| Date Announced |
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06/01/2006 |
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| Type | : | Announcement |
| Subject | : | Bonia Corporation Berhad ("Bonia" or "Company") Proposed corporate restructuring entailing disposal of 100% equity interest comprising 10,002 ordinary shares of SGD1.00 each in Jetbest Enterprise Pte Ltd ("Jetbest") to Active World Pte Ltd ("Active World") ("Proposed Disposal") |
Contents :
Bonia is pleased to announce that it had on 6 January 2006 disposed of its 100% equity interest in Jetbest, comprising 10,002 ordinary shares of Singapore Dollar (“SGD”) 1.00 each (“Jetbest Shares”), to Active World , a wholly-owned subsidiary of Bonia for a total cash consideration of RM380,086 ("Sale Consideration").
Jetbest, a company incorporated in Singapore, is principally involved in wholesaling, retailing, importing and exporting of leather goods and accessories with a paid-up share capital of SGD10,002.00. Active World, a company incorporated in Singapore, is principally involved in wholesaling and retailing of fashionable leather goods and apparels with a paid-up share capital of SGD1,000,000.00.
The Sale Consideration for the Proposed Disposal was arrived at based on the audited net tangible assets ("NTA") of Jetbest of SGD178,864 or RM380,086 (based on the foreign exchange rate of RM2.125 : SGD1.00 as at 9 January 2003, being the date of acquisition of Jetbest by Bonia) as at 30 June 2005. The audited profit after taxation of Jetbest for the financial year ended 30 June 2005 is SGD100,153.
The cost of investment of Jetbest in Bonia's audited financial statements as at 30 June 2005 is SGD41,429 or RM88,037. The Proposed Disposal will give rise to a gain of disposal of SGD137,435 or RM292,049 at Bonia’s company level. However, at group level, there will not be any gain/loss on disposal as both Active World and Jetbest are wholly-owned subsidiaries of Bonia.
The Proposed Disposal is for Bonia to rationalise its group structure. It will not have any effect on the share capital and major shareholders' shareholdings of Bonia. Further, the Proposed Disposal will not have any effect on the NTA and earnings (at group level) for the financial year ending 30 June 2006.
None of the Directors and major shareholders of Bonia and persons connected with them, has any interest, direct or indirect, in the Proposed Disposal as there is no effective disposal.
The Proposed Disposal is not subject to approval of the shareholders of Bonia.
The Directors of Bonia are of the opinion that the Proposed Disposal is in the best interest of the Bonia Group.
This announcement is dated 6 January 2006.
