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BRITE-TECH BERHAD (“BTECH” OR “THE COMPANY”) JOINT VENTURE BETWEEN HOOKER CHEMICAL SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF BRITE-TECH BERHAD AND BIO-AQUA AS (“JOINT VENTURE”)

BRITE-TECH BERHAD

TypeAnnouncement
SubjectBRITE-TECH BERHAD (“BTECH” OR “THE COMPANY”)

JOINT VENTURE BETWEEN HOOKER CHEMICAL SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF BRITE-TECH BERHAD AND BIO-AQUA AS (“JOINT VENTURE”)
Contents1. INTRODUCTION

The Board of Directors of BTECH wishes to announce that the Company through its wholly-owned subsidiary, Hooker Chemical Sdn. Bhd. ("HCSB") has on 10 March 2010 entered into a joint venture arrangement with Bio-Aqua AS ("Bio-Aqua") to undertake the business of wastewater and water-based waste tertiary treatment system for the treatment of wastewater or water-based waste produced or generated by palm oil mill industrial site using integrated processes, among others, ozone and fixed film biological reactor.

2. DETAILS OF THE JOINT VENTURE

2.1 Information on the Joint Venture
The Proposed Joint Venture will be undertaken through a joint venture company known as Akva-Tek Sdn. Bhd. ("Akva-Tek") (formerly known as “Ruhrkohle Consultancy (M) Sdn. Bhd.”) which was incorporated in Malaysia as a private limited company under the Companies Act, 1965 on 21 May 1970. The authorized capital of Aqua-Tek is RM200,000.00 comprising of 200,000 ordinary shares of RM1.00 each of which 150,000 shares have been issued and fully paid-up.
HCSB and Bio-Aqua have agreed to their participation in the Joint Venture by way of the following equity structure:

Shareholders Percentage
HCSB 51%
Bio-Aqua 49%
Total 100%

2.2 Information on Bio-Aqua
Bio-Aqua AS is a company incorporated in Denmark and has been involved in water and wastewater treatment, especially in aquaculture and agriculture, in particular animal manure wastewater in Denmark.

3. RATIONALE FOR THE JOINT VENTURE
HCSB and Bio-Aqua have principally agreed to form the Joint Venture to undertake the business of wastewater and water-based waste tertiary treatment system for the treatment of wastewater or water-based waste produced or generated by palm oil mill industrial site using integrated processes, among others, ozone and fixed film biological reactor.

4. SOURCE OF FUNDS
HCSB will finance its obligation in the Joint Venture using internally generated funds and/or financing from banks or financial institutions.

5. EFFECTS OF THE JOINT VENTURE

5.1 Share Capital and Shareholdings of Substantial Shareholders.
The Joint Venture will not have any impact on the share capital and shareholdings of the substantial shareholders in BTECH.

5.2 Net Tangible Assets (NTA)
The Joint Venture will not have any material effect on the NTA of BTECH.

5.3 Earnings and Earnings Per Share (“EPS”)
The Joint Venture is not expected to have any material effect on the earnings of BTECH for the financial year ending 31 December 2010.

6. APPROVAL REQUIRED
The Joint Venture is not subject to approval by shareholders or any other authorities.

7. DIRECTORS' AND/OR SUBSTANTIAL SHAREHOLDERS' INTERESTS
None of the directors and/or substantial shareholders of the Company or persons connected to them have any interest, direct or indirect in the Joint Venture.

8. STATEMENT BY DIRECTORS
The Board of Directors, having considered all relevant factors in the respect of the Joint Venture, is of the opinion that the Joint Venture is in the best interest of the Company.

This announcement is dated 16 March 2010




Announcement Info

Company NameBRITE-TECH BERHAD (ACE Market) 
Stock Name BTECH    
Date Announced16 Mar 2010  
CategoryGeneral Announcement
Reference NoCT-100316-53317



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