The Board of Directors of WB wishes to announce that PPI Industries Sdn. Bhd. [Registration No. 199001006028 (197597-U)] (“PPII”), an indirect wholly-owned subsidiary of WB had at its Extraordinary General Meeting held on 29 November 2024 approved the special resolution to wind up PPII by way of the Member’s Voluntary Winding Up by its shareholder (“Member’s Voluntary Winding Up”).

In order to facilitate the Member’s Voluntary Winding Up, Mr. Dawin Tang Keng Wai of PKF Covenant Equity Consulting Sdn. Bhd. [Registration No.  200501010121 (687168-A)] (“PKF”) of Level 33, Menara 1MK, Kompleks 1 Mont’ Kiara, No. 1, Jalan Kiara, Mont’ Kiara, 50480 Kuala Lumpur has been appointed as the Liquidator for PPII. 

PPII was incorporated on 15 May 1990 under the Malaysian Companies Act, 1965 with its total issued and paid up share capital of RM14,087,000.00 comprising 14,087,000 ordinary shares. PPII was principally involved in supplying of steel pipes products and services and leasing of intellectual property.PPI is directly wholly-owned by Petro-Pipe Industries (M) Sdn. Bhd. [Registration No. 198201006469 (86223-W)], an indirect wholly-owned subsidiary of WB.

The Member’s Voluntary Winding Up will not have any effect on the share capital and shareholdings of the substantial shareholders of WB and will not have any financial impact on the gearing, earnings and net assets of WB Group for the financial year ending 31 December 2024.

None of the directors, major shareholders, chief executive of WB and/or persons connected to them have any interest, direct or indirect, in the Member’s Voluntary Winding Up.

This announcement is dated 29 November 2024.