Incorporation Of Subsidiaries
Both M.B.A. and MIPL have been incorporated with an initial paid-up capital of S$1.00 comprising of 1 ordinary share each.
The principal activities of M.B.A. will be the manufacturing of marine parts and equipment while MIPL will be an investment holding company.
The incorporation of M.B.A. and MIPL (collectively, the "Subsidiaries") was funded through the Company's internal resources and is not expected to have any material impact on the earnings per share and the net tangible assets per share of the Company for the current financial year ending 31 December 2009.
To the best of the knowledge of the directors of the Company ("Directors"), none of the Directors, controlling shareholders or substantial shareholders of the Company has an interest, direct or indirect, in the incorporation of the Subsidiaries.
This announcement and its contents have been reviewed by the Company's sponsor, CIMB Bank Berhad, Singapore Branch ("Sponsor"), for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited ("SGX-ST"). The Sponsor has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Mah Kah Loon, Head, Corporate Finance, CIMB Bank Berhad, Singapore Branch, 50 Raffles Place, #09-01 Singapore Land Tower, Singapore 048623, telephone (65) 6337-5115.