MY E.G. SERVICES BERHAD (“MYEG” OR THE “COMPANY

MY E.G. SERVICES BERHAD (“MYEG” OR THE “COMPANY”)
AGREEMENT FOR SALE AND PURCHASE OF SHARES EXECUTED BY
MY E.G. CAPITAL SDN BHD (“MYEG CAPITAL”) , A WHOLLY-OWNED
SUBSIDIARY OF MYEG WITH MR NG HOW HON AND MR CHIA HANN
LIN
DISPOSAL OF 650,000 ORDINARY SHARES OF RM1.00 EACH IN MY
E.G. MARKETING SDN BHD (FORMERLY KNOWN AS HENRYWILL
MARKETING SDN BHD) BY MYEG CAPITAL
1.
INTRODUCTION
The Board of Directors of MYEG wishes to announce that MYEG Capital had
on 10 March 2015 entered into an Agreement for Sale and Purchase of
Shares (“Shares Agreement”) with Mr Ng How Hon and Mr Chai Hann Lin
(collectively referred to as “the Purchasers”) for the disposal of 650,000.00
ordinary shares of RM1.00 each in the capital of MY E.G. Marketing Sdn Bhd
(formerly known as Henrywill Marketing Sdn Bhd) (Company No. 1016000-P)
(“MYEG Marketing”) representing 50.66% of the equity interest in the capital
of MYEG Marketing at a consideration of RM571,933.15 only (“the Shares
Consideration”)
Upon completion of the disposal, MYEG Marketing shall cease to be a
subsidiary company of MYEG.
2.
INFORMATION ON THE PURCHASERS
Mr Ng How Hon and Mr Chai Hann Lin are the current directors and
shareholders of MYEG Marketing.
3.
INFORMATION ON MYEG MARKETING
MYEG Marketing was incorporated on 6 September 2012 in Malaysia
under the Companies Act, 1965.
The authorised share capital of MYEG Marketing is RM5,000,000.00
divided into 5,000,000 ordinary shares of RM1.00 each. The total issued
and paid-up share capital subsequent is RM1,283,000.00 divided into
1,283,000 ordinary shares of RM1.00 each.
The business activity of MYEG Marketing is principally engaged in
marketing of all kinds of credit cards, consultancy services, commission
agents, event organizer and other related activities.
The current directors of MYEG Marketing are Dato’ Dr Norraesah Binti Haji
Mohamad, Mr Wong Thean Soon, Mr Ng How Hon and Mr Chai Hann Lin.
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MY E.G. SERVICES BERHAD (“MYEG” OR THE “COMPANY”)
- AGREEMENT FOR SALE AND PURCHASE OF SHARES EXECUTED BY MY E.G. CAPITAL SDN BHD (“MYEG
CAPITAL”), A WHOLLY-OWNED SUBSIDIARY OF MYEG WITH MR NG HOW HON AND MR CHIA HANN LIN
- DISPOSAL OF 650,000 ORDINARY SHARES OF RM1.00 EACH IN MYEG MARKETING BY MYEG CAPITAL, A
WHOLLY-OWNED SUBSIDIARY OF MYEG
The current shareholders of MYEG Marketing:
1) MYEG Capital – 50.66%
2) Mr Ng How Hon – 39.47%
3) Mr Chai Hann Lin – 9.87%
4.
TERMS OF PAYMENT AND BASIS OF CONSIDERATION
4.1 The Purchasers shall pay RM500,000.00 upon the execution of the
Shares Agreement.
4.2 The balance purchase consideration of RM71,933.15 shall be paid
upon the completion of the disposal.
4.3 The disposal consideration was arrived after negotiation and mutual
agreement between MYEG Capital, Mr Ng How Hon and Mr Chai Hann
Lin.
5.
EFFECTS OF THE DISPOSAL
5.1 Share capital
The disposal will not have any effect on the issued and paid-up share
capital of MYEG.
5.2 Substantial shareholders’ shareholdings
The disposal will not have any effect on the substantial shareholders’
shareholdings of MYEG.
5.3 Net assets per Share and gearing
The disposal will not have any material effect on the net assets per
Share and gearing of MYEG for the financial year ending
30 June 2015
5.4 Earnings per Share
The disposal is not expected to have any material effect on the earnings
per Share of MYEG for the financial year ending 30 June 2015.
6.
RATIONALE FOR THE DISPOSAL
The disposal is to streamline the business activities of MYEG and its group
of companies.
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MY E.G. SERVICES BERHAD (“MYEG” OR THE “COMPANY”)
- AGREEMENT FOR SALE AND PURCHASE OF SHARES EXECUTED BY MY E.G. CAPITAL SDN BHD (“MYEG
CAPITAL”), A WHOLLY-OWNED SUBSIDIARY OF MYEG WITH MR NG HOW HON AND MR CHIA HANN LIN
- DISPOSAL OF 650,000 ORDINARY SHARES OF RM1.00 EACH IN MYEG MARKETING BY MYEG CAPITAL, A
WHOLLY-OWNED SUBSIDIARY OF MYEG
7.
INTEREST OF DIRECTORS, MAJOR
PERSONS CONNECTED WITH THEM
SHAREHOLDERS
AND/OR
None of the Directors and/or major shareholders of MYEG and/or persons
connected with them have any interests, direct or indirect, in the disposal.
8.
STATEMENT BY BOARD OF DIRECTORS
The Board of Directors of MYEG, having considered all aspects of the
disposal, is of the opinion that the disposal is in best interests of MYEG.
9.
APPROVALS REQUIRED
The disposal is not subject to the approval of shareholders and any other
relevant authorities and is not conditional upon any other corporate exercise
undertaken by MYEG.
This announcement is dated 10 March 2015.
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