SUBJECT: ACQUISITION OF A NEW SUBSIDIARY COMPANY
1.0 The Board of Directors of IRIS Corporation Berhad (“ICB” or “the Company”) wishes to inform that ICB had on 11th February, 2014 acquired 2 ordinary shares of RM1.00 each representing 100% of XTRA POPULAR SDN BHD (Company No. 1044682-V) (“XTRA POPULAR”) for a total cash consideration of RM2.00 (“the Acquisition”).
2.0 INFORMATION ON XTRA POPULAR SDN BHD
XTRA POPULAR wasincorporated on 2 May 2013 in Malaysia and has an authorized share capital of RM100,000 comprising of 100,000 ordinary shares of RM1.00 each of which 2 ordinary shares of RM1.00 each have been issued and fully paid-up. XTRA POPULAR is currently dormant and its proposed business activity is to be involved in car racing activities.
3.0 EFFECTS OF THE ACQUISITION
The Acquisition does not have any effect on the issued and paid up share capital and major shareholdings structure of ICB and do not have a material effect on the net assets and earnings of the ICB.
4.0 DIRECTORS AND MAJOR SHAREHOLDERS’INTEREST
None of the directors, major shareholders, and persons connected with the directors or major shareholders of the Company or any of its subsidiaries have any interest, direct or indirect, in the Acquisition.
5.0 APPROVAL REQUIRED
The Acquisition is not subject to the approval of the shareholders of ICB.
6.0 DIRECTORS’ STATEMENT
Having considered all aspects of the Acquisition, the Board of Directors of ICB is of the opinion that the Acquisition is in the best interest of ICB.
This announcement is dated 12 February 2014.
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