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BackJul 15, 2013
Type Announcement
Subject OTHERS
Description PRESTARIANG BERHAD (“PRESBHD”)
- ACQUISITION OF TWO (2) ORDINARY SHARES OF RM1/- EACH, REPRESENTING 100% EQUITY INTERESTS IN PRESTARIANG O&G SDN. BHD. ("POGSB")
1. INTRODUCTION

The Company wishes to announce that on 15 July 2013, the Company had acquired two (2) ordinary shares of RM1.00 each in POGSB, representing 100% of the total issued and paid-up share capital of POGSB, for a total consideration of RM2.00 from Dr. Abu Hasan Bin Ismail and Encik Abdul Razak Bin Bakrun ("the Acquisition"). Consequent thereto, POGSB became a wholly-owned subsidiary of PRESBHD.

2. INFORMATION ON POGSB

POGSB was incorporated in Malaysia under the Companies Act, 1965 on 20 June 2013. The present authorised share capital of POGSB is RM100,000.00 divided into 100,000 ordinary shares of RM1.00 each and the paid-up share capital is RM2.00 divided into two (2) ordinary shares of RM1.00 each. POGSB has not commenced any operation since incorporation.

3. RATIONALE FOR THE PROPOSED ACQUISITION

Pursuant to the Acquisition, POGSB becomes a wholly own subsidiary of PRESBHD. The Acquisition is in line with the expansion strategy of Prestariang Group and represents a good opportunity for the Group to venture into the provision of designing special oriented skill set of Information and Communication Technology ("ICT") and Information Technology ("IT") training and certification for the oil and gas industry.

4. FINANCIAL EFFECTS

The Acquisition is not expected to have any material effect on the earnings or net assets of PRESBHD.

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHARHOLDER’S INTERESTS

Save as disclosed below, none of the other Directors and/or major shareholders of PRESBHD and/or persons connected to them has any interest, direct or indirect, in the Acquisition.

Dr. Abu Hasan Bin Ismail
- Director and substantial shareholder of PRESBHD
- Director and substantial shareholder of POGSB

6. STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors of PRESBHD is of the opinion that the Acquisition is in the best interest of PRESBHD and the Group.

This announcement is dated 15 July 2013.

Announcement Info

Company Name PRESTARIANG BERHAD  
Stock Name PRESBHD    
Date Announced 15 Jul 2013  
Category General Announcement
Reference No CS-130715-3AA56