The Board of Directors of Bonia Corporation Berhad (“Bonia” or “Company”) wishes to announce that the  dissolution of its indirect associate company namely Guangzhou Yong Yi Leather Fashion Co Ltd (“GYY”), a company incorporated in the People’s Republic of China, has been completed.

Prior to the dissolution, GYY was a 40%-owned associate company of Guangzhou Jia Li Bao Leather Fashion Co Ltd, which in turn was an indirect wholly-owned subsidiary of Bonia. GYY has ceased its business activities and the dissolution 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.

To the best knowledge of the Directors, none of the Directors and major shareholders of Bonia and persons connected to the Directors and major shareholders have any direct or indirect interest in the dissolution of GYY.   

This announcement is dated 25 February 2014.