COMPANY ANNOUCEMENTS

OTHERS N2N CONNECT BERHAD (N2N OR THE COMPANY) ACQUISITION OF A SUBSIDIARY COMPANY

22 Feb 2019

Type Announcement
Subject OTHERS
Description N2N CONNECT BERHAD (N2N OR THE COMPANY) ACQUISITION OF A SUBSIDIARY COMPANY

1. INTRODUCTION

The Board of Directors of N2N wishes to announce that the Company had, on 22 February 2019, acquired 100% of the total issued and paid up capital in Asianext Sdn. Bhd. (“Acquisition”) comprising 2 ordinary shares, from N2N Connect Holdings Sdn Bhd, for a total cash consideration of RM2.00 (Ringgit Malaysia : Two) only.

Pursuant to the Acquisition, Asianext Sdn. Bhd. becomes a subsidiary of the Company.

2. Information on Asianext Sdn. Bhd.

Asianext Sdn. Bhd. (Company No. : 1284641-D), having its registered office address at 3rd Floor, No. 17, Jalan Ipoh Kecil, 50350 Kuala Lumpur, was incorporated in Malaysia on 25 June 2018 as a private limited company. The issued share capital of Asianext Sdn. Bhd. is RM2.00 (Ringgit Malaysia : Two) only, comprising 2 fully paid ordinary shares.programming and consultancy services and related activities.

The principal activities of Asianext Sdn. Bhd. are to provide, operate and maintain a digital asset exchange and alternative trading system.

3. Financial Effects

The Acquisition is not expected to have any material effect on the earnings and net assets of the Company for the financial year ending 31 December 2019.

4. Interests of Directors, Major Shareholders and/or Persons Connected to them

Tiang Boon Hwa and Lai Su Ping are the Directors of N2N Connect Holdings Sdn Bhd. and they each hold 70% and 30, respectively, of the shares of N2N Connect Holdings Sdn Bhd.

Save for the above, none of the Directors, major shareholders of the Company and/or persons connected to them have any interest, either direct or indirect, in the Acquisition.

This announcement is dated 22 February 2019.