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OTHERS MCLEAN TECHNOLOGIES BERHAD ("MCLEAN" OR "THE COMPANY") - SHORTFALL IN PROFIT GUARANTEE

MCLEAN TECHNOLOGIES BERHAD

Type Announcement
Subject OTHERS
Description
MCLEAN TECHNOLOGIES BERHAD ("MCLEAN" OR "THE COMPANY")
- SHORTFALL IN PROFIT GUARANTEE

We refer to the announcements dated 28 August 2015, 9 June 2015, 5 June 2015 and 10 April 2015 pertaining to the proposed acquisition of 55% equity interest in DWZ Industries Sdn. Bhd.

 

Pursuant to Clause 9.1 of the Share Sale Agreement dated 5 June 2015 (“SSA”), Decor Industries Pte. Ltd. (198701644C) (“Decor”) had guaranteed that DWZ Industries Sdn. Bhd. (402648-M) and its subsidiary, DWZ Industries (Johor) Sdn. Bhd. (731830-U) (herein referred to as the “DWZ Group”) shall attain and achieve the Profit Guarantee i.e. audited Profit After Tax (“PAT”) of not less than Ringgit Malaysia Four Million Six Hundred and Forty Thousand (RM4,640,000.00) only (“Profit Guarantee”) for the financial year ended 31 December 2016.

 

The Board of Directors of MClean Technologies Berhad (“MClean” or “the Company”) wishes to announce that Decor had failed to meet its Profit Guarantee for the financial year ended 31 December 2016. The details of the Profit Guarantee for the financial year ended 31 December 2016 is illustrated as below:-

 

PAT (Profit Guarantee)

RM            4,640,000.00

DWZ Group audited PAT for financial year ended 31 December 2016

RM            2,338,142.00

Shortfall amount

RM           2,301,858.00

 

Pursuant to Clause 9.2 of the SSA, the Company had served a letter to Decor for the settlement of the amount of Ringgit Malaysia One Million Two Hundred Sixty Six Thousand and Twenty Two (RM1,266,022.00) (being 55% of the shortfall amount) within twenty one (21) business days from the day of the said letter on 23 May 2017.

 

This announcement is dated 30 May 2017. 






Announcement Info

Company Name MCLEAN TECHNOLOGIES BERHAD
Stock Name MCLEAN
Date Announced 30 May 2017
Category General Announcement for PLC
Reference Number GA1-30052017-00011


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