OCTAGON CONSOLIDATED BERHAD (497913 X)
24th Floor, UBN Tower, 10 Jalan P.Ramlee, 50250 Kuala Lumpur Malaysia
Tel : +60 3 2070 2133
Fax : +60 3 2070 3133
Email : octagon@octagon-consolidated.com
Contacts: Thong Fee Shen or Teh Kher Sin

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Incorporation Of Subsidiary In The United Kingdom ("UK")

[ Back ]Jun 02, 2009

General Announcement
Reference No OC-090602-58549

 

Company Name
:
 OCTAGON CONSOLIDATED BERHAD  
Stock Name
:
 OCTAGON  
Date Announced
:
 02/06/2009  


Type
:
 Announcement
Subject
:
INCORPORATION OF SUBSIDIARY IN THE UNITED KINGDOM (“UK”)

Contents
:
The Board of Directors of Octagon Consolidated Berhad (“Octagon”) wishes to announce that Green Energy and Technology Sdn. Bhd. (“GET”), a wholly-owned subsidiary of Octagon, had incorporated a 70%-owned subsidiary known as Green Energy & Technology (UK) Limited (“GreenTech UK”) in UK on 28 May 2009. The information on the incorporation of GreenTech UK was received by GET on 2 June 2009. The remaining 30% of the issued and paid up share capital of GreenTech UK is held by Stopford Projects Limited (“SPL”).

Announcement Details :


 

1.     Introduction 

 

The Board of Directors of Octagon Consolidated Berhad (“Octagon”) wishes to announce that Green Energy and Technology Sdn. Bhd. (“GET”), a wholly-owned subsidiary of Octagon, had incorporated a 70%-owned subsidiary known as Green Energy & Technology (UK) Limited (“GreenTech UK”) in UK on 28 May 2009 ("Incorporation of Subsidiary"). The information on the incorporation of GreenTech UK was received by GET on 2 June 2009. The remaining 30% of the issued and paid up share capital of GreenTech UK is held by Stopford Projects Limited (“SPL”).  

 

SPL, a company incorporated in UK on 20 April 1982, is a multi-disciplined company offering engineering design and project management services. SPL provides a full range of complementary services to largely petrochemical, fine chemical, pharmaceutical, nuclear and related industries, from concept and feasibility through to construction supervision and commissioning. It’s headquarter is in Cheshire, United Kingdom.

 

 

2.     Information on GreenTech UK 

 

The authorised share capital of GreenTech UK is £1,000 comprising 1,000 shares of £1.00 each (“Shares”), all of which have been fully issued and paid-up. The subscription of 700 Shares by GET in GreenTech UK is funded via internally generated funds. 

 

GreenTech UK is currently dormant and its intended principal activities are the research and development of clean technology, provision of design and engineering services as well as the development of waste to energy projects in the UK and Europe. 

 

 

3.     Rationale of the Incorporation of Subsidiary 

 

Octagon group of companies are, amongst others, primarily involved in clean technology business, which currently comprise, waste tyres pyrolysis business, waste to energy business and biofuels business. The incorporation of Subsidiary is in line with the group’s objective to further develop and strengthen its technology and pursue potential business opportunities in UK and the Europe.

 

 

4.     Effects of the Incorporation of Subsidiary 

 

The Incorporation of Subsidiary will not have any effect on the share capital and substantial shareholders’ shareholdings of Octagon and is not expected to have a material effect on the net assets, earnings and gearing of the Octagon group for the financial year ending 31 October 2009.

 

 

5.     Directors' and Substantial Shareholders' Interests  

 

None of the directors and/or major shareholders and/or persons connected with them, have any interest, direct or indirect in the Incorporation of Subsidiary. 

 

 

 

This announcement is dated 2 June 2009.