NOVA MSC BERHAD
2 Mar 2010
|Subject||Investment in Brunei|
|Contents||We refer to the announcement dated 13 February 2009 in relation to the Joint Venture Agreement signed with Pengiran Anak Haji Abdul Wadood Bolkiah for the establishment and operation of a Joint Venture Company in Brunei Darussalam.
Pursuant thereto, the Board of Directors of Nova MSC Berhad (“Company”) is pleased to announce that the Company had on 2nd March 2010 subscribed for a 40% equity interest in a newly incorporated company in Brunei Darussalam namely B-Nova Sdn Bhd (“B-Nova”).
The issued and paid-up share capital of B-Nova is B$30,000 divided into 30,000 shares of B$1 each. The Company had subscribed for 12,000 ordinary shares of B$1 each for a total consideration of B$12,000 in B-Nova, representing a 40% equity interest whilst the remaining 60% equity interest of B-Nova is held by Pengiran Anak Haji Abdul Wadood Bolkiah.
The main focus of B-Nova is to market and deliver practical Information Technology solutions with the primary focus to sell and implement the Company’s product and services in Brunei Darussalam.
The investment of B-Nova will not have any material effect on the share capital, shareholding structure, gearing, net assets per share and earnings per share of Nova for financial year ending 31 March 2010.
Save for Mr Chan Wing Kong who is the common director of the Company and B-Nova, none of the other directors and/or major shareholders of Nova or persons connected to the directors and/or major shareholders of Nova have any interest, direct or indirect in the above transaction.
This announcement is dated 2nd March 2010.
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