Acquisition of remaining shares in an associate company that has ceased business for RM164,463.
BackOct 14, 2002
| Type | Announcement |
| Subject | Acquisition of remaining shares in an associate company that has ceased business for RM164,463. |
Contents :
The Company informs that its wholly-owned subsidiary, Pemasaran Alat Ganti Sdn Bhd., ("PAG") has acquired 125,000 shares of RM1.00 each, representing 50% of the share capital of Autoscope Sdn Bhd ("Autoscope") from Altia Co. Ltd., at a total consideration of RM164,463 based on the net tangible assets value of the company. As a consequence of the acquisition, Autoscope Sdn Bhd. is now a wholly-owned subsidiary of PAG.
Autoscope, an export agent for automotive accessories, was a joint-venture between PAG and Altia, each having a 50% equity. It ceased operations during the first half of 2001 following the withdrawal of commissions on export sales by its principals. Autoscope will remain a dormant company for the time being.
The above transaction has no material effect on the earnings and net tangible assets of the Group for the year ending 31 December 2002 and is undertaken to streamline administration.
None of the directors and substantial shareholders has an interest, direct or indirect, in the transaction.
Announcement Info
| Company Name | TAN CHONG MOTOR HOLDINGS BERHAD |
| Stock Name | TCHONG |
| Date Announced | 14 Oct 2002 |
| Category | General Announcement |
| Reference No | TC-021010-62579 |