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The Board of Directors of Bonia Corporation Berhad (“Bonia” or “Company”) wishes to announce that KIN SHENG GROUP LIMITED, a wholly-owned subsidiary company of Bonia had incorporated a wholly-owned subsidiary in the People’s Republic of China known as BONIA (SHANGHAI) COMMERCE LIMITED ("BSCL").
Information on BSCL
The Certificate of Approval for Establishment of Enterprises with Investment of Taiwan, Hong Kong, Macao and Overseas Chinese in the People’s Republic of China of BSCL was dated 19 March 2008. It had been granted a business licence on 16 April 2008 which is valid for a duration of 30 years.
The registered capital of BSCL is RMB5,000,000-00 and the paid-up of the said share capital is still pending. The said share capital shall be paid upon obtaining an approval from the relevant authority of China for opening a foreign bank account with a financial institution in Shanghai.
The intended principal activities of BSCL are retailing, marketing, promoting, designing, import and export of fashionable leather goods, apparels and accessories.
Financial Effects
The incorporation of BSCL has 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 2008.
Directors and Major Shareholders’ Interest
None of the Directors and major shareholders or persons connected to the Directors or major shareholders of Bonia and its subsidiaries have any interest, direct or indirect, in the incorporation of BSCL.
This announcement is dated 18 April 2008.
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