Datasonic acquires rest of equity interest in subsidiary

PETALING JAYA: Datasonic Group Bhd has acquired the remaining 0.55% of the equity interest in Datasonic Manufacturing Sdn Bhd (DMSB) from Akauntan Negara Malaysia for RM121,624.80 or 88 sen per share.
In a filing with Bursa Malaysia yesterday, Datasonic said it has acquired the remaining 138,210 ordinary shares of RM1 each.
In a separate filing, Datasonic said it has also acquired the one ordinary share of RM1 each in the share capital of DMSB from Datasonic Technologies Sdn Bhd for a total consideration of 88 sen, pursuant to the internal reorganisation of Datasonic Group Structure.
Datasonic Technologies is a wholly owned subsidiary of Datasonic. Subsequent to the acquisitions and internal reorganisation, DMSB will become a wholly owned subsidiary of Datasonic.
The acquisition of the 0.55% stake was made pursuant to the share sale agreement (SSA) entered into between Datasonic and Formosa Prosonic Bhd dated April 9, 2014. The acquisition enables Datasonic to gain full control of DMSB.
As at the date of the SSA, the whereabouts of the remaining two individual shareholders namely Lin Sheng-Tang and Lin Geeng Buh were unknown.
Sheng-Tang and Geeng Buh were the registered and beneficial owners of 119,732 and 18,478 ordinary shares respectively in the company, constituting the remaining 0.55% of the total issued share capital of the company.
On July 21, 2014, Formosa Prosonic’s solicitors wrote to the Registrar of Unclaimed Monies, Trust & Securities Management Division under the Accountant General’s Department to seek permission for DMSB to transfer the remaining shares to Akauntan Negara Malaysia.
The transfer was done on May 5, 2015 and on June 10, 2016, Akauntan Negara Malaysia notified Formosa Prosonic’s solicitors that it has no objection to sell the remaining shares to Datasonic.