INCORPORATION OF A WHOLLY-OWNED SUBSIDIRAY
The Board of Directors (the "Board") of Nico Steel Holdings Limited (the "Company" and together with its subsidiaries, the "Group") wishes to announce that the Company had incorporated a wholly-owned subsidiary in the People's Republic of China on 30 September 2021 (the "Subsidiary"). The details of the Subsidiary are as follows :-
Name of Subsidiary | : | Nico New Technology Solutions (Jiangsu) Co., Ltd | ||
Authorised Share Capital | : | US$33,500,000/- | ||
Principal Activities | : | Technology | services, | technology development, |
technology | consulting, | technology exchange, | ||
technology transfer, technology promotion; metal | ||||
products research and development; metal | ||||
products sales; metal structure manufacturing; | ||||
metal structure sales; mechanical and electrical | ||||
equipment manufacturing; metal cutting machine | ||||
tool manufacturing; mechanical and electrical | ||||
equipment sales; metal cutting machine tool sales; | ||||
metal forming machine tool manufacturing; metal | ||||
forming machine tool sales; foundry machinery | ||||
manufacturing; foundry machinery sales; metal | ||||
processing machinery manufacturing; import and | ||||
export of goods; technology import and export. | ||||
The above transaction will be funded by the Company's internal source of funds and is not expected to have any material impact on the earnings per share and net tangible asset per share of the Group for the financial year ending 28 February 2022.
None of the Directors, controlling shareholders or substantial shareholders of the Company has any interest, direct or indirect, in the Subsidiary, other than through their respective shareholding interests in the Company.
BY ORDER OF THE BOARD
Tan Chee Khiong Danny
Executive Chairman & President
Date : 13 October 2021
Attachments
- Original document
- Permalink
Disclaimer
Nico Steel Holdings Limited published this content on 13 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2021 12:01:05 UTC.