Pursuant to Paragraph 8.23(1)(ii) and practice Note No. 11/2001 of the Main Listing Requirements of Bursa Malaysia Securities Berhad with regard to the provision of financial assistance, the Board of NV Multi Corporation Berhad ("NV Multi") wishes to announce the following financial assistance provided by its subsidiary companies during the 1st quarter ended 31 March 2010 as follows:-
(a) Nirvana Memorial Park (Johor) Sdn Bhd advanced a total of RM48,000.00 to its joint-venture partner to jointly develop the land held under Lot 3870-3888, CT.13662-13680, Mukim Jementah, Daerah Segamat, into a non-muslim cemetery, currently known as Nirvana Memorial Park, Segamat.
(b) Nirvana Memorial Park Sdn Bhd advanced RM500,000.00 to its contractors for the mobilization cost on the landscape and infrastructure works for its memorial park in Semenyih. This advance was subsequently settled in April 2010.
(c) Nirvana Memorial Park (Shah Alam) Sdn Bhd advanced RM500,000.00 to its contractor for the mobilization cost and installation of Urn Compartments for its memorial park at Shah Alam. This advance will be deducted against future progress claims.
The Board of Directors of NV Multi is of the opinion that the abovementioned financial assistance transactions are fair and reasonable and are in the best interest of NV Multi.
2. FINANCIAL EFFECTS
2.1 Share Capital
The provision for financial assistance has no effect on the share capital and shareholdings structure of NV Multi for the quarter ended 31 March 2010.
There is no material impact on the earnings of NV Multi Group for the quarter ended 31 March 2010.
2.3 Net Assets ("NA")
There is no material impact on the NA of NV Multi Group for the quarter ended 31 March 2010.
3. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
None of the Directors of NV Multi, substantial shareholders and person connected with Directors and substantial shareholders of NV Multi has any interest, whether direct or indirect, in the provision of financial assistance.
This announcement is dated 27th day of May, 2010