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The Board of Directors of Bonia Corporation Berhad (“Bonia” or “Company”) wishes to announce that KIN SHENG GROUP LIMITED ("KSGL"), a wholly-owned subsidiary company of Bonia had incorporated a subsidiary in the People’s Republic of China known as GUANGZHOU BONIA FASHIONS CO., LIMITED ("GBFCL"). GBFCL is wholly-owned by KSGL.
Information on GBFCL
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 GBFCL was dated 30 May 2008. It had been granted a business licence on 12 June 2008 which is valid for a duration of 30 years.
The registered capital of GBFCL is RMB5,000,000-00 and the paid-up of the said share capital is still pending. The intended principal activities of GBFCL are manufacturing, marketing and retailing of fashionable leatherwear, apparels and accessories.
Financial Effects
The incorporation of GBFCL 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 2009.
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 GBFCL .
This announcement is dated 21 July 2008.
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