30 Apr 2013

Type Announcement
Subject OTHERS
Description Investment In Taiwan

The Company is pleased to announce that novaCitynets Pte Ltd (“novaCIYTNETS”), a wholly owned subsidiary of the Company, had invested NT700,000 (approximately RM72,000), representing an equity interest of 70%, in a Limited Liability Company, incorporated under the relevant law of Taiwan, called novaBIM Limited (“novaBIM”) in Taiwan. The remaining 30% equity interests in novaBIM are owned by other Taiwanese individuals.

novaCITYNETS had also nominated Mr Tan Yew Soon and Mr Tan Chih Thong as the Group’s representatives in the Board of Directors in novaBIM.

The main focus of novaBIM is to market and deliver Building Information Model services and related solutions in Taiwan.

Effects of the Investment 

  1. a) On Share Capital and Substantial Shareholders’ Shareholding

The investment will not have any effect on the share capital and substantial shareholders’ shareholding of Company as the investment does not involve any allotment or issuance of new shares by the Company.
b) On Earnings Per Share, Net Assets Per Share and Gearing

Prior to award of any new material contract, the investment is not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of Company for the current financial year ending 30 March 2014.

Approvals required

novaCITYNETS had obtained the approval from the Ministry of Economic Affairs Investment Commission in Taiwan pursuant to the statute for Investment by Foreign Nationals. Save as above, the Investment does not require approval from the shareholders of the Company or any relevant authorities.

Directors’ and Major Shareholder’s Interests

None of the other directors and/or major shareholders of Company or persons connected to the directors and/or major shareholders of Company have any interest, direct or indirect in the above transaction.

This announcement is dated 30 April 2013

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