The Board of Directors of MEB (“Board”) wishes to voluntarily announce that the Company, had on 9 September 2022 entered into a Shareholders’ Agreement with two (2) Laos PDR companies, namely PTL Holding Company Limited and OSD Holding Sole Co. Ltd. to establish a joint venture company (to be known as “PLH Co. Ltd”) to develop, design, construct and operate as a fuel storage depot (“Fuel Tank Farm Facility” or “Project”) located in Vientiane Logistics Park, Hadsayfong District, Vientiane Capital, Laos PDR (collectively known as the “Joint Venture”).
The Company will pay USD73,500 for its 49% equity interest ownership in the above-mentioned joint venture company with an initial paid-up capital of USD 150,000. The Project costs and the details of the Joint Venture will be subject to the detailed project study and to be determined at a later date.
The Joint Venture will not have any effect on the share capital and substantial shareholders’ shareholding of MEB.
The Joint Venture is not expected to have any material effect on the earnings per share, net assets per share and gearing for the financial year ending 31 December 2021.
The highest percentage ratio applicable to the Joint Venture according to the Main Market Listing Requirements of Bursa Malaysia Securities Berhad is below 5%, computed based on the audited accounts of MEB as at 31 December 2021.
None of the Directors and/or major shareholders of MEB, as well as persons connected to them, have any interest, direct or indirect, in the Joint Venture.
This announcement is dated 14 September 2022.