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Kobay Technology Bhd Announces Acquisition Of New Subsidiary

Tuesday, 14 May 2013 05:39am EDT 

Kobay Technology Bhd announced that on May 14, 2013, Kobay has acquired 70% equity interest of The 12 Avenues Sdn. Bhd. (formerly known as Skyhouse Sdn. Bhd.) (The 12 Avenues) of which comprises 70 ordinary shares of MYR1.00 each for a cash consideration of MYR70.00. The 12 Avenues was incorporated on December 12, 2012 as a private company limited by shares under the name Skyhouse Sdn. Bhd.. It has changed to its current name on February 05, 2013. Its authorised share capital is MYR100,000 comprising 100,000 ordinary shares of MYR1.00 each, of which 100 ordinary shares of MYR1.00 each have been issued and fully paid-up. Subsequent to the acquisition, The 12 Avenues will become a 70% owned subsidiary company of Kobay. The other 30% equity interest was held by a private company incorporated in Malaysia, Nova Impact Sdn. Bhd. Currently, The 12 Avenues is dormant and its intended principal activity will be property development. 

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