We refer to the announcement dated 31 March 2023 (“Announcement”) in relation to the provision of financial assistance in the form of a one-off loan of up to RM1.5 million to Offspring Inc Sdn. Bhd. (“Offspring”), a 51% owned subsidiary of the Company (“Provision of Financial Assistance”).
All definitions used herein shall have the same meanings as the words and expressions defined in the Announcement, except where the context otherwise requires or where otherwise defined herein.
The Board of Directors wishes to announce the following enhanced Directors’ Statement in respect of the Provision of Financial Assistance for clarity purpose:-
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12.
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Directors’ Statement
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The Directors (save for Datuk Noor Azrin Bin Mohd Noor and Datuk Noor Syafiroz Bin Mohd Noor), after having considered all aspects of the Provision of Financial Assistance, are of the opinion that the Provision of Financial Assistance is:-
- in the best interests of the Company;
- fair, reasonable and on normal commercial terms; and
- not detrimental to the interest of the minority shareholders of the Company.
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This announcement is dated 5 April 2023.