News
Voluntary Winding-up of Four Subsidiaries of Bursa Malaysia Berhad and Appointment of Liquidators
BackFeb 28, 2007
| General Announcement Reference No BM-070228-62349 |
| Company Name | : | BURSA MALAYSIA BERHAD |
| Stock Name | : | BURSA |
| Date Announced | : | 28/02/2007 |
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| Type | : | Announcement |
| Subject | : | Voluntary Winding-up of Four Subsidiaries of Bursa Malaysia Berhad and Appointment of Liquidators |
Contents :
1. Bursa Malaysia Property Sdn. Bhd. (Company No. 147792-H) ("Bursa Property");
2. Bursa Malaysia IT Sdn. Bhd. (Company No. 213411-K) ("Bursa IT");
3. Commodity and Monetary Exchange of Malaysia (Company No. 60226-D) ("COMMEX"); and
4. Malaysia Monetary Exchange Berhad (Company No. 247161-A) ("MME").
The above Companies at their respective EGMs have also resolved to appoint Encik Abu Bakar Rajudin of Abu Bakar Rajudin Associates Sdn. Bhd. as liquidators of the Companies for the purposes of the voluntary winding-up.
1. Bursa Property was incorporated in Malaysia under the Companies Act 1965 on 27 November 1985 as a private limited company under the name of KLSE Realty Sdn. Bhd. On 7 June 2001, it changed its name to KLSE Property Management Sdn. Bhd. and subsequently changed to its present name on 14 May 2004.
(a) The principal activity of Bursa Property was to provide building management and security services. Bursa Property commenced its business on 27 November 1985. The activities of Bursa Property were transferred to Bursa on 1 July 2004, and Bursa Property has since remained dormant. The cost of investment of Bursa in Bursa Property is RM1,000,000.00.
(b) Bursa Property's authorized share capital is currently RM10,000,000 divided into 10,000,000 ordinary shares of RM1.00 each of which RM1,000,000 comprising 1,000,000 ordinary shares of RM1.00 each have been issued and fully paid-up.
2. Bursa IT was incorporated in Malaysia under the Companies Act 1965 on 7 March 1991 as a private limited company under the name of KLOFFE Sdn. Bhd. On 8 July 1993, it changed its name to KLOFFE Capital Sdn. Bhd. ("KLOFFE Capital"). On 8 May 2002, KLOFFE Capital changed its name to KLSE Technology Sdn. Bhd. and subsequently changed to its present name on 14 May 2004.
(a) The principal activity of Bursa IT was to provide information and communications technology services. Bursa IT commenced its business on 27 September 2002. The activities of Bursa IT were later transferred to Bursa on 1 July 2004, and Bursa IT has since remained dormant. The cost of investment of Bursa in Bursa IT is RM10,570,097.00.
(b) Bursa IT's authorized share capital is currently RM100,000,000 divided into 100,000,000 ordinary shares of RM1.00 each of which RM39,998,002 comprising 39,998,002 ordinary shares of RM1.00 each have been issued and fully paid-up.
3. COMMEX, a wholly-owned subsidiary of Bursa Malaysia Derivatives Berhad ("Bursa Derivatives"), in which Bursa holds 100% equity interest, was incorporated in Malaysia under the Companies Act 1965 on 14 July 1980 as a company limited by guarantee under the name of The Kuala Lumpur Commodity Exchange, which was subsequently changed to its present name on 21 October 1998.
(a) The principal activity of COMMEX was to maintain facilities for conducting the business of a commodity exchange and an interest rate and currency futures and options market in Malaysia. On 11 June 2001, COMMEX transferred all of its assets and liabilities to Bursa Derivatives and has since remained dormant. The cost of investment of Bursa Derivatives in COMMEX is RM1.00.
(b) As at the date hereof, COMMEX does not have any share capital, outstanding warrants, options, convertibles or uncalled capital.
4. MME, a wholly-owned subsidiary of Bursa Derivatives, in which Bursa holds 100% equity interest, was incorporated in Malaysia under the Companies Act 1965 on 19 August 1992 as a private limited company under the name of Kuala Lumpur Futures Market Sdn. Bhd., which was subsequently changed to its present name pursuant to its conversion to a public company on 19 July 1995.
(a) The principal activity of MME was to maintain a market for the purpose of trading and investing in interest rates and currency futures and options. On 7 December 1998, MME transferred its exchange operations to its then holding company, COMMEX, and has since remained dormant. The cost of investment of Bursa Derivatives in MME is nil.
(b) MME's authorized share capital is currently RM5,000,000 divided into 5,000,000 ordinary shares of RM1.00 each of which RM1,000,000 comprising 1,000,000 ordinary shares of RM1.00 each have been issued and fully paid-up.
Bursa has no future plan to activate the dormant Companies, of which their voluntary winding-up proceedings will not have any operational impact on or result in any loss to Bursa Group. The voluntary winding-up of the Companies also will not have any material impact on the net assets and earnings per share of Bursa Group for the financial year ending 31 December 2007.
This announcement is dated 28 February 2007.