OTHERS Power Root Berhad - NEW SUBSIDIARY COMPANY
|POWER ROOT BERHAD|
|Description||Power Root Berhad |
- NEW SUBSIDIARY COMPANY
Power Root Berhad ("Power Root" or "the Company") wishes to announce that on 25 July 2013, the Company had entered into a shareholders’ agreement with Clover Films Pte. Ltd., Golden Screen Cinemas Sdn. Bhd. and Verygood Movie (M) Sdn. Bhd. and had subscribed to 51% equity interest in Medan Multimedia Sdn. Bhd. (“MMSB”) comprising 15,300 new ordinary shares of RM1.00 each for a cash consideration of RM15,300 (“Subscription”).
The shares in MMSB is subscribed by the following parties as follows:-
MMSB was incorporated on 3 May 2013 in Malaysia as a private limited company under the Companies Act 1965 and has an authorized share capital of RM400,000 divided into 400,000 ordinary shares of RM1.00 each of which 30,000 shares has been issued and fully paid-up. MMSB is principally engaged in the business of production, distribution, exhibition and marketing of movies. MMSB will be a subsidiary company of Power Root.
Other than Dato’ Low Chee Yen and Mr. See Thuan Po who is appointed as a director of MMSB as the Board Representatives of Power Root Berhad, none of the Directors and/or major shareholders of Power Root and/or persons connected to them have any interest, direct or indirect, in the Subscription.
This announcement is dated 26 July 2013.