OTHERS INCORPORATION OF 10 WHOLLY-OWNED SUBSIDIARIES BY LIM KET LENG MARKETING SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
|CLASSIC SCENIC BERHAD|
INCORPORATION OF 10 WHOLLY-OWNED SUBSIDIARIES BY LIM KET LENG MARKETING SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
The Board of Directors of Classic Scenic Berhad (“CSCENIC” or “the Company”) wishes to announce that the Company’s wholly-owned subsidiary, Lim Ket Leng Marketing Sdn Bhd had incorporated 10 wholly-owned subsidiaries as stated below, for the purpose of expanding the business into the retail industry, particularly the food and beverages (“F&B”) services industry.
As of the date of this announcement, the total issued share capital of each of the 10 wholly-owned subsidiaries is RM1.00 comprising of 1 ordinary share. The incorporation of the 10 wholly-owned subsidiaries is not expected to have any material effect on the earnings per share, net assets per share as well as the gearing of the Company for the financial year ending 31 December 2023.
The incorporation of the 10 wholly-owned subsidiaries is also not subject to the approval of shareholders of the Company. Nevertheless, in the event that there is a diversion of 25% or more of the Company's net assets to the F&B business (retail industry), or the contribution from the F&B business (retail industry) is 25% or more of the net profits of the CSCENIC, the Company will seek shareholders' approval pursuant to Paragraph 10.13(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
None of the Directors, major shareholders of the Company and/or persons connected with them has any interest in the incorporation of 10 wholly-owned subsidiaries.
This announcement is dated 20 November 2023.
|Company Name||CLASSIC SCENIC BERHAD|
|Date Announced||20 Nov 2023|
|Category||General Announcement for PLC|