1.         Introduction

The Board of Directors of Harbour-Link Group Berhad (“Harbour-Link”) is pleased to announce that Harbour-Link (M) Sdn Bhd (“HLMSB”), a  wholly-owned subsidiary of Harbour-Link had on 1st December 2020 acquired the remaining one hundred eighty thousand (180,000) ordinary shares representing 45% equity interest in Serimaju Konsortium Sdn. Bhd. (Company No. 1151695-K) (“SKSB”) from TING SUOK CHING (NRIC No. 680420-13-5342), a non-related party for a total cash consideration of RM239,400 (“the Acquisition”) based on the Net Tangible Assets (“NTA”) of SKSB as at 30th June 2020. 

The NTA of SKSB as at 30th June 2020 is RM531,012. The selling price for SKSB per share is RM1.33.  Hence, the consideration sum of RM239,400 is the sum of 180,000 units of share at RM1.33 per share.

The Acquisition was funded by internally generated funds.

Following the Acquisition, SKSB becomes a 100% owned subsidiary of HLMSB.

2.         Information on SKSB

SKSB was incorporated on 9th July, 2015 in Malaysia under the Companies Act, 1965 as a private limited company. The issued and paid-up share capital of SKSB is RM400,000.00 divided into 400,000 ordinary shares. The principal activities of SKSB is provision of heaping and transportation services.

3.         Rationale

The Acquisition is to facilitate the expansion of the Harbour-Link Group’s operation.

4.         Financial Effects

The Acquisition is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholdings of Harbour-Link for the financial year ending 30 June 2021.

5.         Approval required

The Acquisition is not subject to the approvals from the shareholders and the relevant authorities.

6.         Directors’ and Major Shareholders’ Interest

None of the directors and major shareholders of Harbour-Link and persons connected with them have any interest, whether direct or indirect, in the Acquisition.

7.         Statement by Directors

The Board of Directors of Harbour-Link is of the opinion that the Acquisition is in the best interests of Harbour-Link.

This announcement is dated 1st December 2020.