The Board of Directors of Solution Engineering Holdings Berhad (“SEHB”) wish to announce that SEHB had on 22 November 2006, acquired 100% equity interest in Solution Biogen Sdn Bhd (“SBSB”), a company incorporated in Malaysia bearing registration No. 749526-M for a cash consideration of RM500,000.
SBSB has an authorised share capital of RM1,000,000 comprising 1,000,000 ordinary shares of RM1.00 each with an issued and paid up capital of RM500,000. The purpose of acquiring SBSB is to undertake research & development and marketing of biotechnology equipment and products for education & commercial industry.
The acquisition does not have any effect on the issued and paid up capital of SEHB and the substantial shareholders’ shareholding in SEHB. It also does not have any material effect on the net assets, earnings and gearing of the Group for the financial year ending 31 December 2006.
Mr Lim Yong Hew and Encik Mohd Shahrin Bin Saparin @ Abd Rahman, who are also the Directors and substantial shareholders of SEHB, are the directors of SBSB.
None of other Directors, substantial shareholders of SEHB and persons connected with them, has any direct or indirect interest in the above acquisition.
This announcement is dated 22 November 2006.