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| General Announcement |
| Reference No CC-091230-51693 |
Company Name |
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H-DISPLAYS (MSC) BERHAD (MESDAQ Market) |
| Stock Name |
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HDISPLY |
| Date Announced |
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30/12/2009 |
| Type |
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Announcement |
| Subject |
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| H-DISPLAYS (MSC) BERHAD ("H-Displays" or the "Company") - DISPOSAL OF SHARES IN POWERRAY INTERNATIONAL LIMITED |
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| Contents |
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1. INTRODUCTION
H-DISPLAYS (MSC) BERHAD (“H-DISPLAYS” or “the Company”) wishes to announce that the Company had on 28 December 2009 disposed of the entire 1 share in the capital of its wholly-owned subsidiary, POWERRAY INTERNATIONAL LIMITED (“PIL”) of USD$1.00, being the total issued and paid-up capital of PIL for a cash consideration of USD$1.00 to Wong Wing Gay Wilkie (the “Disposal”).
Following the Disposal, PIL will cease to be a subsidiary of H-DISPLAYS.
2. INFORMATION OF PIL
PIL was incorporated on 15th April 2009 in the British Virgin Islands with an authorised capital of USD$50,000.00 divided into 50,000 shares of USD$1.00 each and the total issued and paid up capital is USD$1.00 consisting of 1 share of USD$1.00 each.
The principal activity of PIL is investment holding company.
3. FINANCIAL EFFECTS
The Company’s cost of investment in PIL is USD1.00 and as such the Company will not register any gain or loss arising from the Disposal.
The Disposal is not expected to have any material effect on the earnings per share and net assets of H-DISPLAYS for the financial year ending 31st December 2009.
4. APPROVAL OF SHAREHOLDERS
The Disposal is not subject to the approval of the Company’s shareholders.
5. INTEREST OF DIRECTORS, SUBSTANTIAL SHAREHOLDERS AND CONNECTED PERSONS
None of the directors and substantial shareholders of the Company or person connected with such a director or substantial shareholder have any interest, direct or indirect, in the Disposal.
6. STATEMENT BY DIRECTORS
The Board of Directors of H-DISPLAYS is of the opinion that the Disposal is in the best interest of the Company.
This announcement is dated 30 December 2009 |
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