Power Root Berhad (formerly known as Natural Bio Resources Berhad) ("Power Root" or "the Company") wishes to announce that on 27 April 2011, the Company had acquired 100% equity interest in Power Root Distributor Sdn Bhd comprising of 3 ordinary shares of RM1.00 each for a cash consideration of RM3.00 (“Acquisition”).
Power Root Distributor Sdn Bhd is a company incorporated in Malaysia with an issued and paid-up share capital of RM3.00. Power Root Distributor Sdn Bhd's principal activity is that of general trading and distribution of goods. Since its incorporation, the company has been dormant.
The Acquisition is not expected to have a material effect on the net assets, earnings, share capital, dividend and gearing of Power Root for the financial year ending 29 February 2012.
Save for Dato' How Say Swee, Dato’ Low Chee Yen and Dato’ Wong Fuei Boon who each received RM1.00 as consideration for the Acquisition, none of the Directors and/or major shareholders of Power Root Berhad and/or persons connected to them have any interest, direct or indirect, in the Acquisition.
This announcement is dated 28 April 2011.