The Board of Directors of NV Multi Corporation Berhad ("NV Multi") wishes to announce that the Company had on 8 November 2010, disposed of 1 ordinary share of USD1.00 each representing 100% equity interest in Oasis City Holdings Limited (“Oasis”) to Tai Chee Ching for a total cash consideration of RM3,000.00 (“the Disposal”). With the Disposal, Oasis will cease to be the wholly-owned subsidiary of NV Multi.
2. Information On Oasis
Oasis was incorporated in British Virgin Islands on 8 July 2008 with an authorised share capital of USD50,000 comprising 50,000 ordinary shares of USD1.00 each of which 1 ordinary share of USD1.00 has been issued and fully paid-up. The intended activity of Oasis was investment holding and provision of management services. The Company remain dormant as at todate.
3. Basis Of Arriving At The Consideration
The consideration for the Disposal was arrived on a "willing-buyer-willing-seller" basis.
4. Effects On The Disposal
The Disposal has no material effect on the share capital, earnings, net assets, and gearing of the NV Multi Group for the current financial year ending 31 December 2010.
5. Rationale For The Disposal
The Disposal is part of the rationalisation and streamlining exercise of NV Multi Group.
6. Approvals Required
The Disposal is not subject to the approval of the shareholders of NV Multi or any relevant statutory authorities.
7. Interest Of Directors, Major Shareholders And Person Connected
None of the Directors, major shareholders of NV Multi and/or persons connected with them, has any interest whether, direct or indirect, in the Disposal.
8. Statements By Directors
The Board of Directors of NV Multi, having considered all aspects of the Disposal, is of the opinion that the Disposal is in the best interest of the Group.
9. Highest Percentage Ratio Applicable Pursuant To Paragraph 10.02 (G) Of The Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market Listing Requirements (“LR”)
The highest percentage ratio applicable to the Disposal pursuant to paragraph 10.02 (g) of the Bursa Securities Main Market LR is 0 %.
The announcement is dated 8 November 2010.