Pursuant to Paragraph 9.19(23) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, the Board of Directors of BHS wishes to announce that the Company had on 7 January 2016 acquired the entire issued and paid up share capital of Ultimate Ivory Sdn. Bhd. (“UISB”) comprising five hundred thousand (500,000) shares of RM1.00 each (“Shares”) (“Acquisition”) from its related parties, namely, Dato’ Lim Thiam Huat, Dato’ Sohaimi Bin Shahadan and Green Patent Technologies Sdn. Bhd. for a cash consideration of Ringgit Malaysia Four Hundred and Eighty Six Thousand Four Hundred And Fifty Five (RM486,455) only, which is the net book value of UISB based on the latest Audited Financial Statements for the financial year ended 31 December 2014.

Dato’ Lim Thiam Huat and Dato’ Sohaimi Bin Shahadan are directors of BHS and UISB whilst Green Patent Technologies Sdn. Bhd. is a company which Dato’ Lim Thiam Huat has substantial interest.

The Company is acquiring 35% Shares each from Dato’ Lim Thiam Huat and Dato’ Sohaimi Bin Shahadan and the remaining balance of 30% Shares from Green Patent Technologies Sdn. Bhd.

UISB was incorporated on 18 October 2011 and has yet to commence its operation. The intended business of UISB is investment holding.  

FINANCIAL EFFECTS OF THE ACQUISITION

The Acquisition is not expected to have any financial effects on the Company for the financial year ending 30 June 2016  in terms of earnings per share, net assets per share, and gearing of the Company.

The Acquisition will not have any effect on the issued and paid up share capital and substantial shareholders’ shareholding in the Company.

INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

Save as disclosed below, none of the other Directors, major shareholders and/or persons connected to them have any interest, whether direct or indirect, in the Acquisition:-

1. Dato’ Lim Thiam Huat, the Managing Director and substantial shareholder of the Company is deemed interested in the Acquisition by virtue of his interest in UISB and Green Patent Technologies Sdn. Bhd.; and

2. Dato’ Sohaimi Bin Shahadan, a Non-Independent Non-Executive Chairman of the Company is deemed interested in the Acquisition by virtue of his interest in UISB.

This announcement is dated 7 January 2016.