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OTHERS SUNZEN BIOTECH BERHAD ("SUNZEN" OR "THE COMPANY") - ACQUISITION OF SHARES IN SUNZEN AGRITECHNOLOGY (NORTHERN) SDN. BHD.

SUNZEN BIOTECH BERHAD

Type Announcement
Subject OTHERS
Description
SUNZEN BIOTECH BERHAD ("SUNZEN" OR "THE COMPANY")
- ACQUISITION OF SHARES IN SUNZEN AGRITECHNOLOGY (NORTHERN) SDN. BHD.

The Board of Directors of Sunzen wishes to announce that its wholly-owned subsidiary, Sunzen Feedtech Sdn. Bhd. (Company No. 782887-K) ("SFSB"), had on 16 October 2018, acquired the remaining 49 ordinary shares representing 49% of the total issued share capital of its 51% owned subsidiary Company namely, Sunzen Agritechnology (Northern) Sdn. Bhd. (Company No. 1238788-V) ("SASB") from Arah Kawasan Sdn. Bhd. (Company No. 353399-M), for a total cash consideration of RM49.00 ("Acquisition of Shares").

Consequent to the Acquisition of Shares, SASB shall become a wholly-owned subsidiary of SFSB, which in turn a wholly-owned subsidiary of Sunzen.

SASB was incorporated on 14 July 2017 and its total issued share capital is RM100.00. The principal activity of SASB is manufacturing and trading of biomass materials and fertiliser as well as manufacture and distribution of house brands products.

The Acquisition of Shares would not have any material effects on Sunzen Group’s earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding for the financial year ending 31 December 2018.

None of the directors or major shareholders of Sunzen or persons connected with them has any interest, whether direct or indirect in the Acquisition of Shares.

Having considered all aspect, the Board of Directors of Sunzen is of the opinion that the Acquisition of Shares is in the best interest of Sunzen.

This announcement is dated 16 October 2018.






Announcement Info

Company Name SUNZEN BIOTECH BERHAD
Stock Name SUNZEN
Date Announced 16 Oct 2018
Category General Announcement for PLC
Reference Number GA1-16102018-00049




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