The Board of Directors of HOCK HENG (“the Board”) wishes to announce that the Company had on 15 June 2012 disposed off its 15% equity interest, representing 15,000 ordinary shares of RM1.00 each in the capital of Dunia Batu Alam Sdn. Bhd. (Company No. 487236-X) (“DBA”), to Teo Teong Seen (IC No. 540210-04-5459) and Ngu Yii Hieng (IC No. 621017-13-5895) for a total cash consideration of RM300 (“the Disposal”).
Upon completion of the Disposal, HOCK HENG’s equity interest in DBA will be 60%.
2. Details of DBA
DBA is a private limited company incorporated in Malaysia. The current authorized share capital of DBA is RM500,000.00 divided into 500,000 ordinary shares of RM1.00 each and the total paid-up capital is RM100,002.00 divided into 100,002 ordinary shares of RM1.00 each.
The present shareholders of DBA prior to the Disposal are HOCK HENG, holding 75,001 ordinary shares, equivalent to 75% of the total paid-up share capital of DBA and the balance 25,001 ordinary shares, equivalent to 25% are held by Woo Chiew Loong.
The Directors of DBA are Low Kim Hock, Low Kim Joo and Low Kim Chung, who are also the Directors of HOCK HENG.
Currently, DBA is a dormant company and the intended principal activity is property investment.
3. The original cost of investment was RM1,500, which was made in the beginning of 2012.
4. Share capital and substantial shareholders’ shareholding
The Disposal is not expected to have any effect on the share capital and substantial shareholders’ shareholding of HOCK HENG.
5. Net Assets
The Disposal is not expected to have any effect on the net assets of HOCK HENG.
The Disposal is not expected to have any effect on the earnings of HOCK HENG.
The Disposal is not expected to have any material effect on the gearing of HOCK HENG.
8. Directors' and Major Shareholders' Interest
None of the directors and/or major shareholders of HOCK HENG and/or persons connected with them have any interest, direct or indirect, in the Disposal.
9. Approval required
The Disposal is not subject to shareholders' approval or any other relevant government authorities’ approval.
10. Statement of the Directors
The Board of Directors of HOCK HENG, having considered all aspects of the Disposal, is of the opinion that the Disposal is in the best interest of HOCK HENG Group.
This announcement is dated 15 June 2012.