WCT-Page 30 to ProxyForm (2.4MB).pdf - Announcements - Bursa ...

7. INVESTMENT IN SUBSIDIARIES cont’d
(a) Acquisition of new subsidiaries cont’d
WCT Berhad (66538-K)
annual report 2011
(iv) On 25 August 2011, WCTL has acquired 2 ordinary shares of RM1.00 each at par representing the entire
issued and paid-up share capital of WCT Acres Sdn. Bhd. ("WCTASB") for a total cash consideration of
RM2.00. WCTASB, a company incorporated in Malaysia, has an authorised share capital of RM100,000 and
an issued and paid-up share capital of RM2.00 divided into 2 ordinary shares of RM1.00 each.
(v) On 5 September 2011, WCT Management (Beijing) Limited (“WCT Beijing”), a wholly foreign owned
enterprise in Beijing, China has been incorporated, following the issuance of the Business License by the
Beijing Administration of Industry & Commerce on 26 August 2011 which was received on 5 September
2011. The Registered Capital of WCT Beijing is RMB4,000,000 (approximately RM1.9 million) and is a wholly
owned subsidiary of WCTL.
(vi) On 10 October 2011, WCTL has acquired 2 ordinary shares of RM1.00 each at par representing the entire
issued and paid-up share capital of Jubilant Courtyard Sdn. Bhd. ("JCSB") for a total cash consideration of
RM2.00. JCSB, a company incorporated in Malaysia, has an authorised share capital of RM100,000 and an
issued and paid-up share capital of RM2.00 divided into 2 ordinary shares of RM1.00 each.
(vii) On 14 November 2011, WCTL has acquired 2 ordinary shares of RM1.00 each at par representing the entire
issued and paid-up share capital of WCT Hartanah Jaya Sdn. Bhd. ("WCTH") for a total cash consideration of
RM2.00. WCTH, a company incorporated in Malaysia, has an authorised share capital of RM100,000 and an
issued and paid-up share capital of RM2.00 divided into 2 ordinary shares of RM1.00 each.
(viii) Concurrent with the issuance and award of the Investment Certificate to the Company’s wholly-owned
subsidiary, WCT (S) Pte. Ltd. on 24 December 2011, the People’s Committee of HCMC has also approved
the establishment of a limited liability company namely, WCT-DPN Company Limited (“WCT-DPN”), a
70%-owned subsidiary of the Company. The remaining 30% equity of WCT-DPN will be held by Southern
Land Corporation (“SLC”), a joint stock company duly established under the Laws of Socialist Republic of
Vietnam on 26 March 2001. WCT-DPN’s initial chartered capital is USD25,151,580.00. Its principal business
activity is the development and management of residential and commercial properties on a piece of land
measuring approximately 46,577 square meter in New Urban Development Area of Saigon South, Binh
Hung Commune, Binh Chanh District, Ho Chi Minh City, Vietnam.
The acquisition of these subsidiaries has no material effect on the financial position and financial performance of
the Group.
(b) Changes in the composition of the subsidiaries
On 6 July 2011, the Company transferred the 2 ordinary shares of RM1.00 each at par representing 100% of the
issued and paid-up share capital of Iris Green Sdn. Bhd. ("IGSB") for a cash consideration of RM2.00 to WCTL.
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NOTES TO THE FINANCIAL STATEMENTS
31 December 2011
cont’d