Subscription Of Shares In The Share Capital Of Unified Thailand Ltd
BackMay 17, 2004The Board of Directors of Unified Communications Holdings Limited (the"UCHL") wishes to announce that its wholly-own subsidiary, Unified Communications Pte Ltd ("UCPL") shall subscribe for 90,000 ordinary shares of Thai Baht 10.00 each in the share capital of Unified Thailand Ltd ("Unified Thailand"), constituting 45% of the total issued and paid-up share capital of Unified Thailand, for an aggregate consideration of Thai Baht 900,000 (the "Investment"). The Investment in Unified Thailand will be funded by internal resources.
Unified Thailand is a company incorporated in Thailand and is principally engaged in the distribution of telecommunications solutions and maintenance and support services for telecommunication industry. Unified Thailand has two classes of shares:-
o 110,000 preference shares of Thai Baht 10.00 each forming 55% of the total issued and paid-up capital with a voting right of one vote for every ten shares held.
o 90,000 ordinary shares of Thai Baht 10.00 each forming the remaining 45% of the total issued and paid-up capital with voting right of one vote for each share held.
By virtue of UCPL controlling effectively 89% of the voting rights via the ordinary shares to be held in Unified Thailand, Unified Thailand is regarded as a subsidiary of UCPL with effective interest of 89%. The Investment in Unified Thailand is not expected to have any significant impact on the Group's earnings and Net Tangible Assets for the financial year ending 31 December 2004.
None of the Directors or Controlling Shareholders or Substantial Shareholders of the Company has any interest, direct or indirect, in the abovementioned Investment.