INTRODUCTION

The Board of Directors of MBMR wishes to announce that Summit Vehicles Body Works Sdn. Bhd. ("SVBWSB"), a direct wholly-owned subsidiary of MBMR, has at its Extraordinary General Meeting ("EGM") held on 1 January 2023 obtained the approval of its shareholder to commence members' voluntary winding up pursuant to Section 439 of the Companies Act 2016.

1. INFORMATION ON SUMMIT VEHICLES BODY WORKS SDN. BHD.

SVBWSB was incorporated on 2 April 1976 with issued share capital of RM7,000,000.00 representing 7,000,000 Ordinary Shares. It has ceased operations in 2013 and has since remained dormant. SVBWSB is not a major subsidiary of MBMR Group (“the Group”).

2. RATIONALE FOR VOLUNTARY WINDING UP

SVBWSB has been dormant since 2013 and MBMR has no future plan to activate the business or operation of this company.

3. DETAILS OF VOLUNTARY WINDING UP

SVBWSB has at its EGM held on 1 January 2023 approved the commencement of members' voluntary winding up pursuant to Section 439 of the Companies Act 2016 and resolved to appoint Ms. Lee Wai Ngan and Mr. Tan Kok Aun of Systems Associates Sdn. Bhd. as the Liquidator of SVBWSB for the purpose of the voluntary winding up.

4. EFFECT OF THE VOLUNTARY WINDING UP

The voluntary winding up proceeding of SVBWSB will not have any operational impact on or result in any loss to the Group. The voluntary winding up of SVBWSB will also not have any material effect on the earnings, net assets and gearing of MBMR for the current financial year ending 31 December 2023.

There is no effect on the issued share capital and the substantial shareholders’ shareholding in MBMR.

5. STATEMENT BY DIRECTORS

None of the Directors or major shareholders of MBMR or persons connected to them have any interest, direct or indirect, in the voluntary winding up.

This announcement is dated 3 January 2023.

Announcement Info