The Board of Directors of Kencana Petroleum Berhad announces that the Company has on 18 November 2010 acquired the entire issued and paid-up share capital of Finest Glory Sdn. Bhd. (“FGSB”) comprising 2 ordinary shares of RM1.00 each at a total cash consideration of RM2.00, making it a wholly-owned subsidiary of the Company.
FGSB was incorporated on 13 October 2010 and it is currently dormant. The proposed new name of FGSB is Kencana Energy Sdn Bhd and its intended principal activities are investment holding and management services.
The acquisition does not have any material effect on the net assets, earnings and gearing of Kencana Petroleum for the financial year ending 31 July 2011.
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Source: Kencana, November 19, 2010;