NOVA MSC BERHAD
03 Apr 2012
|Description||Incorporation of New Subsidiary, namely novaSOLUTIONS (Philippines) Inc, in Philippines|
The Board of Directors of Nova MSC Berhad (“the Company”) wishes to inform that the Company had incorporated a wholly-owned subsidiary in the Republic of The Philippines under the name of “novaSOLUTIONS (Philippines), Inc” (“NSP”). The Certificate of Incorporation of NSP was received on 2 April 2012.
1. Information on NSP
The authorized capital stock of NSP is Philippine Pesos Eight Hundred Thousands (PHP800,000.00) only divided into 800,000 shares of PHP1.00 each, of which 800,000 shares have been issued at par and fully paid-up.
The Company had subscribed for 799,995 shares while the remaining 5 shares are held by the 5 directors in NSP with each director holding one (1) share each. The five directors in NSP are:-
|Name||Number of shares in NSP|
|Chan Wing Kong||1|
|Tan Chih Thong||1|
|Jasper L. Laguerta||1|
|Herbert J. Omana||1|
|Jessica L. Rosales||1|
The principal activity of NSP is to provide information technology expertise/consultancy services to foreign and local entities.
2. Rationale for the Incorporation of NSP
The incorporation of NSP is for the purpose of future expansion of business.
3. Financial Effect of the Incorporation of NSP
The incorporation of NSP will not have any effect to the issued and paid-up capital of the Company as well as its substantial shareholders’ shareholdings 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 ended 31 March 2012.
4. Directors and Major Shareholders’ Interest
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 except:-
Mr Chan Wing Kong, who is nominated by the Company to be represented in NSP and hence will be the common shareholder and director of the Company and NSP.
This announcement is dated 3 April 2012.
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