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1.
Introduction
The Board of Directors of AsiaEP Berhad ("AsiaEP or "the
Company") wishes to announce that the Company’s wholly owned subsidiary, AsiaEP
China Co. Ltd. ("AsiaEP China"), a company incorporated in the People’s Republic
of China ("PRC") has applied to the relevant authority in the PRC to be voluntarily
wound-up. In this connection, AsiaEP China has on 25 March 2008 appointed a firm
of Certified Public Accountants in Shanghai, PRC to submit the statement of affairs
of AsiaEP China to the relevant authorities.
2. Information on AsiaEP
China
AsiaEP China was incorporated in PRC on 16 July 2004. The registered
capital of AsiaEP China is USD140,000.
AsiaEP China’s intended principal
activities were computer software design, development, technology support, e-commerce
homepage development and sales.
3. Rationale for the winding-up
The
winding up of AsiaEP China is part of the rationalization and streamlining exercise
of AsiaEP Group.
4. Financial Effect
The winding-up is not
expected to have any material impact on the earnings and net tangible assets of
the Company for the financial year ended 28 February 2008.
5. Directors'
and Substantial Shareholders' Interests
None of the Directors and substantial
shareholders or persons connected to the Directors or substantial shareholders
of the Company has any interests, direct or indirect, in AsiaEP China.
6.
Directors' Statement
The Board of Directors of AsiaEP is of the opinion
that the winding-up is in the best interest of the Company.
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