CBHB is pleased to announce that on 16 October 2017, its wholly owned subsidiary Crest Builder International Sdn Bhd has acquired 510 Ordinary Shares of RM1.00 each, representing 51% of the total issued and paid up share capital of K L Waterfront Development Sdn Bhd (?KL Waterfront?) for a cash consideration of RM510.00.
2. Information on K L Waterfront
K L Waterfront was incorporated in Malaysia on 1 March 2016 under the Companies Act, 1965. The authorised share capital of K L Waterfront is RM400,000.00 consisting of 400,000 Ordinary Shares of RM1.00 each. The issued and paid-up share capital is RM1,000.00 divided into 1,000 Ordinary Shares of RM1.00 each.
K L Waterfront has not commenced operation.
3. Effects of the Acquisition
The Acquisition will not have any material impact on the earnings and net tangible assets of the Company for the financial year ending 31 December 2017. The Acquisition will not have any effect on the share capital and shareholders' shareholdings as the Acquisition is by cash.
4. Approvals Required
No approval from any authorities or shareholders of the Company is required for the Acquisition.
5. Directors' and Substantial Shareholders' Interest
None of the directors and substantial shareholders of CBHB or persons connected to them have any interest, direct or indirect, in the Acquisition.
6. Directors' Statement
The Board of Directors of CBHB is of the opinion that the Acquisition is in the best interest of the Company.
This announcement is dated 16 October 2017.