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| Further to the announcement on 20 June 2008 (Ref No: CM-080619-57798), in respect of the Joint Venture arrangement entered into between its wholly-owned subsidiary, Icon Line (Malaysia) Sdn Bhd with Ms Juliana Eddy, Mr. Herman and Mr Eddy Chuwardi from Indonesia to provide integrated freight and logistic services under the entity, PT. Icon Freight Indonesia, the Board of Directors of the Company wishes to announce that its wholly-owned subsidiary, Icon Line (Malaysia) Sdn Bhd has received the approval letter from Indonesian Investment Coordinating Board (Badan Koordinasi Penanaman Modal Indonesia ("BKPM")) for the change of status of PT Icon Freight Indonesia from a Non Penanaman Modal Dalam Negeri/Penanaman Modal Asing (Non PMDN/PMA) to a Penanaman Modal Asing (PMA) Company. |
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Announcement Details :
Further to the announcement on 20 June 2008 (Ref No: CM-080619-57798), in respect of the Joint Venture arrangement entered into between its wholly-owned subsidiary, Icon Line (Malaysia) Sdn Bhd with Ms Juliana Eddy, Mr. Herman and Mr Eddy Chuwardi from Indonesia to provide integrated freight and logistic services under the entity, PT. Icon Freight Indonesia, the Board of Directors of the Company wishes to announce that its wholly-owned subsidiary, Icon Line (Malaysia) Sdn Bhd has received the approval letter from Indonesian Investment Coordinating Board (Badan Koordinasi Penanaman Modal Indonesia ("BKPM")) for the change of status of PT Icon Freight Indonesia from a Non Penanaman Modal Dalam Negeri/Penanaman Modal Asing (Non PMDN/PMA) to a Penanaman Modal Asing (PMA) Company.
The share capital of PT. Icon Freight Indonesia on becoming a PMA Company will be as follows:-
Authorised share capital: Rp18,000,000,000.00
Issued share capital : Rp 4,500,000,000.00
Paid up share capital : Rp 4,500,000,000.00
The shareholding structure will be as follows:-
i) Icon Line (Malaysia) Sdn Bhd : Rp2,205,000,000.00 - (49%)
ii) Sdr. Nengah Rama Gaurama : Rp 585,000,000.00 )
iii) Sdri. Juliana Eddy : Rp 450,000,000.00 ) - (51%)
iv) Sdr. Eddy Chuwardi : Rp 990,000,000.00 )
v) Sdr. Herman : Rp 270,000,000.00)
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Total Rp 4,500,000,000.00
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Rationale for the investment in Indonesia
The purpose of the above investment is to enable the Group to venture into freight and logistic business overseas.
Financial Effects of the Transactions
The transaction does not have any effect on the issued and paid up capital of the Company or on the shareholdings of the major shareholders and is not expected to have any material impact on FMH Group's earning and net assets for the financial year ended 30/6/2008.
Directors' and Major Shareholders' Interests
None of the Directors, major shareholders of the Company and/or persons connected with them has any interest, direct and/or indirect in the Joint Venture arrangement.
Directors' Statement
The Directors of the Company are of the opinion that the investment in Indonesia is in the best interest of the Company.
Financial effect on the investment in Indonesia
The investment will not have any effect on the issued and paid up share capital of the Company or on the shareholdings of the major shareholders. It will not have any material impact on the earnings and net assets of the Company and its subsidiaries.
Departure from the Policies and Guidelines on Issue/Offer of Securities of the Securities Commission ("SC Guidelines")
The Board is not aware of any departure from Securities Commission's Policies and Guidelines.
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