NOVA MSC BERHAD
12 Mar 2014
|Description||Transfer of Shares In Subsidiary|
The board of directors (the “Board”) of Nova MSC Berhad (the “Company” and together with its subsidiaries, the “Group”) wishes to announce that the Company has transferred 100 ordinary shares held in novaCITYNETS International Pte Ltd (“NCI”), representing 100% of the total issued and paid up shares in NCI, to another wholly owned subsidiary novaCITYNETS Pte Ltd (“NCN”) for a consideration of S$100 today (the “Transfer”).
The Transfer was undertaken to streamline the structure and operations of the Group. Following the Transfer, the Company will continue to have 100% effective interest in both NCI and NCN.
The Transfer is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current financial year ending 31 March 2014.
None of the Directors or controlling shareholder of the Company has any interest, direct or indirect, in the Transfer, other than through their shareholdings (if any) in the Company.
This announcement is dated 12th March 2014
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