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BackOct 12, 2017
Type Announcement
Subject OTHERS
Description

BHS INDUSTRIES BERHAD CEASSATION OF SUBSIDIARY - PUSTAKA YAKIN PELAJAR SDN. BHD.

BACKGROUND OF PUSTAKA YAKIN PELAJAR SDN. BHD.

Pursuant to Paragraph 9.19(24) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, the Board of Directors of BHS Industries Berhad (“BHS” or the “Company”) wishes to announce that Pustaka Sistem Pelajaran Sdn. Bhd. (“Pustaka Sistem”), a wholly-owned subsidiary of the Company has on 11 October 2017 entered into a Share Sale Agreement (“SSA”) with Nikko Ventures Sdn. Bhd. (“Nikko”), for the disposal of 50% equity interest in its wholly-owned subsidiary, Pustaka Yakin Pelajar Sdn. Bhd. (“Yakin”) for successfully securing for Yakin a service contract from the Ministry of Education Malaysia for publishing, printing and selling of Past Year Question Papers (“Service Contract”). Details pertaining to the Service Contract has been announced to Bursa Malaysia Securities Berhad simultaneously with this announcement.

The Disposal involved the sale of 245,691 ordinary shares (i.e 50% equity interest) by Pustaka Sistem to Nikko for a total cash consideration of RM146,717 (“Consideration”).

The Consideration was arrived on a “willing buyer willing seller” basis after taking into consideration the net book value of Yakin based on its latest Audited Financial Statements for the financial year ended 30 June 2016.

Following the Disposal, Yakin shall ceased to be a subsidiary of Pustaka Sistem with its current holding of the remaining 50% equity interest in Yakin.

INFORMATION OF NIKKO

Nikko Ventures Sdn. Bhd. is a private limited company, incorporated in Malaysia and having its registered office at D117 Block D, First Floor, Kelana Square, 17 Jalan SS7/26, Kelana Jaya, 47301 Petaling Jaya, Selangor Darul Ehsan. The company is engaged in the business of marketing and promoting textbooks and educational books and such other relevant teaching materials to private sectors and government agencies.

The directors of the company are Dato’ Mohd Fauzi Bin Aziz, Mohammad Nadzim Bin Nasir and Hu Shing Chan.

FINANCIAL EFFECTS OF THE DISPOSAL

The Disposal is not expected to have any material financial effects on the Company for the financial year ending 30 June 2018 in terms of earnings per share, net assets per share, and gearing of the Company.

The Disposal will not have any effect on the issued shares and substantial shareholders’ shareholding in the Company.

INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

None of the Directors, major shareholders and/or persons connected to them have any interest, whether direct or indirect, in the Disposal.

This announcement is dated 12 October 2017.

 





Announcement Info

Company Name BHS INDUSTRIES BERHAD
Stock Name BHS
Date Announced 12 Oct 2017
Category General Announcement for PLC
Reference Number GA1-11102017-00070