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OTHERS ESTABLISHMENT OF A NEW SUBSIDIARY COMPANY BY MCLEAN ADVANCE CARRIER PTE. LTD. ("PROPOSED ESTABLISHMENT")

MCLEAN TECHNOLOGIES BERHAD

Type Announcement
Subject OTHERS
Description
ESTABLISHMENT OF A NEW SUBSIDIARY COMPANY BY MCLEAN ADVANCE CARRIER PTE. LTD. ("PROPOSED ESTABLISHMENT")

1.  INTRODUCTION

The Board of Directors of MClean Technologies Berhad (“the Company" or MClean”) wishes to announce that its wholly-owned subsidiary, MClean Advance Carrier Pte. Ltd. (“MACPL”) had on 19 June 2017 incorporated a new subsidiary company in Singapore, namely MClean Cloud Logistics Pte. Ltd. (“MCLPL”) as its fifty-five percent (55%) owned subsidiary.

2.    INFORMATION ON MCLPL

MCLPL was incorporated with an issued and paid-up capital of SGD100.00 (Singapore Dollar One Hundred) only comprising 100 ordinary shares in which MACPL and JCS INVF Pte. Ltd. (“JCS INVF”) hold 55% and 45% equity interest respectively in MCLPL. MCLPL intends to carry on the business of  supply chain and time to market delivery solution.

3.    INFORMATION ON MACPL

MACPL, a wholly-owned subsidiary of the Company was incorporated in Singapore as a private limited company on 4 November 2009. It is an investment holding company.

As at 19 June 2017, MACPL has issued and fully paid up share capital of SGD2,400,001.00 (Singapore Dollar Two Million Four Hundred Thousand and One) only.

4.    INFORMATION ON JCS INVF

JCS INVF was incorporated in Singapore as a private limited company on 7 June 2017. It is an investment holding company.

As at 19 June 2017, JCS INVF has issued and fully paid up share capital of SGD10.00 (Singapore Dollar Ten) only.

The Director and Shareholder of JCS INVF are as follows:-

Mr Nijhof Edwin Hendricus Bernardus Franciscus (director)

JCS Group Pte Ltd (shareholder)

5.    RATIONALE

The Proposed Establishment is in line with the long term strategic plans of MClean Group.

6.    PROSPECTS

In view of the above, the Proposed Establishment is expected to contribute positively to the future financial performance of MClean Group.

7.    RISK FACTORS

The Board does not foresee any new material risk factors from the Proposed Establishment apart from various risks factors in the Group’s current operations.

8.    SOURCE OF FUNDING AND LIABILITIES TO BE ASSUMED

The Company will fund its share of participation in MCLPL through internally generated funds.

There are no liabilities including contingent liabilities and guarantees to be assumed by the Company arising from the Proposed Establishment.

9.    FINANCIAL EFFECT OF PROPOSED ESTABLISHMENT

        9.1    Issued and Paid-Up Capital and Substantial Shareholders’ Shareholdings

The Proposed Establishment will not have any effect on the issued and paid-up share capital and substantial shareholders’ shareholdings of the Company as it does not involve issuance of new shares.

        9.2    Earnings, Net Assets and Gearing

The Proposed Establishment will not have any material effect on the earnings, net assets and gearing of MClean Group for the financial year ending 31 December 2017.

10.  APPROVALS REQUIRED

The Proposed Establishment is not subject to the approval of the shareholders of the Company or any relevant authorities.

11.  INTEREST OF DIRECTORS AND/OR MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

None of the Directors and/or major shareholders of the Company and/or persons connected to them has any interest, direct or indirect, in the Proposed Establishment, save for the following:-

(1)   Mr Yeo Hock Huat, a Company Director and a major shareholder of the Company by virtue of his interest held through JCS Group.

(2)   Madam Yeo Seow Lai, a Company Director and a person connected to Mr Yeo Hock Huat, by virtue of a major shareholder and their family relationship.

12.  DIRECTORS’ STATEMENT

The Board of Directors of the Company, save for Mr Yeo Hock Huat and Madam Yeo Seow Lai, is of the opinion that the proposed establishment is in the best interest of the MClean Group.

This announcement is dated 19th day of June 2017

 






Announcement Info

Company Name MCLEAN TECHNOLOGIES BERHAD
Stock Name MCLEAN
Date Announced 19 Jun 2017
Category General Announcement for PLC
Reference Number GA1-19062017-00100


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