The Board of Directors (the “Board”) refers to the announcement by Parkson Retail Asia Limited (the “Company”) dated 30 April 2015 (the “JV Announcement”) in relation to the joint-venture between Parkson Corporation Sdn. Bhd. (“PCSB”), a wholly-owned subsidiary of the Company, and Studio Kingdoms Network Sdn Bhd (“SKN”) for the purpose of venturing into the business of operating a theme park, education centres and nursery centres, food & beverage operations, and merchandising operations in Malaysia (“JointVenture”). Capitalised terms used herein shall, unless the context otherwise requires, bear the meanings ascribed to them in the JV Announcement.
The Board wishes to announce that on 14 May 2015, PCSB acquired the entire issued and paid-up capital of Matrix Treasure Sdn Bhd (“Matrix Treasure”) being the joint-venture company for the purpose of undertaking the Joint-Venture for a cash consideration of RM2.00 (approximately SGD0.74). Matrix Treasure is a company incorporated under the Malaysian Companies Act 1965 on 9 September 2014 with an authorised share capital of RM400,000.00 comprising 400,000 ordinary shares of RM1.00 each, of which two ordinary shares have been issued and fully paid up. Matrix Treasure has not commenced operations. It is proposed that Matrix Treasure will subsequently be renamed “Parkson Edutainment World Sdn Bhd”.
Pursuant to the JV Agreement, the authorised share capital and the issued and paid-up capital of Matrix Treasure have on 14 May 2015 been increased as follows:-
i. the authorised share capital has been increased from RM400,000.00 divided into 400,000 ordinary shares of RM1.00 each to RM1,000,000.00 divided into 1,000,000 ordinary shares of RM1.00 each; and
ii. the issued and paid-up capital has been increased from RM2.00 to RM1,000,000.00 (approximately SGD370,371) following the subscription by PCSB for an additional 699,998 new ordinary shares of RM1.00 each (“MT Shares”) at par for cash consideration of RM699,998.00 (approximately SGD259,259) and the subscription by SKN for 300,000 new MT Shares at par for cash consideration of RM300,000.00 (approximately SGD111,111).
Following this, Matrix Treasure is now a 70%-owned subsidiary of PCSB (and indirectly, the Company), with the balance 30% owned by SKN.
(For the purposes of this announcement, the exchange rate of SGD1.00: RM2.70 has been used).