Asset Acquisitions and Disposals::Incorporation of new subsidiary Wanxi Holdings Pte Ltd

Issuer & Securities

Issuer/ Manager
PNE INDUSTRIES LTD
Securities
PNE INDUSTRIES LTD - SG1BF2000001 - BDA
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
19-Nov-2015 18:10:04
Status
New
Announcement Sub Title
Incorporation of new subsidiary Wanxi Holdings Pte Ltd
Announcement Reference
SG151119OTHRJFYP
Submitted By (Co./ Ind. Name)
Tan Meng Siew
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
The Board of Directors of PNE Industries Ltd ("Company") is pleased to announce that the Company has incorporated a new wholly-owned subsidiary called Wanxi Holdings Pte Ltd in Singapore with paid-up share capital of $2.00. The principal activity of this subsidiary is investment holding.

The investment in the above new subsidiary is funded from internal resources of the Company, and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Company for the current financial year ending 30 September 2016.

Save for any deemed interest of the Directors arising out of their interest in the Company, none of the Directors or substantial shareholders of the Company has any interest in the incorporation of the new subsidiary.