TIONG WOON CORPORATION HOLDING LTD
Company Registration No.: 199705837C
INCREASE OF INVESTMENT IN TIONG WOON CHINA CONSORTIUM PTE. LTD.
The Board of Directors of Tiong Woon Corporation Holding Ltd (the "Company") wishes to announce that the Company has acquired Two Million Two Hundred Thirty Thousand Seven Hundred and Sixty-Nine (2,230,769) ordinary shares (25%) in the capital of Tiong Woon China Consortium Pte. Ltd. ("TWCC") from Rotary Engineering Limited at a consideration of S$3,762,596.00.
The consideration was arrived at on a willing buyer and willing seller basis.
Based on the latest audited financial statements of TWCC as at 30 June 2012, the net tangible assets of TWCC and its subsidiary is S$15,050,383.00 and the net tangible assets of the 2,230,769 ordinary shares acquired is S$3,762,596.00.
On each of the bases set under Rule 1006 of the SGX-ST Listing Manual, none of the relative figures exceed 5%.
Consequent to the aforesaid acquisition, TWCC has become a wholly-owned subsidiary of the Company.
The above investment is funded by internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group for the current financial year.
None of the directors or substantial shareholders of the Company has any interest, direct or indirect in the above transaction, save for their interests owing by way of their shareholdings and/or directorships, as the case may be, in the Company.
By Order of the Board
Mr Ang Kah Hong
Chairman and Managing Director
27 August 2013
Singapore
distributed by
 |