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The Board of Directors of ASB wishes to announce that an internal reorganisation involving wholly-owned subsidiaries of ASB in the travel and tours industry was implemented to house OETS under another holding company, ASSB, instead of OET (“Internal Reorganisation”).
The entire issued and paid-up capital of OETS comprising 350,000 ordinary shares of RM1.00 each was acquired by ASSB from OET for a cash consideration of RM350,000.00 to be settled through internal group resources. ASSB is presently inactive. OET and OETS are principally involved in travel and tours services.
The Internal Reorganisation has no effect on the share capital and substantial shareholders' shareholdings of ASB.
The Internal Reorganisation is not expected to have any impact on the earnings per share and net assets per share of ASB Group for the financial year ending 31 December 2010.
None of the directors, major shareholders and/or persons connected with the directors and major shareholders of ASB has any interest, direct or indirect, in the Internal Reorganisation.
This announcement is dated 18 May 2010. |
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