| Company Name | : | PELANGI PUBLISHING GROUP BHD. |
| Stock Name | : | PPG |
| Date Announced | : | 08th October 2009 |
| Type | : | Announcement |
| Subject | : | PELANGI PUBLISHING GROUP BHD (“PPG”)- Incorporation of new subsidiary company, Dickens Publishing Ltd (“Incorporation”) |
| Contents | : | On behalf of the Board of Directors of Pelangi Publishing Group Bhd (”PPG or the Company”), we wish to announce that the Company had on 29 September 2009 incorporated a wholly-owned subsidiary company in England & Wales under the name of Dickens Publishing Ltd (“Dickens”). |
Announcement Details :
1.0 DETAILS OF THE INCORPORATION
Dickens was incorporated under the England and Wales Companies Act 1985 and is taken to be registered in England and Wales as a private limited company on 29 September 2009. Dickens has an issued and paid-up share capital of GBP 1,000-00 comprising 1,000 ordinary shares of GBP 1-00 each which PPG is the sole shareholder with 100% shareholding. The investment of GBP 1,000-00 in Dickens will be financed by internally generated fund.
2.0 RATIONALE
It is part of PPG’s plans to venture into the European market and with the incorporation of Dickens as the stepping stone, PPG’s goal of recognition as the renowned brand of publishing worldwide will be a step nearer.
3.0 FINANCIAL EFFECTS OF THE INCORPORATION
3.1 Share Capital
The Incorporation will not have any effect on the share capital of PPG.
3.2 Substantial Shareholders
The Incorporation will not have any effect on the composition of substantial shareholder’s shareholdings of PPG.
3.3 Net Assets per share and Gearing
The Incorporation will not have any effect on the Net Assets per share and Gearing of PPG.
4.0 STATEMENTS BY THE BOARD OF DIRECTORS
The Board of Directors of PPG, having taken into consideration all aspects of the Incorporation and is of the opinion that the Incorporation is in the best interest of the Company and its shareholders.
5.0 COMPLIANCE WITH SECURITIES COMMISSION (”SC”) GUIDELINES
The Incorporation is in compliance with and there has been no departure from the Policies and Guidelines on Issue/ Offer of Securities by the SC.
6.0 DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTEREST
Save as disclosed, none of the other directors and substantial shareholders has interest in the Incorporation:
Mr Sum Kown Cheek, the Managing Director and substantial shareholder of PPG is also a director in Dickens. However, he does not hold any shares in Dickens.
7.0 APPROVAL REQUIRED
The Incorporation of new subsidiary company is not subject to the approval of shareholders’ of PPG and other government authorities.