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That pursuant to Paragraph 9.19(5) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Adventa Berhad wishes to announce that the Company had on 15 June 2010, re-organised the group structure by transferring the entire equity interest in Sun Healthcare (M) Sdn. Bhd. ("Sun Healthcare") held by its wholly-owned subsidiary, Utama Associates Sdn. Bhd. ("Utama Associates") to Adventa Bhd.
That contingent upon the above re-organisation, Sun Healthcare will cease to be the subsidiary of Utama Associates and will become a 100% wholly-owned subsidiary of Adventa Bhd.
1. Information on Utama Associates
Utama Associates is a private limited company incorporated in Malaysia under the Companies Act 1965 and has an authorised capital of RM1,000,000/- comprising 1,000,000 ordinary shares of RM1.00 each of which 620,000 ordinary shares have been issued and are fully paid-up.
2. Information on Sun Healthcare
Sun Healthcare is a private limited company incorporated in Malaysia under the Companies Act 1965 and has an authorised capital of RM25,000/- comprising 25,000 ordinary shares of RM1.00 each of which 2 ordinary shares have been issued and are fully paid-up.
3. Rationale of the Re-organisation
The re-organisation of Utama Associates and Sun Healthcare is to streamline the group structure of the Company.
4. Financial Effects
The re-organisation will not have any effect on the share capital, earnings and net assets of Adventa Group as both Utama Associates and Sun Healthcare are wholly-owned subsidiaries of the Company.
5. Directors and Major Shareholders' Interests
None of the directors of Adventa or persons connected to them having any interests, direct or indirect in the above re-organisation.
The Board of Directors of Adventa is not aware of any major shareholders or persons connected to them having any interests, direct or indirect in the above re-organisation.
6. Directors' Statement
The Board of Adventa, having considered all aspects of the re-organisation, is of the opinion that the re-organisation is fair and reasonable and in the best interest of Adventa Group.
This announcement is dated 15 June 2010.
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