News

The Board of Directors of ASB wishes to announce the following:

1. Transfer by Advance Synergy Capital Sdn Bhd, a wholly-owned subsidiary of the Company (“ASCAP”), of its entire holding of 10 ordinary shares of AUD1.00 each, representing 50% equity interest in Quality Bus & Coach Pty Ltd (“QBC Australia”), to Quality Bus & Coach (M) Sdn Bhd, a 61%-owned subsidiary of ASCAP (“QBC Malaysia”) for a cash consideration of AUD10.00. The remaining 50% equity interest in QBC Australia not held by ASB Group is also transferred to QBC Malaysia.

(hereinafter referred to as “Transfer of QBC Australia”).

2. Pursuant to the Transfer of QBC Australia, Autobus Australia Pty Ltd (“Autobus Australia”), the wholly-owned subsidiary of QBC Australia, will become an indirect wholly-owned subsidiary of QBC Malaysia.

3. Consequential to the above, QBC Australia ceases to be an indirect associate of ASB (held via ASCAP) and becomes an indirect subsidiary of ASB (held via QBC Malaysia).

Both QBC Australia and Autobus Australia were incorporated in Australia on 15 December 1997 and 26 February 2008 respectively. The paid-up share capital of QBC Australia and Autobus Australia is 20 ordinary shares of AUD1.00 each and 1,000 ordinary shares of AUD1.00 each respectively. QBC Australia currently imports and sells coaches in Australia for QBC Malaysia. Autobus Australia is presently inactive.

The aforesaid transfer is to better streamline the operations and management of QBC Malaysia Group and is not expected to have any material effect on the earnings, net assets or gearing of ASB Group for the financial year ending 31 December 2014.

This announcement is dated 16 May 2014.