Acquisition of Subscriber's Share in Ragib-TC Security Services Sdn Bhd
| Type | Announcement |
| Subject | Acquisition of Subscriber's Share in Ragib-TC Security Services Sdn Bhd |
Contents :
Pursuant to the Listing Requirements of Kuala Lumpur Stock Exchange, this is to inform that our wholly-owned subsidiary, Tan Chong & Sons Motor Company Sdn Bhd, has acquired the remaining one subscriber share of RM1.00 representing 50% of the share capital of Ragib-TC Security Services Sdn Bhd ("Ragib-TC") from an independent external party at par value for cash of RM1.00, thereby making Ragib-TC a wholly-owned subsidiary of the Group.
Ragib-TC was incorporated on 1 August 2000 with an authorized share capital of RM100,000/- made up of 100,000 ordinary shares of RM1.00 each and an issued and paid-up capital of RM2/- with the objective of consolidating the security services of the Group as well as to provide security services to external parties eventually.
An application for a license to provide security services has been submitted. The conversion of ownership structure of Ragib-TC to that of a wholly-owned subsidiary is done for administrative convenience, pending the approval of the necessary license, which may take sometime.
The acquisition will have no material effect on the earnings and net tangible assets of the Group for year ending 31 December 2003.
None of the directors and substantial shareholders have an interest, direct or indirect in the above acquisition.
Announcement Info
| Company Name | TAN CHONG MOTOR HOLDINGS BERHAD |
| Stock Name | TCHONG |
| Date Announced | 5 Mar 2003 |
| Category | General Announcement |
| Reference No | TC-030224-42034 |