General Announcement
Reference No CC-070105-64722 |
| Stock Name |
: FRONTKN |
| Date Announced |
: 05/01/2007 |
| Type |
: Announcement |
| Subject |
: INCORPORATION OF SUBSIDIARY |
| |
| Contents : |
Frontken Corporation Berhad ("Frontken" or "the Company") wishes to inform that its indirect wholly- owned subsidiary, Frontken Malaysia Sdn Bhd ("FMSB"), had on 4 January 2007 incorporated a subsidiary known as Frontken Petroleum Sdn Bhd ("FPSB") to undertake the business of marketing the Group's surface metamorphosis services in Malaysia.
Currently, the authorised share capital of FPSB is RM100,000 comprising 100,000 ordinary shares of RM1 each, of which RM2 comprising 2 ordinary shares of RM1 each has been issued and paid-up. FMSB holds 1 share in FPSB while the other share is held by a Bumiputera partner. FMSB will be subscribing for an additional 54,999 ordinary shares of RM1 each in FPSB at par, representing 55% of the enlarged share capital, whilst the Bumiputera partner will be subscribing for 44,999 ordinary shares of RM1 each in FPSB.
The incorporation will not have any material impact on the consolidated earnings and net assets per share of Frontken for the financial year ending 31 December 2007.
None of the Directors and substantial shareholders of Frontken and/or persons connected with them, has any interest, direct or indirect, in the incorporation.
The incorporation is not subject to the approval of shareholders or any governmental authority.
The Directors of the Company are of the opinion that the incorporation is in the best interest of the Company.
The Certificate of Incorporation of FPSB was received by the Company on 5 January 2007
Date : 5 January 2007
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