News

1. INTRODUCTION
The Company wishes to announce that on 12 January 2017, the Company had acquired two (2) ordinary shares of RM1.00 each in Prestariang Digital Sdn Bhd (“PDSB”), representing 100% of the total issued and paid-up share capital of PDSB, for a total consideration of RM2.00 from Dr. Abu Hasan Bin Ismail and Encik Abdul Razak Bin Bakrun ("the Acquisition"). Subsequent to the Acquisition, PDSB became a wholly-owned subsidiary of PRESBHD.

2. INFORMATION ON PDSB

PDSB was incorporated in Malaysia under the Companies Act, 1965 on 23 November 2016. The present authorised share capital of PDSB 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. PDSB has not commenced any operation since incorporation.

3. RATIONALE FOR THE PROPOSED ACQUISITION

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

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 for Dr. Abu Hasan Bin Ismail, a Director and substantial shareholder of PRESBHD, who is also a Director and substantial shareholder of PDSB, 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.

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 12 January 2017.