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Further to the Company’s announcement on 6 April 2010 (Ref No. CU-100406-53284), the Board of Directors of the Company wishes to announce that its wholly-owned subsidiary, Icon Line (Malaysia) Sdn Bhd has made a capital contribution of Vietnam dongs Two Hundred Fifty Five Million (VND255,000,000) in cash to the capital of Icon Freight Services Company Limited, a joint venture company in Ho Chi Minh City, Vietnam representing 51% of the issued and paid up share capital of Icon Freight Services Company Limited.
Upon completion of the capital contribution, Icon Freight Services Company Limited will be a 51% owned subsidiary of Icon Line (Malaysia) Sdn Bhd.
i) Financial effects on the Investment in Vietnam
The investment is not expected to have a material effect on the earnings and net assets of the Company and its subsidiaries for the financial year ending 30 June 2011.
ii) Directors’ and Major Shareholders’ Interest
None of the Directors, major shareholders of the Company and/or persons connected with them has any interest, direct and/ or indirect in the said investment.
iii) Approval Required
The investment is not subject to the approval of any relevant government authorities or shareholders.
iv) Statement by Directors
The Board of Directors of the Company is of the opinion that the above investment is in the best interest of the Company. The Board is not aware of any departure from the Securities Commission’s Guidelines arising from the investment.
This announcement is dated 1 July 2010. |
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