INTRODUCTION
The Board of Directors of Ibraco Berhad (“the Company”) wishes to announce that it has on 16 December 2022 via its wholly owned subsidiary, Ibraco Construction Sdn Bhd (“ICSB”) incorporated a joint venture company, Ibraco KPP Concrete Sdn Bhd (“IKPPSB”) with an initial paid-up capital of RM100,000.00 represented by 100,000 ordinary shares.
IKPPSB is incorporated for the purpose of joint venture with Kamunting Premix Plant Sdn. Bhd, ("KPP") with shareholding structure as below:-
The intended principal activity of IKPPSB is to operate and sales of ready-mix concrete.
EFFECTS OF THE INCORPORATION OF IKPPSB
The incorporation of IKPPSB will not have any material effect on the share capital, shareholding structure, net assets and earnings of the Company.
DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST
None of the directors and/or major shareholders of the Company or persons connected to the directors and/or major shareholders of the Company have any interest, direct or indirect in the said incorporation.
STATEMENT BY DIRECTORS
The Directors of the Company, after having considered all aspects of the aforesaid incorporation, are of the opinion that the aforesaid incorporation are in the best interest of the Company.
This announcement is dated 16 December 2022.