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Gaylin Holdings Ltd Announces Incorporation Of Subsidiary; Updates On Proposed Acquisition In South Korea

Tuesday, 19 Mar 2013 09:37am EDT 

Gaylin Holdings Ltd announced that the Company has on March 18, 2013 incorporated a wholly-owned subsidiary in Singapore known as Lv Yang (Tianjin) Offshore Equipment Pte Ltd (the Purchaser) with an issued and paid up share capital of SGD9,000 comprising 9,000 ordinary shares. The principal activities of the Purchaser will include the supply of rigging and lifting equipment and provision of related services. Following its incorporation, the issued and paid up share capital of the Purchaser has on 19 March 2013 been increased to SGD9,001 comprising 10,000 ordinary shares, pursuant to an allotment and issue of 1,000 ordinary shares to Johnny Lee Hang Meng (the Executive) for a consideration of SGD1.00, and accordingly, as at the date of this announcement, the shareholders of the Purchaser are the Company and the Executive in the proportion of 90% and 10% respectively. . The Company had in its prospectus dated October 17, 2012 under the section entitled Business Strategies and Future Plans disclosed that it had on September 22, 2012 signed a memorandum of understanding for the proposed acquisition of a South Korean company engaged in the supply of wire ropes and related fittings to Korean customers in the offshore and marine industry. The Directors announced that the Company has not been able to come to an agreement with the proposed vendors and has ceased negotiations and will not be proceeding with such proposed acquisition. 

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24 Jul 2014