The Board of Directors of WB wishes to announce that Petro-Pipe Industries (M) Sdn. Bhd. [Registration No. 198201006469 (86223-W)] (“PPIM”), an indirect wholly-owned subsidiary of WB had at its Extraordinary General Meeting held on 2 December 2024 approved the special resolution to wind up PPIM 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 PPIM. 

PPIM was incorporated on 16 June 1982 under the Malaysian Companies Act, 1965 with its total issued and paid up share capital of RM43,300,000.00 comprising 43,200,000 ordinary shares. PPIM was principally involved in investment holding. PPIM is directly wholly-owned by Petro-Pipe Industrial Corporation Sdn. Bhd. [Registration No. 200601032866 (752625-X)], a direct 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 2 December 2024.