Alam Maritim Sdn Bhd, a wholly owned subsidiary of AMRB had on 19 December 2013 entered into Share Sale and Purchase Agreements with Encik Azman bin Shabudin and Encik Mohd Fozi bin Ismail respectively for the purchase of the 30% of the remaining paid-up share capital of Alam Hidro Sdn Bhd comprising of 150,000 ordinary shares of RM1.00 each share for a total cash consideration of RM1,200,000.00.
INFORMATION ON AHSB
AHSB is a company incorporated in Malaysia with an authorised share capital of 500,000 ordinary shares of RM1.00 each of which 500,000 ordinary shares of RM1.00 each have been issued and fully paid up.
The principal activities of AHSB are offshore facilities construction, installation, subsea engineering and underwater services.
TRANSFER AND ACQUISITION OF SHARES
On 6 December 2013 , the respective Board of Directors of AHSB and AMSB, via directors’ circular resolutions, approved the transfer of shares and acquisition of shares respectively and the exercises were completed on the 19 December 2013.
The Acquisition will not have any effect on the issued and paid-up share capital and the shareholding structure of AMRB, nor will it have any material effect on the consolidated earnings or net assets of AMRB for the financial year ending 31 December 2013.
The Board of Directors of ALAM is of the opinion that the said transfers are in the best interest of the AMRB Group of Companies.
Press Release, December 30, 2013