The Board of Ideal Jacobs is pleased to announce the incorporation of Ideal Laminar (Suzhou) Ltd. Co. ("ILSZ") on 14 January 2013. ILSZ is a wholly-owned subsidiary of Ideal Laminar Pte. Ltd (“ILPL”), which in turn is a 51% subsidiary of Ideal Jacobs (“the Incorporation”). The Company received the certificate of incorporation of ILSZ on 16 January 2013.
ILSZ was incorporated as a limited liability company on 14 January 2013 in the People’s Republic of China (“PRC”) under the Company Law of the PRC. The registered and paid-up share capital of ILSZ is USD200,000. 51% of ILSZ paid-up share capital was funded by the Company and the balance of 49% was funded by Laminar Labs Pte Ltd and Mr. Ong Chow Fook.
Mr. Meng Bin is the sole director in ILSZ.
ILSZ is set up for manufacturing of Smartphone components.
4. FINANCIAL EFFECTS OF THE INCORPORATION
The Incorporation does not have any effect on the share capital and substantial shareholders' shareholding and gearing of Ideal Jacobs for the financial year ending 31 December 2013. ILSZ shall commence operation in the 1st quarter of 2013 and generate earnings that will contribute to the earnings per share and net assets per share of Ideal Jacobs for the financial year ending 31 December 2013.
5. DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST
None of the directors and/or major shareholders of Ideal Jacobs as well as persons connected with them have any interest, direct and/or indirect in the Incorporation.
6. ANY APPROVAL REQUIRED
The Incorporation has been approved by the Suzhou Industrial Park Industry and Commerce Bureau by way of business registration.
The Incorporation is not subject to the approval of shareholders and the relevant government authorities in Malaysia.
7. STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors is of the opinion that the Incorporation is in the best interest of the Company.
This announcement is dated 17 January 2013.