Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the Company’s announcement dated 29 May 2012 in relation to the Dilution of equity interest in Paris RCG Sdn Bhd (“PRCG”) to 58% owned subsidiary company.

Reference is made to the Company’s announcement dated 29 May 2012, the Board of Directors of Bonia wishes to announce that the Company had on 30 April 2014 executed a Revocation Agreement (“Revocation Agreement”) with ESPD, LTF, LTS, TSD, THH, TYM, KLM, OKM, LCH and LYC (“Minority Shareholders”) to revoke the SA dated 29 May 2012 with regards to their relationship as shareholders of PRCG (“Revocation”). 

The rationale and salient feature of the Revocation Agreement is to withdraw all the prevailing terms and conditions governed the conduct of business and affairs of PRCG as stated in the SA. As a result, the conduct of business and the affairs of PRCG are now governed by the Companies Act, 1965 (including any regulations, rules, orders or other statutory instruments made pursuant thereto) and the Memorandum and Articles of Association of PRCG. 

The Revocation does not affect the rights and benefits of Bonia and the Minority Shareholders in respect of their shareholdings in PRCG. At the same time, it will not cause any effect on the earnings, net assets or gearing ratio of the Company for the financial year ending 30 June 2014 as well. 

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

Having considered all relevant aspects of the Revocation, the Audit Committee and the Board of Directors of Bonia are of the opinion that the Revocation is in the best interest of the Bonia Group.

The Revocation Agreement is available for inspection at the registered office of the Company at Lot 10, The Highway Centre, Jalan 51/205, 46050 Petaling Jaya, Selangor Darul Ehsan from Monday to Friday (except public holidays) during normal office hours for a period of three (3) months from the date of this announcement.

This announcement is dated 30 April 2014.