News
Transactions (Chapter 10 Of Listing Requirements) : Non Related Party Transactions
Type | Announcement |
Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
Description |
Freight Management Holdings Bhd - Subscription of Shares in Hubwire Sdn. Bhd. |
INTRODUCTION Pursuant to Paragraph 10.05 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Freight Management Holdings Bhd (‘”FMHB” or “the Company”) wishes to announce that FM Global Logistics Ventures Sdn. Bhd. (Formerly known as Icon Line (Malaysia) Sdn. Bhd.) (“FMGLV”), a wholly-owned subsidiary of FMHB, has on 6 July 2015 entered into a Subscription and Shareholders’ Agreement (“the Agreement”) with the following persons for the subscription of 258,352 new ordinary shares of RM1.00 each in Hubwire Sdn. Bhd. (Company No. 1070185-P) (“HSB”), a company incorporated under the Companies Act, 1965, for cash of RM1,600,000.00 (“Subscription of Shares”):
The business activities of HSB comprise multi-channel information technology (“IT”) retail management and IT solutions, e-commerce and other related business in Malaysia and Asia Pacific. Upon the completion of the Subscription of Shares, the shareholdings of HSB will be as follows:
RATIONALE FOR THE TRANSACTION The subscription of shares will allow FMGLV to be involved in e-commerce logistics services.
SOURCE OF FUNDING The Subscription of Shares is funded through internally generated funds.
EFFECTS OF THE SUBSCRIPTION OF SHARES The Subscription of Shares is not expected to have any material impact on the earnings per share, net assets per share and gearing of the Group for the financial year ending 30 June 2016. The Subscription of Shares will not have any effect on the share capital and substantial shareholders’ shareholdings of the Company.
APPROVALS REQUIRED The Subscription of Shares is not subject to the approval of the shareholders of the Company or the approval of any relevant authorities in Malaysia.
INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED None of the directors and/or major shareholders and/or persons connected with a director or major shareholder of the Company has any interest, direct and/or indirect, in the Subscription of Shares.
STATEMENT BY DIRECTORS The Board of Directors of the Company is of the opinion that the Subscription of Shares is in the best interest of the Company. This announcement is dated 6 July 2015.
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Announcement Info
Company Name | FREIGHT MANAGEMENT HOLDINGS BERHAD |
Stock Name | FREIGHT |
Date Announced | 06 Jul 2015 |
Category | General Announcement for PLC |
Reference Number | GA1-25062015-00027 |