News

The Board of Directors of ASB wishes to announce that ASB had via its indirect wholly-owned subsidiary, OET, entered into a Share Purchase Agreement to acquire 35,000 shares representing 50% equity interest in SH Tour Co., Ltd located in Nonhyun-dong, Gangnam-gu, Seoul, Korea (“SH Tour”) for a cash consideration of USD800,000 only (equivalent to approximately RM2,766,400). The Proposed Acquisition will be funded via internally generated funds and/or bank borrowings.

SH Tour, a corporation organised and existing under the laws of the Republic of Korea, was incorporated on 6 March 1998 with a paid-up share capital of KRW350,000,000 comprising of 70,000 shares at par value of KRW5,000 each and is principally engaged in travel and tours business.

The Proposed Acquisition provides a unique opportunity for our Travel and Tours division to venture into the Korean market for new travel and tour packages and products. This venture rides on the Korean Wave such as K-Pop, K-Fashion, K-Beauty and K-Wellness. It will provide our travel division an opportune presence in South Korea which will be well positioned to promote growth in both inbound and outbound tourism. The Proposed Acquisition is in line with the intention of our Travel and Tours division to have a greater presence in Asia and to further enhance its overall long term growth plan.

On completion of the Proposed Acquisition, SH Tour will become an indirect 50% associated company of ASB.

The Proposed Acquisition is not expected to have any material effect on the financial position, including earnings per share and net assets per share of ASB Group for the financial year ending 31 December 2014.

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 Proposed Acquisition.

This announcement is dated 2 December 2014.