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Advances To Wholly-Owned Subsidiary Company, V.S. Holdings (M) Ltd, for Its Investment In PT. GY Plantation Indonesia

V.S. INDUSTRY BERHAD

Type

Announcement
SubjectAdvances To Wholly-Owned Subsidiary Company, V.S. Holdings (M) Ltd, for Its Investment In PT. GY Plantation Indonesia

Contents :

Further to the Company’s announcement to the Exchange on 7 March 2006 on the advances to its wholly-owned subsidiary company, V.S. Holdings (M) Ltd, for the investment in PT. GY Plantation Indonesia, the Board of Directors of V.S. Industry Berhad ("VSI") wishes to announce the following:-



1. Further Advances To Subsidiary Company For Investment In Indonesia

    VSI had on 3 May 2006 made further advances of USD510,000.00 to its wholly-owned subsidiary, V.S. Holdings (M) Ltd ("VSH"), a company incorporated in Mauritius. The said amount will be used as share application monies to further subscribe for an additional 510,000 new ordinary shares of USD1.00 each at par for a cash consideration of USD510,000.00, which represents 51% of the proposed additional paid-up capital of 1,000,000 ordinary shares of USD1.00 each of PT. GY Plantation Indonesia ("PTGY"). The issued and paid-up capital of PTGY after the above proposed increase would be USD5,500,000.00 divided into 5,500,000 ordinary shares of USD1.00 each.

2. Method of Financing
    The abovementioned advances were by way of cash from internally generated fund.
    3. Rationale for the Advances

    The advances to VSH are to finance VSH’s proposed further investment in PTGY for purposes of supporting PTGY’s planting activities and meeting its working capital requirements.


    4 Details of PTGY

    There is no change to the shareholders of PTGY since the last announcement to the Exchange on 7 March 2006 and their shareholdings as a result of the proposed increase in paid up capital of PTGY would be as follows:

    The authorised capital of PTGY is USD5,500,000.00 divided into 5,500,000 ordinary shares of USD1.00 each. The issued and paid-up share capital of PTGY would be USD5,500,000.00 divided into 5,500,000 ordinary shares of USD1.00 each of which 2,805,000 ordinary shares representing 51% of the paid-up share capital is held by VSH and the remaining 2,695,000 ordinary shares representing 49% is held by the following shareholders:-

    Name of shareholders No. of shares Percentage (%)

    Gan Sem Yam 1,100,000 20
    Gan Chu Cheng 1,100,000 20
    Gan Tiong Sia 275,000 5
    Gan Chong Thai @ Gan To 55,000 1
    Mohamad Bin Yusof 55,000 1
    Tan Hock Leng 110,000 2
    --------------- ---------
    2,695,000 49
    ========= ======


    The directors of PTGY are Mr Gan Sem Yam and Madam Gan Chu Cheng who are also directors and substantial shareholders of VSI. Mr Gan Sem Yam, Madam Gan Chu Cheng, Mr Gan Tiong Sia and Mr Gan Chong Thai @ Gan To are siblings.

    Encik Mohamad Bin Yusof is also a director and shareholder of VSI.


    5. Effects of the advances to VSH

    The advances do not have any effect on the issued and paid-up share capital of VSI and the Substantial Shareholders’ Shareholding. The advances also do not have any material impact on the Net Assets and earnings of the VSI’s Group of Companies.


    6. Approval Required

    The advances to VSH are not subject to the approval of the shareholders of VSI and of any other authorities.


    7. Directors’ and Substantial Shareholders’ Interest

    Save as disclosed in item 4, no other directors and/or substantial shareholders of VSI and persons connected to them, have any interest, direct or indirect, in the abovementioned advances to VSH.


    8. Statement by Directors

    The Directors after taking into consideration all financial and other factors, are of the opinion that the advances to VSH are in the best and long term interests of VSI.
    This announcement is made on 03/05/2006


    Announcement Info

    Company NameV.S. INDUSTRY BERHAD  
    Stock Name VS    
    Date Announced3 May 2006  
    CategoryGeneral Announcement
    Reference NoVI-060502-61792



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