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OTHERS TFP SOLUTIONS BERHAD (TFP OR THE COMPANY) - INCORPORATION OF A NEW SUBSIDIARY OF THE COMPANY

TFP SOLUTIONS BERHAD

Type Announcement
Subject OTHERS
Description
TFP SOLUTIONS BERHAD (TFP OR THE COMPANY)
- INCORPORATION OF A NEW SUBSIDIARY OF THE COMPANY

                                                                                                

1.         INTRODUCTION

Further to the Company’s announcement made on 21 December 2017.

The Board of Directors of TFP Solutions Berhad (“TFP” or “the Company”) wishes to announce that TFP Soft Sdn Bhd (Formerly known as One Uni Education Sdn Bhd) (“TFP Soft”), the wholly-owned subsidiary of the Company had incorporated a 55% owned subsidiary, TFP Solutions (Bangladesh) Limited in Bangladesh on 11 April 2018.

2.         DETAILS OF TFP SOFT SDN BHD

TFP Soft Sdn Bhd (Formerly known as One Uni Education Sdn Bhd) is a company incorporated in Malaysia with a paid-up capital of RM100,000 and principally involved in Developing and providing Enterprise Business Solutions value added solutions and investment holding.

On 17 January 2018, ProDserv Sdn Bhd changed its company name to One Uni Education Sdn Bhd and from 5 March 2018, One Uni Education Sdn Bhd changed to TFP Soft Sdn Bhd.

3.         DETAILS OF TFP SOLUTIONS (BANGLADESH) LIMITED AND PURPOSE FOR THE INCORPORATION

TFP Solutions (Bangladesh) Limited is a company incorporated in Bangladesh with a paid-up capital of BDT 200,000 equivalent to RM 9,222.

The principal activity of TFP Bangladesh shall include but not limited to the following:

  1. To carry on all kinds of IT related businesses including IT product import and export.
  2. To carry on trade or business of computers software service as agents in all branches and forms and to act as contractors in relation thereto.
  3. To generate software, data processing, data entry operation from any other international reputed organizations of the world that will be exported or supplied to aforesaid companies.
  4. To carry on the business of system design, management and supervision, multi-user products and services, design, supply, installation and including of training and education in computer hardware and software.

 

TFP Soft holds 55% of the initial paid up capital of TFP Solutions (Bangladesh) Limited whereas the balance of 45% are held by the following party: -

No.

Name (Nationality)

Amount in BDT

Percentage (%)

1.

Maestrosoft Limited

BDT 90,000 equivalent to RM 4,150

45%

 

 The Directors of TFP Solutions (Bangladesh) Limited are as follows:

  1.  Dr. Kamrul Ahsan, represented by Maestrosoft Limited;

  2.  Mr Quah Teik Jin, represented by TFP.

 

4.         CONSIDERATION

The investment in the share capital of TFP Solutions (Bangladesh) Limited and its incorporation expenses are financed by internally generated funds.

 

5.         EFFECTS OF THE INCORPORATION OF TFP SOLUTIONS (BANGLADESH) LIMITED

 

The incorporation of TFP Solutions (Bangladesh) Limited does not have any effect on the issued and paid up capital of the Company and the substantial shareholders’ shareholding. The incorporation is not expected to have any material effect on earnings per share nor net assets per share of TFP and its Group for year ending 31 December 2018.

 

6.         DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

 

None of the Directors and/or Major Shareholders of the Company and/or persons connected with Directors and/or Major Shareholders has any interest, direct or indirect, in the incorporation of TFP Solutions (Bangladesh) Limited.

 

7.         STATEMENT BY DIRECTORS

 

The Board of Directors of the Company is of the opinion that the incorporation of TFP Bangladesh is in the best interest of the TFP Group.

 

This announcement is dated 13 April 2018.






Announcement Info

Company Name TFP SOLUTIONS BERHAD
Stock Name TFP
Date Announced 13 Apr 2018
Category General Announcement for PLC
Reference Number GA1-13042018-00030




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