We wish to announce that pursuant to Paragraph 9.19(5) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company has on 19 January 2017 disposed 2,600,002 ordinary shares of RM1/- each, representing 100% of the total issued and paid-up share capital of DB Spa Villas Management Sdn Bhd (formerly known as Pentapeak Properties Sdn Bhd) (Company No. 243316-U) ('DBSVM'), a direct wholly-owned subsidiary of the Company to Splash Park Sdn Bhd (Company No. 344293-D) ('Splash Park'), a direct wholly-owned subsidiary of the Company for a total consideration of RM47,580.04 ('Internal Reorganisation').
DBSVM was incorporated on 27 June 1992 and its authorised and paid-up share capital are RM10,000,000/- and RM2,600,002/- respectively. The principal activities of DBSVM are Investment Holding and Property Management Services.
Upon completion of the Internal Reorganisation, DBSVM will become an indirect wholly-owned subsidiary of Tanco.
The Internal Reorganisation is not expected to have any effect on the issued and paid-up capital of Tanco or Tanco's substantial shareholders' shareholdings or any material effect on the earnings, net assets or gearing of Tanco for the financial year ending 30 June 2017.
None of the directors and/or substantial shareholders of Tanco or persons connected with them has any interest, whether direct or indirect in the Internal Reorganisation.
This announcement is dated 19 January 2017.
Tanco Holdings Bhd published this content on 19 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 January 2017 08:23:03 UTC.
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