NOVA MSC BERHAD
9 Oct 2013
|Description||Incorporation of New Subsidiary, namely novaCITYNETS International Pte Ltd|
The Board of Directors of Nova MSC Berhad (“Company”) is pleased to announce that the Company has incorporated a new wholly-owned subsidiary with the following details:
Name of new subsidiary: novaCITYNETS International Pte Ltd (“NCI”)
Country of incorporation: Singapore
Principal activity: Provision of information technology consultancy
Directors: Mr. Chan Wing Kong and Mr. Tan Yew Soon
At incorporation, the issued and paid-up capital of NCI is S$100.00.
Rationale for the Incorporation of NCI
The incorporation of NCI is for the purpose of future expansion of business.
Financial Effect of the Incorporation of NCI
The incorporation of NCI will not have any effect to the issued and paid-up capital of the Company as well as its substantial shareholders’ shareholding and is not expected to have a material effect on the earning, net assets and gearing of the Company and the Group for the financial year ending 31 March 2014.
Directors and Major Shareholder’ Interest
None of the other directors and/or major shareholders of the Company or persons connected to the directors and/or major shareholders of the Company have any interest, direct or indirect in the above transaction except:
Mr. Chan Wing Kong, who is nominated by the Company to be represented in NCI and hence will be the common director of the Company and NCI.
This announcement is dated 9 October 2013.