CHASEN HOLDINGS LIMITED
(Company Registration No.: 199906814G)
(Incorporated in the Republic of Singapore)
SUBSCRIPTION OF EQUITY INTEREST IN THE REGISTERED CAPITAL OF A SUBSIDIARY
The Board of Directors of Chasen Holdings Limited (the "Company") wishes to announce that the subsidiaries of the Company, City Zone Express Pte Ltd ("CZE-S"), City Zone Express Company Limited ("CZE-T") and Chasen Transport Logistics Company Limited ("CTL") (the "Group"), together, have subscribed to 70% equity interest in the registered capital of City Zone Express Company Limited ("CZEV") for a total consideration of VND1,610,000,000 (equivalent to SGD93,982) (the "Subscription").
Information of CZEV
CZEV, is a limited company with business registration no. 0109161284 incorporated under the laws of Vietnam on 21 April 2020, having its registered address at Plot TT2-04, Lane 1 Phuc Loi Road, Ward Giang Bien, Long Bien District, Hanoi City, Vietnam. The principal activity of CZEV is in the business of third-party logistics. Upon the Subscription, the registered capital of CZEV will be VND2,300,000,000 / USD100,000 (equivalent to approximately SGD134,267 at an exchange rate of VND17,130 : SGD1).
The shareholding structure is as follows: | |
Shareholders | Percentage |
CZE-S (Singapore) | 45% |
Mr Tran Van Hao (a Vietnamese National) | 30% |
CZE-T (Thailand) | 15% |
CTL (Vietnam) | 10% |
The Group holds approximately 70% equity interest in the registered capital of CZEV. Upon the Subscription, CZEV will be an indirect subsidiary of the Company.
Rationale for the Subscription
The rationale for Subscription is to finance the working capital of CZEV and to further enhance the growth of the Company's 3PL business in Vietnam and cross-border transportation service in Indo- China.
Financing and Financial Effects of the Subscription
The Subscription was funded entirely through internal resources and bank financing and is not expected to have any material impact on the consolidated net tangible assets and consolidated earnings per share of the Group for the current financial year ending 31 March 2022.
Interest of Directors and Substantial Shareholders
None of the Directors or Substantial Shareholders of the Company has any interest, direct or indirect, in the Subscription, save for their respective shareholdings in the Company.
By Order of the Board
Low Weng Fatt
Managing Director and CEO
25 June 2021
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Chasen Holdings Limited published this content on 25 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 July 2021 13:40:04 UTC.