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The Board of Directors of M3Tech wishes to announce that the Company has on 16 April 2009 acquired the entire issued and paid up share capitals of M3 Asia Sdn. Bhd. (“M3 Asia”) and M3 Online Sdn. Bhd. (“M3 Online”) for a total cash consideration of RM2.00 for each of the Company (“the Acquisition”).
Presently, the authorised capital of the Subsidiaries is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each and the issued and paid-up capital is RM2.00 comprising of 2 ordinary shares of RM1.00 each.
The intended principal activities of M3 Asia are to deal with provision of IT related products and range of mobile contents, solution and services. Whereas M3 Online is intended to provide e-store infrastructure and range of mobile applications and IT related services.
The Acquisition of the Subsidiaries have no material effect on the earnings per share, net tangible assets per share, share capital and the substantial shareholdings of the Company for the financial year ending 30 June 2009.
None of the directors and/or major shareholders of M3Tech and/or persons connected with them, has any interest, direct or indirect, in the Acquisition.
This announcement is dated 16 April 2009. |
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