News

The Company wishes to announce that on 22 May 2014, PTSB, a wholly owned subsidiary of PRESBHD had acquired two (2) ordinary shares of RM1.00 each in TLSB, representing 100% of the total issued and paid-up share capital of TLSB, at a total consideration of RM2.00 from Mr. Ng Ah Phong and Ms. Teng Mee Leng ("the Acquisition").

TLSB was incorporated in Malaysia under the Companies Act, 1965 on 8 April 2014. The present authorised share capital of TLSB is RM400,000.00 divided into 400,000 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. TLSB has not commenced any operation since incorporation.

Subsequent to the Acquisition, TLSB becomes a wholly own subsidiary of PTSB. The Acquisition is in line with the expansion strategy of Prestariang Group to capitalise on its core activities towards business sustainability.

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

None of the Directors and/or major shareholders of PRESBHD and/or persons connected to them has any interest, direct or indirect, in the Acquisition.

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 22 May 2014.