Pursuant to Rule 9.19(23) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Tambun Indah wishes to inform that the Company had incorporated a 70% owned subsidiary known as Mustiara Sdn. Bhd. (Company No. 1312474-M) (â€œMustiaraâ€) on 24 January 2019. The certificate of incorporation was received by the Company on 25 January 2019.
Mustiara is a company incorporated in Malaysia under the Companies Act, 2016 with an issued and paid-up capital of RM100,000 for the purpose of undertaking the principal business activity as a property developer.
Tambun Indah holds 70% equity interest in Mustiara whilst the remaining balance of 30% equity interest is held by Encik Taufiq Ahmad @ Ahmad Mustapha Bin Ghazali, a director of Tambun Indah. The Directors of Mustiara are Mr. Teh Deng Wei, Ms. Teh Theng Theng and Encik Taufiq Ahmad @ Ahmad Mustapha Bin Ghazali.
Save as disclosed above, none of the directors and/or major shareholders of the Company and/or persons connected with them have any interest, either direct or indirect in the said incorporation.
The said incorporation was funded through internally generated funds and is not expected to have any material effect on the Groupâ€™s earnings per share, net assets per share, gearings, share capital and substantial shareholdings structure for the financial year ending 31 December 2019.
The Board (except for Encik Taufiq Ahmad @ Ahmad Mustapha Bin Ghazali who had abstained from expressing any opinion), having considered all aspects of the incorporation is of the opinion that the said incorporation is in the best interest of the Company.
This announcement is dated 25 January 2019.