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ASIA BIOENERGY TECHNOLOGIES BERHAD ("ABT" OR THE "COMPANY") PROPOSED SUBSCRIPTION OF SHARES IN ASIABIO ZYMESCIENCE SDN BHD

ASIA BIOENERGY TECHNOLOGIES BERHAD

Admission SponsorKenanga Investment Bank Bhd
SponsorSame as above
TypeAnnouncement
SubjectASIA BIOENERGY TECHNOLOGIES BERHAD ("ABT" OR THE "COMPANY")

PROPOSED SUBSCRIPTION OF SHARES IN ASIABIO ZYMESCIENCE SDN BHD
ContentsThe Board of Directors of Asia Bioenergy Technologies Berhad (“ABT” or “ABT Group”) wishes to announce that ABT will be subscribing 99,998 new ordinary shares in Asiabio ZymeScience Sdn Bhd (“ZymeScience”) (“Proposal”).

ZymeScience was incorporated in Malaysia on 12 June 2008. Its present authorized share capital is RM100,000 comprising 100,000 ordinary shares of RM1.00 each of which RM2 comprising two (2) ordinary shares of RM1.00 each have been fully paid up and is held by Asiabio Zyme Solutions Sdn Bhd (“AZS”), a 36.8% associated company of ABT Group. ZymeScience proposes to issue 99,998 new ordinary shares of RM1.00 each to ABT. After the Proposal, ZymeScience will be a subsidiary of ABT.

ZymeScience is a biotechnology solutions company specializing in the production and use of microorganisms in agriculture, horticulture, animal husbandry and aquaculture. The Proposal represents the Group’s direct involvement into microbial bio-technology allowing the Group to participate in, groom and expand the business of ZymeScience. ZymeScience will concentrate on product manufacturing whilst AZS will continue to market the products as well as being involved in the development and sale of the microbial technology. The proceeds from the Proposal are to be used for ZymeScience’s working capital and expansion purposes.

The Proposal will not have any effect on the share capital, shareholdings of major shareholders, net assets per share, gearing and dividend policy of ABT Group. Barring any unforeseen circumstances, the Proposal is expected to contribute positively to the future earnings of the Company. There are no liabilities, including contingent liabilities or guarantees expected to be assumed by ABT for the Proposal. The Board of Directors of ABT is of the opinion that the Proposal is in the best interest of ABT Group.

None of the Directors or major shareholders of ABT or persons connected to the Directors and/or major shareholders of ABT have any interest, direct or indirect, in the Proposal. The Proposal is expected to be completed within one (1) month from the date of this announcement.

Kenanga Investment Bank Berhad is currently the sponsor of ABT.

This announcement is dated 28 September 2010.


Announcement Info

Company NameASIA BIOENERGY TECHNOLOGIES BERHAD (ACE Market) 
Stock Name ASIABIO    
Date Announced28 Sept 2010  
CategoryGeneral Announcement
Reference NoMI-100928-35228



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