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GRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”) - INCREASE IN ISSUED AND PAID-UP SHARE CAPITAL OF SUBSIDIARY COMPANY (“INCREASE IN CAPITAL”)

GRAND-FLO SOLUTION BERHAD

Type

Announcement
SubjectGRAND-FLO SOLUTION BERHAD (“GRAND-FLO” OR “COMPANY”)

- INCREASE IN ISSUED AND PAID-UP SHARE CAPITAL OF SUBSIDIARY COMPANY (“INCREASE IN CAPITAL”)

Contents :

The Board of Directors of Grand-Flo wishes to announce that Simat Mobile Computer Co., Ltd (“SMC”), a 49% owned subsidiary company of Grand-Flo in Thailand will increase its issued and paid-up share capital from BAHT20,000,000 comprising ordinary shares of BAHT10.00 each (“SMC Shares”) to BAHT25,000,000 comprising 2,500,000 SMC Shares by the creation of an additional 500,000 SMC Shares.


Accordingly, Grand-Flo will subscribe for its portion of 245,000 new SMC Shares at par via cash. The shareholdings of Grand-Flo in SMC will remain at 49% after the Increase in Capital.

The remaining 255,000 new SMC Shares will be subscribed by the respective remaining shareholders of SMC. The proceeds will be utilised for working capital purposes of SMC.

The Increase in Capital will not have any effect on the issued and paid-up share capital of Grand-Flo, the substantial shareholders’ shareholdings of Grand-Flo, consolidated net tangible assets of Grand-Flo and will not have any material effect on the earnings per share of the Grand-Flo group for the financial year ending 31 December 2005.

With regards to the above, Thongkam Manasilapapan, Tan Bak Hong, Tan Bak Leng and Tan Chuan Hock (collectively referred to as “Interested Directors”) are deemed interested in the Increase in Capital as they sit on both the Boards of Directors of Grand-Flo and SMC. Accordingly, the Interested Directors have abstained and will continue to abstain from participating in both Boards’ deliberations pertaining to the Increase in Capital.

Save for the Interested Directors, none of the Directors of Grand-Flo and persons connected to them have any interest, direct or indirect, in the Increase in Capital.

This announcement is dated 8 July 2005.



Announcement Info

Company NameGRAND-FLO SOLUTION BERHAD (MESDAQ Market) 
Stock Name GRANFLO    
Date Announced8 Jul 2005  
CategoryGeneral Announcement
Reference NoCM-050708-63041



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