【CBIP 7076 交流专区】CB工业产品

icy97

Type	Announcement
Subject	OTHERS
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIP") - SECOND SINGLE TIER INTERIM DIVIDEND FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018
The Board of CBIP is pleased to declare a second single tier interim dividend of 2 sen per ordinary share for the financial year ended 31 December 2018.The dividend entitlement and payment dates will be announced in due course. This announcement is dated 25 February 2019.

Tony-Pua

icy97 发表于 26-2-2019 05:48 AM

7076    CBIP    CB INDUSTRIAL PRODUCT HOLDING

Second Single tier Interim Dividend MYR0.02

Entitlement Details: SECOND SINGLE-TIER INTERIM DIVIDEND OF MYR0.02 PER ORDINARY SHARE FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 Entitlement Type: Second Interim Dividend Entitlement Date and Time: 29/03/2019  05:00 PM Year Ending/Period Ending/Ended Date: 31/12/2018 EX Date: 27/03/2019 To SCANS Date: Payment Date: 18/04/2019

icy97

CB INDUSTRIAL PRODUCT HOLDING BERHAD

EX-date	27 Mar 2019
Entitlement date	29 Mar 2019
Entitlement time	05:00 PM
Entitlement subject	Second interim dividend
Entitlement description	SECOND SINGLE-TIER INTERIM DIVIDEND OF MYR0.02 PER ORDINARY SHARE FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018
Period of interest payment	to
Financial Year End	31 Dec 2018
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	BOARDROOM SHARE REGISTRARS SDN. BHD. (formerly known as Symphony Share Registrars Sdn. Bhd.)Level 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU 1A/4647301Petaling JayaTel:0378490777Fax:0378418151
Payment date	18 Apr 2019
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	29 Mar 2019
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.02

icy97

Type	Announcement
Subject	OTHERS
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Letter of Acceptance from Golden Veroleum (Liberia) Inc. to PalmitEco Engineering Sdn. Bhd.
The Board of Directors of the Company is pleased to announce that PalmitEco Engineering Sdn. Bhd. (Company No. 1131144-D), a wholly-owned subsidiary of the Company, has received a Letter of Acceptance (“LOA”) dated 10 April 2019 from Golden Veroleum (Libreria) Inc. with total contract value of USD12,090,000.00 (equivalent to RM49,810,800.00) for supply, fabrication, packing for export shipment where appropriate comprehensively insure, ship, unhold from ship, deliver to site, unload, construct, install, erect, test, calibration, coordinate the delivery of propriety items to site, commissioning, and successfully take over and 12 month guarantee for Mechanical and Electrical of one unit of Maryland Palm Oil Mill 40/80 TPH. The contract is expected to to be completed by Mid of 2020. None of the Directors and/or major shareholders of the Company and/or persons connected to them have any interests, direct or indirect in the LOAs. The LOA is expected to contribute positively to the earnings and net assets per share of CBIPH for the financial year ending 31 December 2019 onwards until completion of the contract work. The Company does not foresee any exceptional risk other than normal operational risk associated with the LOA. This announcement is dated 12 April 2019.

icy97

Type	Announcement
Subject	OTHERS
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Letter of Acceptance from New Britain Palm Oil Limited to PalmitEco Engineering Sdn. Bhd.
The Board of Directors of the Company is pleased to announce that PalmitEco Engineering Sdn. Bhd. (Company No. 1131144-D), a wholly-owned subsidiary of the Company, has received a Letter of Acceptance (“LOA”) dated 11 April 2019 from New Britain Palm Oil Limited as detailed hereunder:- Details Total Contract Value To design, supply, fabricate, deliver to site, install, testing, commissioning and guarantee performance for construction of 10 TPH Continuous Sterilisation Mini Mill and 40/60 TPH Continuous Sterilisation Palm Oil Mill at Markham Valley, Papua New Guinea (“Works”). The Works for the 10 TPH Continuous Sterilisation Mini Mill is targeted to be completed by November 2019 or within seven (7) months from the date of site possession whichever is later whilst the Works for the 40/60 TPH Continuous Sterilisation Palm Oil Mill is targeted to be completed by February 2021 or within twenty (20) months from the date of site possession whichever is later. For import portion RM48,238,360 For local works portion PGK19,113,600 (Equivalent to RM22,936,320 ) Total RM71,174,680 None of the Directors and/or major shareholders of the Company and/or persons connected to them have any interests, direct or indirect in the LOA. The LOA is expected to contribute positively to the earnings and net assets per share of CBIPH for the financial year ending 31 December 2019 onwards until completion of the Works. The Company does not foresee any exceptional risk other than normal operational risk associated with the LOA. This announcement is dated 15 April 2019.

icy97

Type	Announcement
Subject	OTHERS
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Contracts entered into between PalmitEco Engineering Sdn. Bhd., PT. CB Polaindo and PT. Nabire Baru
The Board of Directors of the Company is pleased to announce that PalmitEco Engineering Sdn. Bhd. (“PalmitEco”), a wholly-owned subsidiary of the Company, and PT CB Polaindo (“PT CBP”), a 95%-owned subsidiary of the Company, have entered into contracts with PT Nabire Baru on 24 April 2019, to manufacture and supply one unit of Continuous Sterilisation Palm Oil Mill with processing capacity of 45 metric tonnes of fresh fruit bunches per hour (“Mill”) (“Contracts”), with details as follows: Details Total Contracts Value Import Portion by PalmitEco To manufacture, fabricate, supply and deliver to site the machinery, equipment, apparatus, materials, articles including associated accessories necessary to construct, erect, install and commission of the Mill. RM21,259,500.00 Local Portion by PT CBP a) To carry out installation, testing and commissioning of the Mill at the site. IDR21,814,276,400 (Equivalent to RM6,347,954) b) To carry out all earthwork, civil works and piling works including without limitation construction of foundations, support footings, support structures, buildings, trenches forming at the site. IDR72,059,595,000 (Equivalent to RM20,969,342) Total RM48,576,796 The Contracts are expected to be completed by 30 April 2020. None of the Directors and/or major shareholders of the Company and/or persons connected to them have any interests, direct or indirect in the Contracts. The Contracts are expected to contribute positively to the earnings and net assets per share of CBIPH for the financial year ending 31 December 2019 onwards until completion of the contracts work. The Company does not foresee any exceptional risk other than normal operational risk associated with the Contracts. This announcement is dated 29 April 2019.

icy97

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Acquisition of Shares in Gulf Lubes Malaysia Sdn. Bhd.
The Board of Directors of CBIPH is pleased to announce that the Company and TPG Oil & Gas Sdn. Bhd. (“TPGO”), the 80% owned subsidiary, have on 3 May 2019 acquired 63,670,000 ordinary shares and 6,330,000 ordinary shares respectively in Gulf Lubes Malaysia Sdn. Bhd. (Company No. 1078386-T) (“Gulf Lubes”), representing an aggregate 70% of the total share capital in Gulf Lubes from the Vendors, for a total cash consideration of RM2,112,168. Please refer to the attachment for more details. This announcement is dated 3 May 2019.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6151037

Attachments CBIP - Acquisition of Gulf Lubes.pdf

icy97

Type	Announcement
Subject	AUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Modified Opinion in External Auditors Report for the Financial Year Ended 31 December 2018
Pursuant to Paragraph 9.19(37) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, CBIPH wishes to inform that the Company had on 26 April 2019 received a qualified audit opinion from Messrs. Crowe Malaysia PLT, the Company’s External Auditors. Please refer to the Independent Auditors’ Report as attached. The audited financial statements and auditors’ report of the Associates and Joint Venture were not available to the Company’s External Auditors. There has been a delay in completing the unaudited management accounts of the Associates and Joint Venture for audit by the component auditors mainly due to the assessment and adoption of the new Malaysia Financial Reporting Standards by the Management of the Associates and Joint Venture. The Company had communicated to the Board and the Management of Associates and Joint Venture to rectify the situation to ensure timely completion of the audited financial statements of the Associates and Joint Venture in the coming financial years. The Company will continue to monitor the reporting timeline of the financial statements of the Associates and Joint Venture for future audit reporting period.          Barring any unforeseen circumstances, the Company expects to resolve the issue relating to the said modified opinion in the coming financial years. This announcement is dated 3 May 2019. http://www.bursamalaysia.com/market/listed-companies/company-announcements/6151493

Attachments AFS to Independent Auditors Report.pdf

icy97

CB INDUSTRIAL PRODUCT HOLDING BERHAD

Type	Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID	IQL-07052019-00001
Subject	ACQUISITION OF SHARES IN GULF LUBES MALAYSIA SDN. BHD. ("GULF LUBES") ("ACQUISITION")
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Acquisition of Shares in Gulf Lubes Malaysia Sdn. Bhd.
Query Letter Contents	We refer to your Company’s announcement dated 3 May 2019, in respect of the aforesaid matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:- 1)      Whether there was any agreement entered into for the Acquisition; if so, the date of such agreement and to make available for inspection. 2)      Other salient terms of the Acquisition, including the term of payment, conditions precedent and termination clauses. 3)      Details of the remaining 30% shareholders of Gulf Lubes. 4)      With regard to the land owned by Gulf Lubes, please provide the following additional information:- (a)     net book value based on the latest audited financial statements; (b)     encumbrances, if any; and (c)     whether there is any valuation carried out on the aforesaid land, if so, the name of the valuer, date and method of valuation and the market value, if any. 5)      The financial commitment required for refurbishment of the biofuels facility and to state clearly which party who will bear the cost of refurbishment. 6)      Reasons as to why the processing plants were left idle since its construction in 2009. 7)      Detailed reasons for the loss of RM24,277,752 incurred for the financial year ended 30 April 2018 since it has not commenced production. 8)      Detailed breakdown of the net assets of RM141,293,205 as at 30 April 2018. 9)      Nature of the Outstanding Debt of RM43,159,564.
Please refer to the attachment for the reply from the Cpompany. This announcement is dated 8 May 2019.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6155045

Attachments CBIP - Additonal Info -Acquisition of Gulf Lubes Malaysia.pdf

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2019

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2019	31 Mar 2018	31 Mar 2019	31 Mar 2018
		$$'000	$$'000	$$'000	$$'000

1	Revenue	85,902	131,290	85,902	131,290
2	Profit/(loss) before tax	14,585	24,944	14,585	24,944
3	Profit/(loss) for the period	10,271	20,071	10,271	20,071
4	Profit/(loss) attributable to ordinary equity holders of the parent	11,018	17,821	11,018	17,821
5	Basic earnings/(loss) per share (Subunit)	2.16	3.41	2.16	3.41
6	Proposed/Declared dividend per share (Subunit)	0.00	2.00	0.00	2.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.4400		1.4100

icy97

Type	Announcement
Subject	OTHERS
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Letter of Award from Malaysia Airports Sdn. Bhd. to AVP Engineering (M) Sdn. Bhd.
The Board of Directors of the Company is pleased to announce that AVP Engineering (M) Sdn. Bhd. (Company No. 305833-A), a 49% owned subsidiary of the Company, has received a Letter of Award (“LOA”) dated 20 June 2019 from Malaysia Airports Sdn. Bhd. (Company No. 230646-U) (“MASB”) with total contract value of RM76,235,174.10 for supply, deliver, testing and commissioning of seventeen (17) units of Airport Fire Vehicles including comprehensive maintenance for MASB (“Works”) as detailed hereunder:- Details Total Contract Value Supply Package To supply, deliver, testing and commissioning of seventeen (17) units of Airport Fire Vehicles for MASB inclusive comprehensive maintenance during the warranty/ defects liability period of 24 months. The Supply Package is targeted to be completed by March 2023. RM68,932,131.00 Service Package Comprehensive Maintenance of Seventeen (17) units of Airport Fire Vehicles for MASB and service contract for 15 years upon expiry of the warranty/ defects liability period of each Airport Fire Vehicle. The Service Package is targeted to be completed by March 2038. RM7,303,043.10 Total RM76,235,174.10 None of the Directors and/or major shareholders of the Company and/or persons connected to them have any interests, direct or indirect in the LOA. The LOA will not have any effect on the share capital and substantial shareholding structures of CBIPH. The LOA however, is expected to contribute positively to the earnings and net assets per share of CBIPH for the financial year ending 31 December 2019 onwards until completion of the Works. The Company does not foresee any exceptional risk other than normal operational risk associated with the LOA. This announcement is dated 21 June 2019.

Tony-Pua

7076    CBIP    CB INDUSTRIAL PRODUCT HOLDING Quarterly rpt on consolidated results for the financial period ended 30/06/2019 Quarter: 2nd Quarter Financial Year End: 31/12/2019 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 30/06/2019 30/06/2018 30/06/2019 30/06/2018 RM '000 RM '000 RM '000 RM '000 1 Revenue 92,425 158,105 178,327 289,395 2 Profit/Loss Before Tax (2,873) 38,093 11,712 63,037 3 Profit/(loss) attributable to ordinary equity holders of the parent 1,237 17,457 35,778 31,557 4 Net Profit/Loss For The Period 562 27,663 10,833 47,734 5 Basic Earnings/Loss Per Shares (sen) 0.24 3.34 2.40 6.75 6 Dividend Per Share (sen) 0.00 0.00 0.00 2.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 1.4400 1.4100

icy97

Expiry/Maturity of the securities

CB INDUSTRIAL PRODUCT HOLDING BERHAD

Instrument Category	Securities of PLC
Instrument Type	Warrants
Type Of Expiry	Expiry/Maturity of the securities
Mode of Satisfaction of Exercise/Conversion price	Cash
Exercise/ Strike/ Conversion Price	Malaysian Ringgit (MYR) 2.4000
Exercise/ Conversion Ratio	1:1
Settlement Type / Convertible into	Physical (Shares)
Last Date & Time of Trading	18 Oct 2019 05:00 PM
Date & Time of Suspension	21 Oct 2019 09:00 AM
Last Date & Time for Transfer into Depositor's CDS a/c	30 Oct 2019 04:30 PM
Date & Time of Expiry	06 Nov 2019 05:00 PM
Date & Time for Delisting	07 Nov 2019 09:00 AM

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6300565

Attachments CBIP - Notice to Warrant Holders (Expiry of Warrants)_FA_V3.pdf

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2019

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2019	30 Sep 2018	30 Sep 2019	30 Sep 2018
		$$'000	$$'000	$$'000	$$'000

1	Revenue	101,916	83,598	280,243	372,993
2	Profit/(loss) before tax	2,237	21,227	13,949	84,264
3	Profit/(loss) for the period	829	13,327	11,662	61,061
4	Profit/(loss) attributable to ordinary equity holders of the parent	746	9,021	13,001	44,299
5	Basic earnings/(loss) per share (Subunit)	0.15	1.73	2.57	8.48
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	2.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.4500		1.4100

Tony-Pua

7076    CBIP    CB INDUSTRIAL PRODUCT HOLDING Quarterly rpt on consolidated results for the financial period ended 31/12/2019 Quarter: 4th Quarter Financial Year End: 31/12/2019 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/12/2019 31/12/2018 31/12/2019 31/12/2018 RM '000 RM '000 RM '000 RM '000 1 Revenue 170,020 105,093 450,263 478,086 2 Profit/Loss Before Tax 30,379 4,288 44,328 88,552 3 Profit/(loss) attributable to ordinary equity holders of the parent 22,539 (3,017) 35,540 41,282 4 Net Profit/Loss For The Period 21,860 (2,555) 33,522 58,506 5 Basic Earnings/Loss Per Shares (sen) 4.46 (0.57) 7.04 7.77 6 Dividend Per Share (sen) 2.00 2.00 2.00 4.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 1.4400 1.4400

icy97

CB INDUSTRIAL PRODUCT HOLDING BERHAD

EX-date	23 Dec 2019
Entitlement date	24 Dec 2019
Entitlement time	05:00 PM
Entitlement subject	First Interim Dividend
Entitlement description	FIRST SINGLE-TIER INTERIM DIVIDEND OF MYR0.02 PER ORDINARY SHARE FOR THE FINANCIAL YEAR ENDING 31 DECEMBER 2019
Period of interest payment	to
Financial Year End	31 Dec 2019
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	Boardroom Share Registrars Sdn. Bhd. (Company No. 378993-D)(Formerly known as Symphony Share Registrars Sdn. Bhd.)11th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 46200 Petaling Jaya, Selangor, MalaysiaTel: +603-7890 4700  Fax: +603-7890 4670
Payment date	08 Jan 2020
a.Securities transferred into the Depositor's Securities Account before 4:30 pm in respect of transfers	24 Dec 2019
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.02

icy97

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Acquisition of Shares in TPG Oil and Gas Sdn. Bhd.
The Board of Directors of CBIPH is pleased to announce that the Company has on 28 February 2020 entered into Share Sale Agreements to acquire 100,000 ordinary shares in TPG Oil and Gas Sdn. Bhd. [Registration No. 201301038953 (1068776-M)] (“TPGOG”), representing 0.62% of the total issued and paid up capital in TPGOG at total cash consideration of RM7,000,000.00. Please refers to the attachment for more details. This announcement is dated 3 March 2020.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3030619

Attachments CBIP - Acquisition of Shares in TPGOG (Announcement).pdf

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2020

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2020	31 Mar 2019	31 Mar 2020	31 Mar 2019
		$$'000	$$'000	$$'000	$$'000

1	Revenue	108,025	85,902	108,025	85,902
2	Profit/(loss) before tax	14,959	14,585	14,959	14,585
3	Profit/(loss) for the period	12,633	10,271	12,633	10,271
4	Profit/(loss) attributable to ordinary equity holders of the parent	12,287	11,018	12,287	11,018
5	Basic earnings/(loss) per share (Subunit)	2.48	2.16	2.48	2.16
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.4600		1.4400

icy97

Type	Announcement
Subject	AUDIT REPORT - MODIFIED OPINION / MATERIAL UNCERTAINTY RELATED TO GOING CONCERN QUALIFIED OPINION
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Qualified Opinion on The Audited Financial Statements for the Financial Year Ended 31 December 2019
Please refer to the attachments for details. This announcement is dated 30 June 2020.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3064673

Attachments Modified opinion AFS2019.pdf Auditors Report 2019.pdf

icy97

icy97 发表于 20-6-2019 04:36 AM
http://www.bursamalaysia.com/market/listed-companies/company-announcements/6155045

Type	Announcement
Subject	OTHERS
Description	CB INDUSTRIAL PRODUCT HOLDING BERHAD ("CBIPH" or "the Company")- Classification of Investment in Gulf Lubes Malaysia Sdn. Bhd.
Reference is made to the Company’s announcements dated 3 May 2019 and 8 May 2019 in relation to the Acquisition of 70% equity interest in Gulf Lubes Malaysia Sdn. Bhd. (“GLM”) by the Company and TPG Oil & Gas Sdn. Bhd., a 80% owned subsidiary of the Company. The Board of Directors wishes to inform that the Company is in dispute with the remaining 30% shareholders (“MI”) on the provision of the constitution of GLM requiring a unanimous consent regardless of the size of the shareholding which thereby frustrates the Group’s intention and plans as to how the affairs of GLM should be conducted. Although the Group holds total 70% equity interest in GLM, the Group does not have sole control over GLM considering that strategic and financial decisions of the relevant activities of GLM require unanimous consent by all shareholders. The Group unable to demonstrate a unilateral control and the power to affect the variable returns in GLM. Therefore, the investment in GLM was accounted as a joint venture in the Group’s consolidated financial statement for the financial year ended 31 December 2019. As a consequent, GLM has reached a complete deadlock as it would be impossible for GLM to carry on its intended business and for the Group to manage GLM as a going concern. As at the date of this announcement, GLM has yet to commence any operations. The Company has filed a winding-up petition on 11 June 2020 against GLM. The winding-up petition is a contributories winding-up petition based on just and equitable grounds caused by the deadlock arising from the dispute between the shareholders. The case management and the hearing of the petition is fixed on 8 August 2020 and 2 December 2020 respectively. Other than the legal fees disbursement involved in the said petition, the Company does not expect to incur any other losses arising from the petition. There is no significant financial and operational impact of the Group for the financial year ending 31 December 2020. The Company will make necessary announcement on the material developments in due course. This announcement is dated 30 June 2020.