The Board of Directors of M3TECH wishes to announce that M3 Asia Sdn. Bhd. (“M3ASIA”), a wholly-owned subsidiary of M3TECH, has incorporated a new wholly-owned subsidiary under the name of M3Shoppe (Asia) Sdn. Bhd. (“M3SHOPPE”) on 3rd December 2012 and its intended principal activities are providing online buying and selling, e-commerce, online store infrastructure and operational platforms, importing, exporting, trading, distributing, dealing and retailing in a comprehensive range of mobile gadgets, electronic products and other related information technology services.
Presently, the authorised capital of M3SHOPPE is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each and the issued and paid-up share capital is RM2.00 comprising 2 ordinary shares of RM1.00 each directly held by M3ASIA.
The incorporation of M3SHOPPE does not have any effect on the share capital and substantial shareholders' shareholding in M3TECH and is not expected to have any material impact on the earnings and net assets of M3TECH for the financial year ending 30 June 2013.
None of the directors and/or major shareholders of M3TECH and/or persons connected to them, has any interest, direct or indirect, in the incorporation of M3SHOPPE.
This announcement is dated 5th December 2012.