources and cost incurred for maintaining the subsidiary. It will rationalize and streamline the Company’s structure.

The striking off of APSB will not have any material impact on the share capital, shareholding structure, earnings, gearing and net assets of AppAsia Group for the financial year ending 31 December 2018.

The striking off of APSB is not subject to the approval of the shareholders of the Company. However, the striking off of APSB is subject to the approval of the SSM.

This announcement is dated 16 November 2018.






Announcement Info

Company Name APPASIA BERHAD
Stock Name APPASIA
Date Announced 16 Nov 2018
Category General Announcement for PLC
Reference Number GA1-16112018-00020