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The Board of Directors of
the Company wishes to announce that the Company had on 21 July 2010
entered into a Memorandum of Understanding ("MOU") with Evergrown
Technology Sdn Bhd ("EVERGROWN") (hereinafter collectively referred
to as the "Parties") to establish the principles that reflect their
intention to establish a joint venture via the incorporation of a
joint venture company ("JVCo") with the proposed initial issued and
paid up share capital of Ringgit Malaysia One Million Five Hundred
Thousand (RM1,500,000-00) comprising 1,500,000 ordinary shares of
RM1.00 each ("Shares") upon the terms and conditions as stipulated
in the MOU.
The details of the MOU are set out in the
attached document below.
This announcement is dated 21 July
2010. | |