OTHERS Investment in United Arab Emirates

31 Jul 2015

The Board of Directors of Nova MSC Bhd (“the Company”) is pleased to announce that the Company’s wholly owned subsidiariy, novaHEALTH Pte Ltd (“NH”), via its nominee Mr Lai Teik Kin, has subscribed for 245 cash shares of AED 1,000 each, representing 49% of equity in a newly incorporated company called Estemarat Information Technology LLC (“EIT”) in United Arab Emirates (“UAE”). The information on the incorporation and EIT’s Trading License dated 28 July 2015 was received by the Company on 30 July 2015.

1. Information on EIT
The capital of EIT is AED Five Hundred Thousands (500,000) divided into Five Hundred equal cash shares (500) and the value of each cash share is AED One Thousand (1,000).

The capital of the EIT is divided in the following manner:

Name No of shares in NSP Percentage
NH 245 49%
Estemarat Services LLC@ 255 51%

@ Estemarat Services LLC (Company No. 608700) is a private limited company incorporated in United Arab Emirates and having its business office at P.O. Box 4083, Sharjah. It is principally involved in the business of providing counter services management and consultancy and counter services.

The principal activity of EIT is to provide information technology expertise/consultancy solution, including development of certain software applications and platforms which will be available to subscribers via the internet on a pay-per-use basis, in UAE.

2. Rationale for the Incorporation of EIT
The incorporation of EIT is for the purpose of future expansion of business.

With the investment, NH will be the leading implementation partner for EIT for any IT-related businesses and will provide pre-sales, project implementation and second level technical maintenance support.

3. Financial Effect of the Investment in EIT
a) On Share Capital and Substantial Shareholders’ Shareholding

The investment will not have any effect on the share capital and substantial shareholders’ shareholding of the 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 execution of any formal subcontractor agreement, the investment is not expected to have any immediate material effect on the earning per share, net assets per share and gearing of the Company for the current financial year ending 31 March 2016.

4. Directors and Major Shareholders’ Interest
None of the 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 31 July 2015

Comments are closed.