OTHERS Investment in subsidiary Company in Thailand Favor Woodpanel (Thailand) Co. Ltd (FAVOR)

DOMINANT ENTERPRISE BERHAD

Type

Announcement

Subject

OTHERS

Description

Investment in subsidiary Company in Thailand Favor Woodpanel (Thailand) Co. Ltd (FAVOR)

The Board of Directors of Dominant Enterprise Berhad (“DOMINANT”) wishes to announce that DOMINANT has invested for a total of 9,999,980 Thai Baht (“THB”), collectively representing 99.99% equity in the capital of a company incorporated in Thailand, namely Favor Woodpanel (Thailand) Co. Ltd (“FAVOR”). FAVOR previously is a 49% owned subsidiary of DOMINANT through the shareholding via its wholly owned subsidiaries namely Combi Trading Sdn Bhd (“COMBI”) and Ikta Sdn Bhd (“IKTA”) since year 2013.


The investment was acquired by way of :

1.     Transfer of 97,998 Ordinary Shares of THB 10 each from Combi Trading Sdn. Bhd. to the Company;

2.     Acquisition of 102,000 Preference Shares of THB 10 each from Mr. Ohm Ammaramorn by the Company; and

3.     Subscription of 1,000,000 new Ordinary Shares of THB 8 each in the Capital of FAVOR by the Company


Ultimately, FAVOR will become the 100% wholly owned subsidiary of DOMINANT. The shareholders of FAVOR are now as follows :


1. Dominant Enterprise Berhad

    - 97,998 Ordinary Shares of THB 10 each;

    - 102,000 Preference Shares of THB 10 each; and

    - 1,000,000 Ordinary Shares of THB 8 each

2. Combi Trading Sdn. Bhd. – 1 Ordinary Shares of THB 10 each

3. Ikta Sdn. Bhd. – 1 Ordinary Share of THB 10 each

None of the Directors and substantial shareholders of DOMINANT or person connected to them have any interest, direct or indirect in the investments.