The Board of Directors of Bonia wishes to announce that Dominion Directions Sdn Bhd (“DDSB”), a wholly-owned subsidiary company of Bonia, had on 15 January 2014, further acquired 75,000 ordinary shares of RM1.00 each representing 15% equity interest in New Series Sdn Bhd (a subsidiary of DDSB which in turn is an indirect subsidiary of Bonia) (“NSSB”) from Mr Boonnam Boonnamsap at a total consideration of Ringgit Malaysia Three Hundred Thirty Three Thousand Six Hundred and Eighty (RM333,680.00) only (“Acquisition”).

The Acquisition has resulted an increase of DDSB’s stake-holding in NSSB from 75% to 90% (equivalent to 450,000 shares) in the issued and paid-up share capital of NSSB.

The shares were acquired by DDSB free from all liens, charges, pledges, mortgages and any encumbrances whatsoever  and with  all  rights  and  advantages  attaching  thereto  or  accruing thereon including all dividends and distributions to be declared, paid or made in respect thereof. The consideration is arrived at between DDSB and Mr Boonnam Boonnamsap on a willing buyer and willing seller basis after taking into account the audited shareholders’ equity of NSSB amounting to RM1,483,028 based on its audited financial statements for the financial year ended 30 June 2013.  DDSB and Mr Boonnam Boonnamsap had executed the relevant Form of Transfer of Securities (Form 32A) to formalise the terms and conditions of the Acquisition.

Both DDSB and NSSB are private limited companies incorporated in Malaysia under the Companies Act, 1965 and having their registered office at Lot 10, The Highway Centre, Jalan 51/205, 46050 Petaling Jaya, Selangor Darul Ehsan. The other details of DDSB and NSSB are as follows:-

Mr Boonnam Boonnamsap is a Siamese residing at 196/1, Soi Keang Chuan, Bangkok 10120. Following the Acquisition, he has ceased as a shareholder of NSSB.

The Acquisition is funded by internal resources and is not expected to have any material effects on the earnings or net assets of the Company for the financial year ending 30 June 2014. 

NSSB has good business track records and contributing to Bonia Group in terms of revenue and profitability. The Acquisition would enable DDSB to have higher equity interest in NSSB for its potential prospect in men’s apparels and accessories related businesses.

None of the Directors and to the best knowledge of the Directors, none of the major shareholders or person connected to them has any interest, direct or indirect in the aforesaid Acquisition.

Having considered all relevant aspects of the Acquisition, the Board of Directors of Bonia is of the opinion that the Acquisition is in the best interest of the Bonia Group.

This announcement is dated 16 January 2014.