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WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR ADVANCECON HOLDINGS BERHAD (ADVANCECON OR THE COMPANY) - MEMBERS VOLUNTARY WINDING-UP OF ITS WHOLLY-OWNED SUBSIDIARY COMPANY, NAMELY INSPIRASI HEBAT SDN BHD

ADVANCECON HOLDINGS BERHAD

Type Announcement
Subject WINDING UP / RECEIVER & MANAGER / RESTRAINING ORDER / SPECIAL ADMINISTRATOR
Description
ADVANCECON HOLDINGS BERHAD (ADVANCECON OR THE COMPANY)
- MEMBERS VOLUNTARY WINDING-UP OF ITS WHOLLY-OWNED SUBSIDIARY COMPANY, NAMELY INSPIRASI HEBAT SDN BHD

1. Introduction

 

Pursuant to Paragraph 9.19(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Advancecon Holdings Berhad (“Advancecon” or “the Company”) wishes to announce that Advancecon, being the holding company of Inspirasi Hebat Sdn Bhd (“IHSB”) (“the Subsidiary”), a wholly-owned subsidiary of Advancecon, had on 17 September 2019 held the Extraordinary General Meeting (“EGM”) and resolved that IHSB be wound up by way of Members’ Voluntary Winding-Up, pursuant to Section 439(1)(b) of the Companies Act, 2016.

 

 

2. Information on ISSB

 

No.

Name of Company

Place and Date of Incorporation

Principal Activities prior to becoming dormant

Issued share capital

(RM)

Total Investment Cost

(RM)

Equity
Effective Interest

(%)

1

 IHSB

Malaysia,

9 April 1996

IHSB was principally in the business of providing on-site rock crushing services. IHSB has ceased its operations and become dormant since 2016.

100,000

100,000

100

 

3. Rationale for the Winding-Up

 

The Winding-Up of IHSB is part of Advancecon’s efforts to streamline operations and to save future costs associated with maintaining the Subsidiary.

 

4. Information on Liquidator

 

At the EGM of IHSB, both Mr. Tan Kee Huat and Ms. Lam Lee San, both of Norvic Corporate Services Sdn. Bhd. and having its principal place of business at Wisma Goshen, 2nd Floor, 60, 62 & 64, Jalan SS 22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan, had been appointed as the Liquidators of IHSB, for the purpose of such Winding-Up.

 

5. Effects of the Winding Up

 

The Winding Up will not have any material effect on the share capital and shareholdings of the substantial shareholders of Advancecon and will not have any material financial impact on the gearing, earnings and net assets of Advancecon Group for the financial year ending 31 December 2019.

 

IHSB is not a major subsidiary of the Company.

 

6. Interest of Directors, Major Shareholders and Person Connected

 

None of the directors, major shareholders of Advancecon and/or persons connected to them have any interest, direct or indirect, in the Winding-Up of IHSB.

 

Further announcement on the development of the above matter will be announced to Bursa Malaysia Securities Berhad in due course.

 

This announcement is dated 17 September 2019.






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 17 Sep 2019
Category General Announcement for PLC
Reference Number GA1-17092019-00069




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