News

Striking off of Dormant Subsidiary Company Pursuant to Section 308 of the Companies Act, 1965

The Board of Directors of Industronics would like to announce that Industronics Multimedia Sdn Bhd (“IMultimedia”), a wholly-owned subsidiary had on 23 December 2009 submitted application to Companies Commission of Malaysia ("CCM") for striking the name of the company off the register pursuant to Section 308 of the Companies Act, 1965.

Background Information

I-Multimedia is a private limited company incorporated in Malaysia on 30 July 2003. It has an authorized share capital of RM500,000 comprising 500,000 shares of RM1.00 each and issued and paid-up share capital of RM150,000 comprising 150,000 ordinary shares of RM1.00 each. The principal activity of I-Multimedia is providing information technology services and electronics appliances. As at to-date, I-Multimedia is a dormant company.

Rationale of the exercise

I-Multimedia has ceased operations and is dormant. The company has no intention to commence any business activities in the future.
Thus, the Directors view it in the best interest of the Group and proposed to strike-off the company to reduce cost, streamline and align entities within the Group and to create a leaner, efficient and flexible corporate structure.

Financial Effects

The proposed strike-off of I-Multimedia will not have any material effect on the share capital and shareholdings of the substantial shareholders, earnings and net assets per share of Industronics for the financial year ending 31 December 2009.

Approval

The proposed strike-off of I-Multimedia is not subject to the approval of the shareholders of Industronics.

Expected time of completion

Barring any unforeseen circumstances, the exercise is expected to be completed upon the receipt of the notification for strike-off from CCM whereupon further announcement will be made by the Company.