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Pursuant to Paragraph 9.19(24) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, Adventa wishes to announce that it had on 17 October 2011 disposed the entire shares in Confidex Sdn. Bhd. ("Confidex"), representing 100% of the paid-up capital in Confidex (Company No. 431811-P) at a total consideration of RM111,127.67 (the “Disposal”) to the Directors of the Company, Mr. Low Chin Guan and Ms. Kwek Siew Leng. The Disposal has resulted in Confidex ceasing to become a wholly-owned subsidiary of Adventa.
Confidex was incorporated in Malaysia on 17 May 1997 with a paid-up capital of RM100,000.00 at RM1.00 per share. Confidex has been dormant since being a subsidiary of the Group.
The Disposal is part of the Group's internal restructuring.
The Disposal will neither have any effect on the share capital and substantial shareholding of Adventa nor have any material effect on the earnings, net assets or gearing of Adventa Group for the current financial year.
Save as disclosed above where Mr. Low Chin Guan and Ms. Kwek Siew Leng are the Managing Director/Major Shareholder and Executive Director of the Company, respectively, none of the Directors and/or major shareholders of the Company or persons connected to them have any interest, direct or indirect in the above disposal.
The Board of Directors of the Company, having taken into consideration all aspects of the Disposal, is of the opinion that the Disposal is in the best interest of Adventa Group.
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