TIDMIKK
RNS Number : 4537X
Inch Kenneth Kajang Rubber
14 August 2009
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+--------------+
| General |
| Announcement |
+--------------+
| Reference |
| No |
+--------------+
+-----------+--------+--------------+
| Company | : | INCH |
| Name | | KENNETH |
| | | KAJANG |
| | | RUBBER |
| | | PUBLIC |
| | | LTD |
| | | CO |
+-----------+--------+--------------+
| Stock | : | INCKEN |
| Name | | |
+-----------+--------+--------------+
| Date | : | 14/08/2009 |
| Announced | | |
+-----------+--------+--------------+
+---------+--------+--------------+
| | | |
+---------+--------+--------------+
| Type | : | Announcement |
+---------+--------+--------------+
| Subject | : | ACQUISITION |
| | | OF A RUBBER |
| | | BASED |
| | | COMPANY |
+---------+--------+--------------+
Contents:
Inch Kenneth Kajang Rubber PLC ("IKKR") hereby announce that
on 12 August 2009, the Board of Directors has resolved to acquire 100% of the
equity interest of Innobird (M) Sdn Bhd ("Innobird") and its wholly owned
subsidiary Supara Company Limited ("Supara") for a price consideration
of RM8.3million.
Innobird is an investment holding company which holds 100% of Supara. The
authorised share capital of Innobird is RM1,000,000 comprising of 1,000,000
shares and its paid up capital is RM1,000,000.
Supara was incorporated in Thailand as a limited company under Thai Civil and
Commercial Law on 25 June 1991. The authorised share capital of the company is
50,000,000 Baht comprising 5,000,000 ordinary shares of 10.00 Baht each whilst
its issued and paid-up share capital was 50,000,000 Baht comprising 5,000,000
ordinary shares of 10.00 Baht each. Supara is principally engaged in the
business of producing and exporting CV rubber blocks mainly to Europe, United
States of America, Japan, Singapore and Malaysia.
The rationale for the purchase is to boost IKKR turnover and to provide some
cashflows to the group. Furthermore, the purchase will also give an opportunity
for IKKR to go back to its original core business ie. rubber products.
None of the directors, major shareholders and/or persons connected to IKKR has
any interest, direct or indirect, in the proposed acquisition.
Upon execution of the agreement, IKKR shall make a further detailed
announcement.
This announcement is dated 14 August 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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