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OTHERS SUNZEN BIOTECH BERHAD ("SUNZEN" OR "THE COMPANY") - RESTRUCTURING OF SUBSIDIARY, SUNZEN INTERNATIONAL SDN. BHD. (FORMERLY KNOWN AS SUNZEN ASIA URETHANES SDN. BHD.)

SUNZEN BIOTECH BERHAD

Type Announcement
Subject OTHERS
Description
SUNZEN BIOTECH BERHAD ("SUNZEN" OR "THE COMPANY") 
- RESTRUCTURING OF SUBSIDIARY, SUNZEN INTERNATIONAL SDN. BHD. (FORMERLY KNOWN AS SUNZEN ASIA URETHANES SDN. BHD.)

Introduction

The Board of Directors of Sunzen wishes to announce that on 8 February 2021, its wholly-owned subsidiary, Sunzen International Sdn. Bhd. (formerly known as Sunzen Asia Urethanes Sdn. Bhd.) [“SISB”] has undertaken an internal restructuring by increasing its total issued share capital and allotting an additional 999,900 ordinary shares at an issue price of RM0.10 each to the following parties (“Proposed Restructuring”):-

Name of Shareholder

No. of Shares held in SISB

Percentage of Shareholding in SISB

Sunzen Biotech Berhad

510,000

51%

Dato’ Tan Chee Hong

250,000

25%

Gan Yew Sheng

240,000

24%

Total

1,000,000

100%

Consequent to the Proposed Restructuring, the Company has reduced its shareholding in SISB from 100% to 51%. SISB shall become a 51%-owned subsidiary of Sunzen.

Information of SISB

SISB was incorporated on 30 September 2014 and remain dormant since its incorporation. In conjunction with the restructuring exercise, SISB has changed its nature of business from an investment holding to retail, wholesale, distribution and trading of lifestyle drinks, health and herbal drinks, health supplements, functional foods, bird’s nest, beauty and skin care products.

Rationale for the Proposed Restructuring

The Proposed Restructuring will enable Sunzen group of companies (“Group”) to leverage on the current manufacturing and trading capabilities of the Group, together with the exposure and expertise of the new shareholders of SISB to further expand the Group’s traditional Chinese medicine and herbal health foods and beverages business segment. SISB will target both the domestic and international markets, particularly the East Asian and South East Asian markets, to promote the Group’s products.

Financial Effects of the Proposed Restructuring

The Proposed Restructuring will have no effect on the issued share capital and substantial shareholders’ shareholding of the Company.

The Proposed Restructuring is not expected to have any material effect on Sunzen Group’s earnings per share, net assets per share and gearing for the financial year ending 31 December 2021.

Interest of Director and/or Major Shareholder and/or Persons Connected to them

Dato’ Tan Chee Hong and Gan Yew Sheng do not have any family relationship with any Director and/ or major shareholders of Sunzen, nor do they have any conflict of interest with Sunzen.

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

Statement by Directors

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

Approvals Required

The Proposed Restructuring is not subject to the approval of the shareholders of Sunzen and/or any governmental authorities.

 

This announcement is dated 8 February 2021.






Announcement Info

Company Name SUNZEN BIOTECH BERHAD
Stock Name SUNZEN
Date Announced 08 Feb 2021
Category General Announcement for PLC
Reference Number GA1-08022021-00071




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